Nandaka

Sh. Sumeet, Engineering Officer and Sh. Ashish Dubey, Chartered Accountant briefed about the facts of the project. Sh. Rahul Mangla (Advocate), Sh. Neeraj Kumar Mishra (Director) and Sh. Mohit Garg (MD) are present on behalf of the promoter. Sh. Satbir Singh, Sh. Raj Kumar Gupta and a number of other allottees of the project are present in person during hearing. The Authorized Representative of the promoter states that they have applied for amendment in registration of project pursuant to revision in building plans for the project. The promoter has also submitted the latest updated consent of more than 2/3rd of the existing allottees including the allottees who have filed objection herein but not all the objector allottees. The AR of the promoter further states that the matter is under discussion and meetings are being arranged from time to time with remaining objector allottees and further undertakes to address the grievance/objections of the remaining objector allottees in order to protect the interest of all existing allottees as mandated under the provisions of the RERA Act 2016. The Authorized Representative of the promoter states that presently the approval of revised service plans and estimates and Mining Permission are under process and the said approval has not yet been obtained as on date. Further, the Authorized Representative of the promoter undertakes to obtain and submit: i.       Revised Service Plans and Estimates within 6 months from the date of grant of amendment in registration; and, ii.    Minig permission for remaining excavation works prior to start of further excavation work.   Further, he undertakes to submit a Demand Draft/Bank Guarantee amounting to Rs. 25 lakhs, as a security deposit for timely compliance with the above requirements at point (i). It is also expressly undertaken that in the event of failure to obtain and submit the aforesaid approval within the stipulated time frame, the said security amount shall be liable to be forfeited by the Authority. The Authority has taken note of the submissions made by the Authorized Representative of the promoter regarding the non-availability of the aforesaid statutory approvals as on date. In view of the above, and in the interest of regulatory compliance, the Authority hereby directs that the promoter shall submit a Demand Draft/Bank Guarantee, amounting to Rs. 25,00,000/- (Rupees Twenty-Five Lakhs only), in favour of the Authority, as security amount for timely submission of Revised Service Plans and Estimates within the time period mentioned above. In the event of non-submission of the above approval within the prescribed time frame, the corresponding security amount shall stand forfeited by the Authority, and such failure may also attract additional regulatory action as permissible under the Act of 2016, rules and regulations made thereunder. Further, the promoter shall submit the Mining permission before start of further excavation work at project site.   The Authority has noted that at the time of application for amendment in registration of project, the promoter has extended the timeline for completion of the project already declared at the time of initial registration of the project under Section 4(2)(l)(C) of the Act, 2016. The Authority observes that the date of completion declared by the Promoter under Section 4(2)(l)(C) of the Act is not a mere procedural or administrative declaration. It constitutes a statutory commitment of the Promoter and forms an essential component of the registration granted under the Act. The declared timeline is intended to provide certainty to the allottees regarding completion and handing over of the project and is intrinsically connected with the statutory obligations of the Promoter under the Act. It is pertinent to mention here that the third party rights in favour of the allottees have already been created in the project on the basis of the declared completion timeline and the timeline under section 4(2)(l)(C) of the Act cannot be unilaterally altered by the promoter. Permitting such an extension through an amendment application would defeat the statutory object of the Act and would adversely affect the legitimate expectations and rights of the existing allottees. An application for amendment cannot be used to dilute, circumvent or override the completion obligation undertaken by the Promoter at the time of registration as per the provisions of the Act. In view of the above, and particularly considering that the Promoter has already created third-party rights in the project, the Authority is of the considered view that the completion timeline declared at the time of initial registration under Section 4(2)(l)(C) of the Act ought to be maintained in the interest of the existing allottees. Accordingly, the request of the Promoter seeking extension of the declared completion date through amendment of the registration cannot be acceded to. Therefore, the promoter is directed to submit the revised REP-II with completion date as already declared while granting registration of project. Approved as proposed subject to rectification of deficiencies mentioned above at S. No. 33. The amendment in registration is without prejudice to the rights of the existing allottees under the provisions of Act of 2016, Rules and Regulations made thereunder. The addendum certificate shall be issued after submission of remaining deficiencies mentioned above including correction in form REP-I (Part A-H), Online DPI, and submission of a DD/BG of Rs. 25 lakhs for submission of Revised Service Plans and Estimates within the timeframe mentioned above.