One Good Earth

First Hearing Proceedings dated 08.11.2021                                                                                                                                       Ms. Isha Singh, Architectural Executive briefed the facts about the case.                                                                                        Sh. Pawan Bohara (Manager Accounts), Sh. Raj Kumar (Project VP), Sh. Shah Rukh Khan (Advocate), Ms. Nazia Huck (AGM Finance) and Ms. Anita Yadav (Sr, Executive) are present on behalf of the promoter.                                                                           The AR of the promoter explained various features of the project as per detailed project information filled by them online. Necessary corrections in the online information and deficient documents as mentioned in the agenda note were explained to the ARs. On the request of the AR seven days’ time was granted to complete the deficiencies and correct the online information. Service plan estimates have been approved by the Director as intimated through a communication seeking Bank Guarantee for the internal development works as per the service plan estimates. The promoter requests for granting two months’ time for submitting approved copies of service plan and estimates was considered by the committee and keeping in view the fact that the same have been approved by the CE along with necessary corrections and promoter has to deposit the BG to the Department as per rules. The committee granted two months’ time for submission of approval of service plan and estimates. The promoter was asked either to deposit the BG of 50 lakhs or a condition would be put up in the RC that no withdrawal shall be made  from both the master account/separate RERA account and free account.  Further as part of the project land stand mortgaged to  HDFC Bank/financial institution against a disbursed loan of Rs. 135 crores  taken by group companies and hence a NOC from the concerned bank for allowing sale of the plots shall also be submitted.                                                                                                                             The matter to come up on 16.11.2021.

Proceedings dated 16.11.2021 Ms. Isha Singh, Architectural Executive briefed the facts about the case. Shri Raj K Bhambri, Vice President Projects, Shri Shah Rukh Khan, Advocate, Shri Nazia Huck, AGM (Finance), Shri Pawan Bohara, Manager (Finance) and Anita Yadav Senior Executive are present on behalf of the promoter. The promoter has submitted No objection certificate from the financial institution which has extended loan amounting to Rs.135 crores and out of the total project land admeasuring 13.6775 acres charge has been created on land admeasuring 10.89 acres owned by M/s Raj Buildwell Pvt. Lt.d in favour of Vistra ITCL ( India) Limited acting as debenture trustee for HDFC Capital Affordable Real Estate Fund-2. The promoter has submitted proof of having taken steps to deposit BG with the DTCP and there is every likelihood to receive approval of service plans and  estimates in near future. The authority to decide grant registration subject to condition that no withdrawal shall be made out of the sale proceed deposited in any of the bank accounts till submission of approved service plans and estimates.