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Time of India
a day ago
- Business
- Time of India
8-year delay in possession, HRera orders compensation to buyer with 11% interest in Gurgaon
Gurgaon: Eight years on, hundreds of homebuyers of OSB Expressway Towers project in Sector 109 have not received possession of their flats. Taking serious note of the delay, Haryana Real Estate Regulatory Authority (HRera) directed the developer, Ocean Seven Buildtech Pvt Ltd, to compensate buyers with 11% interest for the period of default. The amount must be settled within 90 days. Additionally, any pending dues owed by the buyers must be cleared within 60 days. The order was passed by HRera member Ashok Sangwan while hearing petitions from allottees Pinky and Ojaswi Yadav. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon | Gold Rates Today in Gurgaon | Silver Rates Today in Gurgaon The complainants said the builder obtained a licence from the department of town and country planning in 2016 while allotment letters were issued in May 2017. A builder-buyer agreement was signed in 2018 under the Affordable Housing Scheme, promising handover by May 30, 2022. However, construction remained incomplete long after the deadline, leaving buyers stranded. In its defence, the builder argued that external factors led to the delay. Citing National Green Tribunal's restrictions, the company said that construction activity had to be halted almost three months every year. The Covid-19 pandemic further disrupted work for about 36 months, while the freezing of its bank accounts also slowed progress. After examining arguments from both sides, HRera ruled that such excuses did not absolve the builder of responsibility towards buyers. It ordered Ocean Seven Buildtech to pay 11.10% annual interest to the allottees from May 2022 until the project is delivered. HRera's ruling also barred the developer from imposing extra charges beyond the scope of the builder-buyer agreement. It specifically directed that labour cess, work contract tax, or any other add-on recoveries could not be demanded from allottees. A senior authority official said, "The authority is vigilant against errant developers, especially in Gurgaon's real estate market, where several housing projects have seen significant delays. The authority is working towards safeguarding the interests of homebuyers." For the affected homebuyers, the order comes as partial relief. Many invested their life savings into the project and are now burdened with both rent and EMIs. Speaking after the order, the complainants said that while monetary compensation offers some relief, timely delivery of their flats remains the top priority. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
The Hindu
07-08-2025
- Politics
- The Hindu
CM seeks PAC probe into CAG report, says AAP ‘misused' funds
New Delhi Chief Minister Rekha Gupta on Thursday attacked the previous Aam Aadmi Party (AAP) government, accusing it of deliberately neglecting developmental work in Delhi and focusing solely on 'publicity and propaganda' during its tenure. She was speaking during a discussion on the Comptroller and Auditor General (CAG) of India's report titled 'State Finances for the year 2023-24', which was tabled in the Assembly on Monday. Citing serious concerns flagged by the report, including a significant 55.3% decline in revenue surplus from ₹14,457 crore in 2022-23 to ₹6,462 crore in 2023-24, Ms. Gupta urged Speaker Vijender Gupta to refer the report to the Assembly's Public Accounts Committee (PAC) for a comprehensive investigation. 'People must know how their money was actually spent,' Ms. Gupta said. People misled The Chief Minister alleged that the AAP government 'misled the public' by showcasing free schemes as if they were being funded from their own pockets, when the money used belonged to the people of Delhi. 'The public had hoped that their tax money would be used for building roads, schools, and hospitals. Instead, their hard-earned money was diverted towards so-called free schemes,' Ms. Gupta said. The CM also claimed that 'not a single new flyover was built and no major road project was completed' under the AAP rule, despite the availability of funds. Ms. Gupta said several centrally funded schemes – including the Affordable Housing Scheme, National AYUSH Mission, PM Vishwakarma Yojana, PM SHRI School Scheme, and PM SVANidhi Scheme – were left unutilised by the previous government. 'The funds were provided by the Centre, but the AAP government neither used them nor allowed them to reach the public. Eventually, the Centre had to directly approach the beneficiaries,' she said. Accusing the previous government of having a political bias, Ms. Gupta said, 'The reason they ignored development projects was because many of them were associated with the Prime Minister. Such was the extent of their malice.' Step-motherly treatment Responding to the charges, Leader of the Opposition Atishi countered that Delhi's own tax revenue had steadily increased year-on-year since 2019-20. She alleged that the decline in total revenue was due to the Centre withholding the share due to Delhi. 'Maharashtra contributed ₹7.6 lakh crore in taxes and received ₹52,000 crore in return. Karnataka gave ₹4.5 lakh crore and got ₹45,000 crore back. Delhi contributes ₹2.25 lakh crore every year, yet it receives only ₹850 crore. And for the last three years, not even that amount has been released,' she said, calling it 'step-motherly treatment' by the Centre. Later, in a statement, Atishi alleged that her microphone was cut off in the House when she began speaking on the issue. 'The moment I began to expose how the Centre gives thousands of crores to States like Maharashtra and Karnataka but not a single rupee to Delhi, my mic was switched off,' she claimed. She challenged the current government to act on its alliance with the BJP-led Centre. 'Delhi is now under a 'four-engine' BJP government. Chief Minister Rekha Gupta must demand ₹50,000 crore from her own party's government at the Centre,' Ms. Atishi said.
