Refund money with interest to 28 allottees, Gurugram builder told

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Gurugram, November 7

The Haryana Real Estate Regulatory Authority (RERA), Gurugram, has ordered Vatika Limited to refund money along with interest to 28 allottees as the promoter has failed to commence construction.

The order was issued on October 28.

The court said Vatika Limited, the promoter, would also have to pay the loan amount to respective banks if availed by the allottees.

“Since the project has been abandoned by the promoter, the allottees are entitled for the refund of the amount paid by them against the allotment of their units with interest at the prescribed rate of 10.25 per cent per annum from the date of each payment till the date of actual realisation ,” said the Real Estate Regulatory Authority court.

The court said, “While depositing sale consideration of the allotted units, some of the allottees raised loans from different financial institutions and the same was paid to the promoter. While refunding the amount deposited by the allottees who raised loans against the allotted units, the promoter would be liable to pay that amount with interest up to date to those financial institutions and remainder, if any, would be paid back to the allottees.”

The case pertains to a real estate project, ‘Turning Point’, of Vatika Limited located in Sector 88B, Gurugram. Vatika Limited obtained licence from the DTCP in 2013 to develop ‘Turning Point’, a residential group housing project.

The court observed, “After its launch by the promoter, units in the same were allotted to different persons on different dates and that too for variable sale consideration. Though the due date for the completion of the project and offer of possession of the allotted units was mentioned as September 15, 2025, no physical work at the site except for some digging has been started even after four years of booking.”

The court even observed that the promoter failed to file the quarterly progress reports on the work done.

Chintels’ residents seek buyback

• With demolition announced for D-Tower of Chintels Paradiso, over 300 families have demanded buyback on the current market rate by the builder or they would leave the society
• Struggling to settle after nine months of tower collapse, residents claim that demolition orders have left around 50 families residing in D Tower harried and worried about their future
• Meanwhile, the administration is all set to issue the directions to the builder to work on demolition and have a mutual settlement with the residents of the tower. “We will ask the builder and residents of the tower to work out a mutual settlement. If they fail to do so, we will step in and resolve the issue,” said Nishant Yadav, DC. TNS