CHENNAI: The Tamil Nadu Real Estate Regulatory Authority (TNRERA) has relaxed the penalty imposed on Marg Swarnabhoomi project, stating that the project was structurally completed as per Real Estate Regulatory Authority Rules and the question of registering the project would not arise.
This comes after the TNRERA at its earlier hearing directed the Commissioner of Town and Country Planning to submit a completion status of Swarnabhoomi project and rejected the request of promoters to waive the fine stating that there has been an abnormal delay in execution of projects causing lot of anxiety among allottees or buyers and resulting in financial burden on them.
During the hearing on Monday, the TNRERA said that since the project was structurally completed as per the TNRERA rules, the question of registering the project with the TNRERA would not arise as such and fine may not be levied.The TNRERA has also directed Marg to prepare a functional document and its affidavit detailing the pending works to be completed from their side and specific dates when the projects would be completed and the keys handed over to the allottees.
During the earlier hearing, the representative of the developer company agreed to offer exchange of flats in completed projects to the buyers.The TNRERA has stated that the allottees can come back to the authority if the handover agreement is not executed within 15 days or if the handover agreement not executed and if the pending works are not completed in the flats handed over.
Lured by advertisements talking of state-of-the-art infrastructure, hundreds of customers invested their life savings and they have yet to realise their dream homes as more than four years have passed.
Interestingly, Marg has submitted a draft `1 lakh for its other incomplete Brindhavan project along with application for registering the project with TNRERA.