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Chintels wants ban on registry revoked to raise money for refunding flat owners

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Erric Ravi
Erric Ravihttps://www.gurgaontimes.co.in
Erric Ravi is an entrepreneur, speaker & the founder of Storify News and Recent News He is the Co-Founder of The Storify News Times. Forbes calls him a top influencer of Chief Marketing Officers and the world’s top social marketing talent. Entrepreneur lists him among 50 online marketing influencers to watch. Inc.com has him on the list of 20 digital marketing experts to follow on Twitter. Oanalytica named him #1 Global Content Marketing Influencer. BizHUMM ranks him as the world’s #1 business blogger.


The developer of Chintels Paradiso condominium in Sector 109 has asked the department of town and country planning (DTCP) and the district administration to revoke the ban on executing registries of properties in its projects so that it can raise the money needed to refund the 283 flat owners to whom compensation has to be paid after their homes were deemed unsafe for habitation.

Chintels wants ban on registry revoked to raise money for refunding flat owners
Chintels wants ban on registry revoked to raise money for refunding flat owners

The developer on Wednesday submitted a letter to the DTCP saying that it has paid around 50 crore to 89 owners but it was not possible for it to settle the claim of 283 owners as revenue generation has been hit due to the ban on registry in other projects.

It may be recalled that ban on registry of properties developed by Chintels and its sister concerns was imposed on March 7 last year, after six floors of Chintels Paradiso apartments of Tower D collapsed partially on February 10, 2022,killing two women residents.

Following the incident, a criminal case was registered against the developer and a probe by the Central Bureau of Investigation (CBI) was recommended by the state government and that is currently underway. Structural audit of the entire condominium was also carried out by experts from IIT-Delhi, and they had deemed that five towers — towers D,E,F, G, and H — of the nine towers were not fit for habitation. The report on one of the towers is still awaited.

In the letter submitted to the authorities on Wednesday, Ashok Solomon, director of the Chintels India, said, ‘We are unable to make any further payments unless the ban on registration is lifted, so that our cash flows resume. We humbly request you to lift the ban. We are confident that this will unlock more than enough revenue to settle the claims of all the flat owners who agreed to the buyback offer.”

JN Yadav, vice-president, Chintels India, said the district administration has recommended that compensation has to be paid to owners of 283 flats in five towers, and they have already started the payment process as per the buyback offer.

Yadav said the company has repaid the full flat cost to 24 flat owners who had not carried out the property registrations as yet. 80% payment has been made to two flat owners while 10% payment has been made to 63 flat owners.

“We have paid around 50 crore to the flat owners and now we are requesting the authorities to revoke the ban on registry imposed on our projects. Unless and until property transactions are allowed, it would be impossible for the developer to generate revenue,” he said.

According to the buyback offer, Chintels has agreed to pay the owners 6,500 per square feet along with additional charges such as stamp duty, interest and cost of interiors.

The developer has projects in sectors 106, 108 and 109 spread over 166 acres where it is developing a plotted colony. It has two licensed group housing projects in Sector 109 spread over 32 acres, a commercial project in Sector 114 on 3.24 acres, a group housing project on 39 acres in Sector 108, a group housing Society on 6.79 acres in Sector 114, a group housing society on 15 acres in Sector 109 and a few other projects.

The developer has also offered that a commercial project of Chintels can be kept as security by the district administration to ensure that compensation is paid to the flat owners by selling it even if company fails to refund flat owners.

Manish Yadav, district town planner (enforcement), said they have received the representation from the developer, and the department will make its recommendation to the district committee after going through the submission in detail. “The decision in this regard has to be taken by the district administration but we will send our recommendations in a day or two after ascertaining the veracity of information submitted to the department,” he said.


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