Homebuyers of Sikka Kaamna Greens, an under construction housing project in Sector 143A, Noida, may be free from the financial burden of paying EMIs and rent simultaneously by the end of the year.
At a triparty meeting with the residents held at Indira Gandhi Kala Kendra in Sector 6, Noida, the builder committed to Noida Authority that it would complete the project in one year.
Gurmeet Singh, director of Sikka Group, has assured Noida Authority that he would complete the development of residential buildings in three different phases. He promised that buyers would start getting possession from December, 2017. He also admitted that the project completion was delayed due to financial crunch in the company but the problem has been resolved. He said, “The company has taken loans of about Rs 65 crore from a private bank to complete the project. We are going to speed up the construction works on the site.” noida local news
However, buyers were not satisfied with the promise made by the builder. They complained that the builder had made similar promises in the past but had failed to fulfill them.
Dr NS Dhingra, a buyer, argued that in case of late in payment of instalments to the builder, buyers paid 24 per cent interest on instalment dues. But as the builder has also not given possession to homebuyers on time, similar penalty should be imposed on the builder too.
The project is situated beside the Noida-Greater Noida Expressway and houses 1700 flats. It was launched in 2011 and was expected that buyers would start moving in within the next three years. But buyers complain that the handing over of their flats has already been delayed by a few years now.
Dhingra told the builder, “You collected penalty from buyers over instalment dues. If you fail keep your word this time, will you pay compensation to buyers?”
Responding to homebuyers questions, the builder said that the sale and purchase agreement would apply on the company and he would abide by the agreement.
Noida Authority had allotted plot to the builder in 2011 and had given time of seven years to complete the project. The Authority’s deadline ends in June, 2018.
Ashok Kumar Srivastava, additional CEO of Noida Authority, told buyers to give the builder another chance of completing the project in the given time. He said, “If the builder fails once again, the Authority will consider initiating legal action against the builder.”
