Sare Homes flat buyers stage protest against developer in Gurugram

Gurugram: A group of flat buyers who have invested in the Sare Homes project in Sector 92 staged a protest against the developer for allegedly failing to communicate with them regarding an ongoing legal process, which was initiated under the aegis of the National Company Law Tribunal (NCLT) to resolve the bankruptcy issue of the developer.

The flat buyers alleged that around 200 to 250 of them who have paid almost 95% of the cost of the property have been denied their rightful house due to non-communication with them as a result of which they could not file their claims within the stipulated time. A large number of homebuyers in the project are also living abroad and could not file their claims because they were not informed about the matter, they alleged.

The protesters said that Sare Homes project was launched in 2012 and a total of 1,699 flats were sold. Most of the buyers paid a substantial amount as per the payment plans given by the builder. Subsequently, the developer went through financial difficulties, leading to the initiation of bankruptcy proceedings by the lenders, the homebuyers said.

Recently, a consortium of KGK Realty and Dhoot Infrastructure Projects acquired Sare Gurugram Private Limited, developer of Sare Homes, under the Insolvency and Bankruptcy Code (IBC) route and agreed to complete the construction of a township consisting of 1,699 homeowners. However, the resolution plan approved by the NCLT accepted the claims of only 1,200 buyers as the remaining could not submit their claims.

“More than 250 middle class homebuyers could not file their claim and have lost the right to their homes as per the resolution plan approved by the NCLAT. This was because the independent resolution professional failed to inform all homebuyers about the claims filing process with the NCLT even though Sare Homes had emails, phone numbers and addresses of all the homebuyers,” a protester said.

Madhwi Mundra, a homebuyer, said that hundreds of residents like her did not receive any communication from the KGK Dhoot Group, who won the bid for Sare Homes in NCLT. “As a result, we could not submit our claims, and we have been deprived of the right to get our homes, for which we have already made substantial payments,” she said.

A number of homebuyers living abroad said they were not sent a single piece of information regarding the deal and it ensured they remained in the dark about the entire matter.

“The announcement of the insolvency was unreceived and unnoticed by hundreds of homebuyers. There are no provisions for about 500 homebuyers (more than 25% of people who booked their flats) who could not file their claims in the resolution plan,” said another homebuyer on the condition of anonymity, adding that the developer will gain immensely by acquiring the right to resell the flats in the market, whose total estimated value is around 500 crore.

When asked about the matter, Ajit Jain, an independent resolution professional, said that they have followed all the rules and regulations in resolving the matter under the supervision of the NCLT.

“The entire process took around 18 months and ample opportunity was given to the homebuyers to submit their claims. Every decision and action taken to resolve the matter is taken as per rules. The buyers who have not submitted their claims can appeal to the NCLAT,” said Jain, adding that over 1,500 homebuyers will be able to get their homes due to the landmark resolution.

The buyers said that around 1,500 people had invested in the group housing project of Sare Homes in 2012, when the project was launched. The NCLAT has approved and accepted the claim of 1,200 buyers, who submitted the claim within the stipulated time, but around 250 to 300 have been denied their rights as they will not get anything under the resolution, the homebuyers alleged.

Mundra said that they have now appealed against the matter with the NCLAT.

A senior customer relations official of the KGK Dhoot group, when asked about the matter, said that it was sub judice, as the homebuyers had appealed in court. “This matter is sub judice and the appeal of the homebuyers is pending in the court. We have followed due course of law to resolve the issue,” he said.