The Rising Tide of Real Estate Accountability in Haryana
December 16, 2024, 11:08 am
Location: India, Delhi
Employees: 1001-5000
Founded date: 1960
Total raised: $2.82M
The real estate landscape in Haryana is undergoing a seismic shift. The Haryana Real Estate Regulatory Authority (HRERA) has taken a bold step, directing the National Buildings Construction Corporation (NBCC) to compensate buyers of the Green View Society. This move is not just about money; it’s a signal that accountability is finally taking root in a sector long plagued by negligence and disputes.
The Green View Society, located in Sector 37D, has become a cautionary tale. Residents were forced to vacate their homes after structural audits by IIT-Roorkee and the Central Building Research Institute (CBRI) deemed the buildings unsafe. Imagine being uprooted from your sanctuary, your dreams of homeownership shattered. This is the reality for many families in this society.
The HRERA’s order mandates that NBCC pay Rs 30,000 to each affected allottee. The clock is ticking. NBCC has one month to comply, or interest will accrue at a rate of 10.5 percent per annum. This is more than a financial penalty; it’s a lifeline for families who have already endured too much. The message is clear: negligence will not be tolerated.
But the situation is more complex than it appears. The district administration has denied NBCC permission to demolish the unsafe structures due to ongoing legal disputes. Economically weaker section (EWS) allottees have raised their voices, demanding justice. They argue that their compensation claims remain unresolved, and they are not willing to be collateral damage in this saga.
At a recent Samadhan camp, EWS allottees expressed their frustrations. They seek clarity and resolution. The district town planning enforcement (DTPE) has intervened, stating that any demolition must wait for the green light from the Delhi High Court. This is a critical juncture. The DTPE has urged the deputy commissioner to establish guidelines that would allow EWS allottees to register their flats and secure their claims against NBCC. It’s a glimmer of hope in a fog of uncertainty.
NBCC, on the other hand, is in a tight spot. They cite the structural dangers posed by the seven towers, pleading for urgent demolition approval. Their defense hinges on a 2022 order from the district magistrate, which underscored the risks to life and property. But the question remains: who bears the ultimate responsibility for these unsafe structures? The residents, who invested their savings, or the developers, who failed to deliver safe homes?
This scenario is not isolated. It reflects a broader trend in the Indian real estate sector, where accountability is becoming a priority. NBCC is also eyeing a significant expansion. The company aims to reach a consolidated order book of ₹1 lakh crore by March 2025, up from ₹84,400 crore. This ambitious target underscores their commitment to growth, but it also raises questions about their ability to manage existing projects effectively.
NBCC operates in various sectors, including Project Management Consultancy (PMC), Engineering, Procurement, and Construction (EPC), and real estate. Their Chairman has highlighted that the PMC/EPC segment contributes about 55 percent of their order book. This diversification is essential, but it also means that the company must juggle multiple projects simultaneously. Can they deliver on their promises while addressing the fallout from the Green View Society?
The stakes are high. NBCC has been appointed as a project management consultant for Supertech Ltd’s 16 real estate projects, valued at nearly ₹9,500 crore. This role is crucial for thousands of homebuyers who have been left in limbo. The company’s ability to navigate these challenges will determine its reputation and future in the industry.
As NBCC strives to complete stalled projects, the financial implications are significant. Their total income rose to ₹2,525.95 crore in the second quarter of this fiscal year, marking a substantial increase from the previous year. However, this growth must be tempered with responsibility. The company posted a 53 percent increase in consolidated net profit, but profits should not come at the expense of safety and accountability.
The real estate sector in Haryana is at a crossroads. The HRERA’s directive is a wake-up call for developers. It emphasizes that homebuyers deserve protection and recourse. The Green View Society incident is a stark reminder of the consequences of negligence. It is a call to action for all stakeholders involved.
As the dust settles, the focus must shift to creating a more transparent and accountable real estate environment. Homebuyers should not live in fear of unsafe structures or unresolved compensation claims. The time for change is now. The road ahead will be challenging, but it is a necessary journey toward a safer and more responsible real estate market in Haryana.
