Noida: Real estate in Noida is certainly in a damaged state. However, these damages are not entirely tangible. The builder of Logix has joined Supertech Ltd on the list of insolvency. The National Company Law Tribunal (NCLT) initiated insolvency proceedings against the Logix Blossom Zest housing project recently. Of nearly 2,700 homebuyers, only 1000 people have acquired their flats, the rest may now face more trouble.
The Logix Blossom Zest housing project was launched in 2011 in sector 143, Noida. The project was not completed even after 11 years. About 3,400 flats were to be built in 14 towers. However, 9 towers of the society are incomplete. As a result, those who have invested money in this project are worried.
The Collier International (India) Property Services Company had reached NCLT against Logix Builder, after which NCLT appointed Insolvency resolution process (IRP). Now, home buyers will have to submit their financial papers by April 5, 2022, to NCLT to claim returns.
Indrani Chaudhry, a homebuyer at Logix Blossom Zest says,
“All the homebuyers are scattered in the country or even abroad. And they announced a date to submit papers only April 5. In a country like India where people are not aware of legal proceedings, this date is too early. Moreover, this information is not spread to all homebuyers. Claim filing is not an easy task. Every day, I received several calls from senior homebuyers. They are worried.”
She adds, “The biggest problem is that for the first 10 years, we went to the authority, RERA and District Magistrate office and I think it will take another 10 years will take to file the claim. After the RERA order, the builder refused to pay the penalty ordered by RERA. We do not understand why the government makes RERA if RERA can not make the builder pay. RERA should have the power to compel the builder. As per the government, NCLT is on the fast track. However, we all can see the case of JAYPEE and Amrapali. My question is why do we have RERA? If its orders are useless. It only wastes homebuyers' time and energy.”
Another Homebuyer, Inder Raj Singh says,
“The situation is deteriorating with each passing day. We also filed the case in the National Consumer Disputes Redressal Commission (NCDRC). During the last hearing, the judge went on leave, which raises many questions about the authorities. The builder has received 90 per cent of the total money. According to RERA, about 65 per cent of flats are made. My question is if that is the case on what basis had the bank dispersed the loans."
He adds, "We have filed a writ petition to stop the EMI, but the banks are not replying to us. I have been struggling to get my flat for the last 11 years.”
A senior citizen, Raj Kumar (70) says,
“We have been struggling for the last 11 years. I booked my flat in the first phase. My flat is completed and I have already submitted no dues certificate in 2020, still, I am struggling to get possession of my flat. Every time, the builder ignored the RERA judgment. I am 70 years old and have waited for the last 11 years to get a registry and now the case is with NCLT. There is no support from the government. There is no one to guide us on how to file for claims. Everybody has their own opinion and due to which we are suffering.”