Chintels Paradiso Offers 15-Day Buyback Option to Flatowners in Gurugram

Chintels Paradiso, the developer of the apartment complex in Gurugram where several towers were declared unsafe, has offered a 15-day buyback option to flatowners in five towers. The developer has written to the residents welfare society and the district administration regarding the buyback offer and urged the flatowners to take it up.

In the wake of the structural audit conducted by IIT-Delhi, which declared several towers of Chintels Paradiso unsafe for habitation, the developer has extended a 15-day buyback option to flatowners in five towers of the apartment complex. This decision comes after the collapse of four balconies in Tower D on November 9, 2022, which fortunately did not result in any casualties as the tower was vacant and its surroundings were cordoned off following a partial collapse in February 2022 that claimed two lives.

Buyback Offer Details

The developer has communicated the buyback offer to the residents welfare society and the district administration, urging flatowners to take advantage of this opportunity. However, it's important to note that this offer is only valid for those flatowners whose settlement is yet to be finalized.

Chintels has outlined two options for flatowners in Phase I Towers D, E, F, G, and H:

• Option 1: Chintels will pay Rs 6,500 per square feet for the apartments and reimburse the actual stamp duty paid. Additionally, it will reimburse the cost of renovation, as evaluated by independent evaluators appointed by the government.
• Option 2: Chintels will reopen the offer to rebuild and deliver to each owner a flat of the same size as they currently own. This option is only available to flatowners of Chintels Paradiso Towers D, E, F, G, and H who have not accepted any previous buyback offer from the developer. Flatowners opting for this option will need to pay Chintels Rs 1,000 per square feet in four installments, with specific percentages tied to construction milestones. The builder commits to completing the project within three years, with a six-month grace period from the date of receiving all necessary approvals, including registration with HRERA.

Background of the Structural Audit

The structural audit by IIT-Delhi was conducted following the collapse of six floors in February 2022, which resulted in the tragic loss of two lives. As a result of the audit, Towers D, E, F, G, and H of the society located in Sector 109 were deemed unsafe for habitation.

Settlement Status

Out of the 288 flats in the five affected towers, 140 flatowners have demanded Rs 6,500 per square feet from the builder and agreed to accept the compensation. However, settlement negotiations are still ongoing with the remaining 148 flatowners.

The buyback option offered by Chintels Paradiso provides a resolution pathway for flatowners in the affected towers. With two distinct options to choose from, flatowners can make an informed decision based on their individual circumstances. The developer's commitment to reopening the buyback offer for 15 days until December 20 demonstrates its willingness to address the concerns of the flatowners and find a mutually beneficial solution.