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The promotor of OSB Group on Sunday said it will complete the OSB Expressway Towers project in Gurugram’s Sector 109 either by selling the commercial component in the project, where it has a number of shops or by mortgaging the commercial component to a bank, people familiar with the matter said. The developer also said that construction of the project will begin on April 1 and it will be completed in the next 10 months, they added.
The developer made these proposals during a meeting called by the Haryana real estate regulatory authority (H-Rera), Gurugram at the project site where the promoter and the company management were present along with 200 buyers.
Swaraj Singh Yadav, promoter of OSB Group, said during the meeting that they were committed to completing the project as it was financially viable and funds could be generated to finish it.
According to the home buyers’ association of the OSB Expressway Towers project, there are 1,089 buyers who have been waiting for the project to be delivered for the last three years. The association members said that 60% of the project has been completed but the rest has been stuck due to lack of work on the site by the developer. “Most of the homebuyers are suffering as the project has been stuck for the last three years. There has been little work on the site,” said Mahipal Singh, a homebuyer.
The OSB Expressway Towers project was launched in 2016 and was to be completed in 2021.
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The association said that they have demanded that H-Rera Gurugram ensure that the resolution plan is implemented under its supervision. “We want the developer to share monthly progress reports of construction. The funds should be used judiciously and the withdrawal from the escrow account should take place as per norms and supervision of H-Rera. The proposal of a joint working group should be implemented to resolve the issues and ensure the project is completed,” said Singh.
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An H-Rera spokesperson said that officials from the Gurugram bench were present in the meeting on Sunday as observers to ensure that a joint resolution plan can be formed to complete the project. “The next step will be to form a joint working group of buyers and representatives of OSB to execute the resolution plan,” the spokesperson said.
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Sanjeev Kumar, chief executive officer of OSB Developers, said that they have offered to finance the project either by selling the commercial component or mortgaging the same to banks to raise loans. “We are committed to completing the project. The work will start from April 1 and we will complete the work in the next 10 months. We assure the buyers that the project will be completed,” he said.
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