No progress four years in CHD Developer’s Golf Avenue
Hundreds of buyers of CHD Golf Avenue in Sector 106, situated along the Dwarka Expressway, are worried about their investments as there is no sign of completion of the project even two years after its proposed date of completion.
Launched in July 2012, the project is spread across 12 acres and has a total of nine towers with around 650 units. “No construction has been taking place since 2015. Whenever we enquired about the project or insisted on a site visit, we were refused over claims of safety concerns. Interior work on the apartments was supposed to be done four years ago, but it hasn’t been done until now,” said Vishal Rekhi, a homebuyer, who along with other buyers has filed a case with RERA.
He added that investors are concerned that the builder, CHD Developers Limited, has diverted funds from the project to complete other projects. “We have had several meetings with the developer demanding restarting of the construction of the project, but for the last one and a half years, the builder has been citing lack of funds as the reason. The developer has already collected around Rs450 crore from buyers, but still claims to have no money to complete the project. There is a strong possibility that the builder has diverted funds to other projects, because of which he has no funds left to complete this project. As the land of the project has been mortgaged with a bank, we may lose our entire life savings if the company goes into liquidation,” Rekhi said.
Some buyers have approached the National Consumer Disputes Redressal Commission (NCDRC) to demand action against the developer and seek refund, he said.