In conclusion, the recent developments in Haryana’s real estate sector are a testament to the growing demand for accountability. The HRERA’s actions signal a shift in the balance of power. Developers must now prioritize safety and transparency. The residents of Green View Society deserve justice, and their plight should serve as a catalyst for change across the industry. The tide is turning, and it’s time for real estate to rise to the occasion.
The Green View Society, located in Sector 37D, has become a cautionary tale. Residents were forced to vacate their homes after structural audits by IIT-Roorkee and the Central Building Research Institute (CBRI) deemed the buildings unsafe. Imagine being uprooted from your sanctuary, your dreams of homeownership shattered. This is the reality for many families in this society.
The HRERA’s order mandates that NBCC pay Rs 30,000 to each affected allottee. The clock is ticking. NBCC has one month to comply, or interest will accrue at a rate of 10.5 percent per annum. This is more than a financial penalty; it’s a lifeline for families who have already endured too much. The message is clear: negligence will not be tolerated.
But the situation is more complex than it appears. The district administration has denied NBCC permission to demolish the unsafe structures due to ongoing legal disputes. Economically weaker section (EWS) allottees have raised their voices, demanding justice. They argue that their compensation claims remain unresolved, and they are not willing to be collateral damage in this saga.
At a recent Samadhan camp, EWS allottees expressed their frustrations. They seek clarity and resolution. The district town planning enforcement (DTPE) has intervened, stating that any demolition must wait for the green light from the Delhi High Court. This is a critical juncture. The DTPE has urged the deputy commissioner to establish guidelines that would allow EWS allottees to register their flats and secure their claims against NBCC. It’s a glimmer of hope in a fog of uncertainty.
NBCC, on the other hand, is in a tight spot. They cite the structural dangers posed by the seven towers, pleading for urgent demolition approval. Their defense hinges on a 2022 order from the district magistrate, which underscored the risks to life and property. But the question remains: who bears the ultimate responsibility for these unsafe structures? The residents, who invested their savings, or the developers, who failed to deliver safe homes?
This scenario is not isolated. It reflects a broader trend in the Indian real estate sector, where accountability is becoming a priority. NBCC is also eyeing a significant expansion. The company aims to reach a consolidated order book of ₹1 lakh crore by March 2025, up from ₹84,400 crore. This ambitious target underscores their commitment to growth, but it also raises questions about their ability to manage existing projects effectively.
NBCC operates in various sectors, including Project Management Consultancy (PMC), Engineering, Procurement, and Construction (EPC), and real estate. Their Chairman has highlighted that the PMC/EPC segment contributes about 55 percent of their order book. This diversification is essential, but it also means that the company must juggle multiple projects simultaneously. Can they deliver on their promises while addressing the fallout from the Green View Society?
The stakes are high. NBCC has been appointed as a project management consultant for Supertech Ltd’s 16 real estate projects, valued at nearly ₹9,500 crore. This role is crucial for thousands of homebuyers who have been left in limbo. The company’s ability to navigate these challenges will determine its reputation and future in the industry.
As NBCC strives to complete stalled projects, the financial implications are significant. Their total income rose to ₹2,525.95 crore in the second quarter of this fiscal year, marking a substantial increase from the previous year. However, this growth must be tempered with responsibility. The company posted a 53 percent increase in consolidated net profit, but profits should not come at the expense of safety and accountability.
The real estate sector in Haryana is at a crossroads. The HRERA’s directive is a wake-up call for developers. It emphasizes that homebuyers deserve protection and recourse. The Green View Society incident is a stark reminder of the consequences of negligence. It is a call to action for all stakeholders involved.
As the dust settles, the focus must shift to creating a more transparent and accountable real estate environment. Homebuyers should not live in fear of unsafe structures or unresolved compensation claims. The time for change is now. The road ahead will be challenging, but it is a necessary journey toward a safer and more responsible real estate market in Haryana.
In conclusion, the recent developments in Haryana’s real estate sector are a testament to the growing demand for accountability. The HRERA’s actions signal a shift in the balance of power. Developers must now prioritize safety and transparency. The residents of Green View Society deserve justice, and their plight should serve as a catalyst for change across the industry. The tide is turning, and it’s time for real estate to rise to the occasion.