CHD Vann project Gurgaon Update: When CHD Developers Limited launched flats in Gurugram’s prime location Sector 71 in the year 2014, there was a rush to buy among the people and within a short time buyers put their savings for their dream home. Some people took loans from banks because they were to get the keys of the flats in the year 2018, but by the year 2018, something happened that the builder who built them went bankrupt and people’s dream of getting a house remained unfulfilled, but now the luck of hundreds of these people is about to change.
Recently, the National Company Law Tribunal (NCLT) has approved the separation of the CHD Vann project from the ongoing insolvency process of CHD Developers Limited. This has brought great relief to hundreds of home buyers and the dream of people who have been waiting for their home for a long time is about to come true. On the orders of NCLT, this project will now proceed completely under the supervision of Roots Developers Private Limited.
Let us tell you that CHD Vann, located in Sector 71 of Gurugram, was launched in March 2014 as a residential project to live on 10.5 acres. In this, 12 towers and 569 flats of 2, 3 and 4 BHK were to be built. As per the initial plan of the project, the possession of the flats was to be given to the buyers in October 2018, but due to financial problems and insolvency process of CHD Developers, the work came to a halt and people were left disappointed. However, now with the order of the tribunal, those home buyers are going to get the fruits of their long wait. After seven years of 2018, people will now be able to get their flats.
This decision of the Tribunal is not only important in legal sense, but also shows the transparency adopted in the entire process and the approach that keeps the interests of the buyers in mind. The tribunal relied on the terms of the consent and the Memorandum of Understanding (MoU) which formed the foundation of the award. In this process, every step and decision was recorded clearly and as per the rules.
Now once the resolution professional officially hands over the project as per the Memorandum of Understanding (MoU) and terms of consent, and all legal compliances are completed, Roots Developers is all set to take charge and take the project forward.
Now work will be done without interruption
Rajan Yadav, Director of Roots Developers Private Limited, said, ‘We wholeheartedly welcome the tribunal’s decision. This order has brought great relief to the home buyers of CHD Vann, who waited for a long time. Our journey has been based on transparency, accountability and deep commitment towards our buyers. We are grateful for the confidence of homebuyers that laid the foundation for this result. We understand the expectations related to every house and are committed to complete this project with full honesty and speed.
Following the NCLT order, Roots Developers is taking over the entire responsibility of implementation and delivery of the CHD Vann project. The company says that it will maintain open communication with homebuyers and all stakeholders, so that the project can move forward transparently and steadily towards timely completion.
