News: Buyback & rebuild offer extended to Chintels Paradiso phase II homeowners-05-02-2024
The developer of Paradiso housing society — Chintels India — has extended the compensation offer to flat owners in the project’s phase 2. The developer had earlier given a similar offer to phase 1 flat owners too.
The company has now written to Paradiso RWA to ascertain how many homeowners are interested in the offer and sought their feedback. Demolition of towers will start after the developer gets approvals from the authorities. “Although we have factored in the present IIT reports, Chintels is under no obligation to either reconstruct the four towers or offer buyback option, but we have still decided to get feedback from all flat owners of phase 2 to ascertain how many people are interested in either of the two options given to flat owners of phase 1,” Chintels India stated in the letter to RWA, adding it needed feedback at the earliest as steps to demolish the five towers of phase 1 will begin as it’s starting the process of obtaining mandatory approvals for rebuilding them, which is likely to take a lot of time.
The developer further said that the compensation options will close for phase 2 as it will not be fair to delay rebuilding of five towers of phase 1. According to the offer given to flat owners in phase 1 towers — D, E, F, G and H — of the society, the developers will pay an amount of Rs. 6,500 per sqft and reimburse the actual stamp duty paid by flat owners along with the cost of renovation as evaluated by independent evaluators appointed by the govt.
For reconstruction of flats, which is the second offer, the flat owners who have not accepted buyback option will have to pay Rs 1,000 per sq ft in four installments — 40% at the start of construction, 30% on completion of basic structure, 20% on application of occupation certificates (OCs) and remaining 10% on offer of possession. The developer will complete the project in 42 months with a grace period of six month from the date when construction will start.
Under this offer, each flat owner will get carpet area equivalent to their present flat plus or minus 5%. Also, the developer will pay rent to flat owners from the date when construction starts till the date of offer of possession.
