The owner said that there was an increase in CMDA`s fees that did not allow him to obtain the authorization and begin construction. In addition, the owners indicated that they had entered into an endorsement with Green Peace on August 21, 2017, under which the owner had committed to surrender the property within 10 months of the date of the agreement. The project was registered with TNRERA on January 25, 2018. In his petition, C. Saravanan stated that he had booked an apartment in the Akshaya project entitled “Today” in the village of Thaiyur “B” in the village of Chengalpattu Taluk, Kancheepuram, and signed a contract for sale and construction on 25 June 2014. According to the agreement, 16 apartments were to be built on P.T. Rajan Salai, K.K. Nagar. Of the 16 units, four landowners are expected to receive two units each, with the remaining eight sold. “We asked for a six-month extension and they gave five months. Most construction workers are taken care of at the project sites. Once the closure is lifted, we hope to be able to resume operations as soon as possible,” said S Sridharan, President of CREDAI Tamil Nadu. In another case, 47 owners of the Tamil Nadu Housing Board Apartments in Mogappair (West) entered into an agreement with J.D.
Builders and Promoters Private Limited in 2010. The buildings were handed over for renovation in 2011. With only 75% of the project completed, they created an association called the Block Ninety Flat Owners` Association K.K. Nagar to resume construction activity in accordance with Section 8 of the Real Estate (Regulation and Development) Act 2016. In a major order, the Tamil Nadu Real Estate Regulatory Authority challenged the construction contract, which only favours the developer, and stated that home buyers could not be expected to gain new customers to withdraw from a project. A developer who markets a project for another developer cannot deny responsibility because home buyers invest on a reputation basis, he added. As the project completion dates are still staggered, existing customers must carry the extra pre-emi on their home loans, which will make a hole in their pocket. This will also have a negative impact on decision-making in the event of new acquisitions, and even the developer community is going through a difficult period in cash flow management, construction progress on existing sites and longer project duration – the cost of the project even increases by 5% – 7%, said Neelesh Bora , founder www.mypropertyboutique.com. Following complaints from a number of buyers, a joint development agreement was signed on November 15, 2012 for the construction of housing between Green Peace Constructions Pvt.
Ltd. and four owners for the demolition of their homes and renovation.