News: Compensation plan chalked out for Chintels Paradiso flat owners-18-02-2025
The homebuyers can opt for a full refund at the market rate with additional compensa The prevailing market rates are: Rs 7,900 per square foot for Towers A and B, and Rs 7,5 square foot for Tower C.
: In a relief for homeowners of towers A, B, and C of Chintels Paradiso in Sector 109, a high-level meeting chaired by the deputy commissioner proposed two compensation options for them, upholding the Central Building Research Institute (CBRI) report, that deemed the towers structurally unsafe. The homebuyers can opt for a full refund at the market rate with additional compensation. The prevailing market rates are: Rs 7,900 per square foot for Towers A and B, and Rs 7,500 per square foot for Tower C. Additional compensation includes a refund of the stamp duty paid, with 18% annual interest. An additional Rs 10 lakh will be paid as exemplary damages
The homeowners can also opt for the reconstruction of towers A, B, and C. Residents who choose this will be paid a fixed rent for alternate accommodation, the Supreme Court ordered on Jan 4 last year. The committee also reaffirmed that rent payments for displaced residents would continue as per the orders issued by the divisional commissioner on June 6, 2024.
The meeting, convened after homeowners' representations, also considered the reply submitted by Chintels India Pvt. Ltd. The discussion centred around the structural integrity of the buildings and possible rehabilitation measures. An investigation by CBRI concluded that the structures were beyond repair, necessitating urgent action. The structural assessments of Paradiso's towers began after a vertical collapse of living rooms of flats across five floors in Tower D on Feb 10, 2022, led to the death of two residents, which was followed by days of protests on the compound, with residents accusing the developer of not reacting on time to concerns like sagging balconies that they had raised. Spokesperson for the developer said "Now that the value of flats is determined, we will offer to buyback at the rate determined by the govt. approved valuator.