Business Times
01-05-2025
- Business
- Business Times
GE2025: PSP's Leong Mun Wai questions Desmond Lee's track record in addressing public housing woes
[SINGAPORE] The Progress Singapore Party (PSP) questioned National Development Minister Desmond Lee's track record in its final election rally on Thursday (May 1), with the opposition party's secretary-general Leong Mun Wai claiming that Lee was 'sticking to the old script' and not offering any solutions on Singapore's public housing issues. The PSP, on the other hand, has provided solutions to the problems of rising public housing prices, long waiting time for new flats as well as the lease decay issue for flats in parliamentary debates, said Leong, who is one of the party's two Non-Constituency Members of Parliament (NCMP). 'Singaporeans should assess Minister Desmond Lee based on whether he has concrete solutions to the three problems. He has not announced so far,' said Leong at the rally at Jurong West Stadium. Leong's comments come a day after Lee, who is anchoring the PAP team in West Coast-Jurong West GRC, issued a statement saying that he had addressed national housing issues on multiple occasions over the election campaign period. Leong is part of the PSP team contesting in the West Coast-Jurong West GRC alongside party chairman Tan Cheng Bock and fellow NCMP Hazel Poa. Rounding out the team are two first-time candidates, silat practitioner Sumarleki Amjah and legal counsel Sani Ismail. In her speech, Poa also addressed housing issues, noting that the government's move to launch 12,000 new flats between 2025 and 2027 with shorter waiting times of under three years was 'hugely inadequate'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'The government should be more aggressive about building flats with shorter waiting times, so that our young couples can start families earlier,' she said. She also refuted the PAP's view that PSP's Affordable Housing Scheme – where buyers of new flats are not charged the land cost until they sell their flats on the resale market – was a 'raid' on the national reserves as the land returns to the government when the lease ends after 99 years. In his statement on Wednesday, Lee had said that the new housing model introduced in 2023, which categorises public houses into Standard, Plus and Prime, would keep flats in choice locations 'within the reach of young Singaporeans'. The government was exploring more public housing options for higher-income young couples and singles, said Lee. Meanwhile, Dr Tan refuted claims that PSP was anti-foreigner in his rally speech. 'If there are positions our Singaporeans cannot fill, we have to take in able foreigners… because they can contribute. But when they are here, they must impart their knowledge... to Singaporeans,' he said. Stronger opposition The PSP candidates also argued for a stronger opposition in Parliament in their speeches. Responding to Health Minister Ong Ye Kung's comments that Singapore needs a strong ruling party but not a strong opposition, Leong said that the two are 'not mutually exclusive'. He pointed out that although the ruling party had lost ministers such as George Yeo and Ng Chee Meng in previous elections, it was still able to pass laws such as the Protection from Online Falsehoods and Manipulation Act and to raise the goods and services tax. Leong added that while a losing PAP candidate can still return to contest in the next elections in a 'safe' GRC, a losing opposition candidate 'may be lost forever'. Calling on residents to vote for the PSP, Leong said that he and Poa had gone through five years of 'probation' as NCMPs and were now ready to serve as elected MPs. For more election coverage, visit our GE2025 microsite
