Urbanco has assumed control of the partially constructed housing flats that were previously undertaken by Jaah Investments.
Jaah Investments initiated the development of the housing flats almost six years ago but encountered significant delays, resulting in the project remaining incomplete for an extended period of time.
Earlier in May, Urbanco issued a notification to Jaah Investments, requesting them to complete the construction of the flats and fulfill the payment obligations for the land within a 30-day timeframe. However, Jaah Investments failed to meet the given deadline.
According to a statement from Urbanco, the company has taken over the responsibility of completing the project to prevent any further inconveniences for the buyers. The decision was made to address the lengthy delays that the project had already experienced, ensuring that the buyers' interests and investments are protected.
Urbanco's statement further mentioned that finding an alternative developer for the project, which is already 91 percent complete, would not be a feasible option. Instead, the company aims to engage in mutual agreements with Jaah Investments and the buyers to ensure the successful completion of the project.
"Urbanco's aim is to expedite the completion of the project while ensuring that both the developer and the buyers of the properties do not experience any additional setbacks," the corporation said in its announcement.
Jaah Investments initiated the construction of 'The Garden' apartment complex project in 2017, featuring 83 apartments of varying sizes including 2+1 BHK, 3 BHK, and 3+1 BHK units. The project was originally slated for completion within a two-year timeframe. However, the substantial delays have caused distress among the property buyers, leading to protests in the past.
Despite multiple assurances from the developer, including a commitment to deliver the completed flats by December 2022, the project has experienced continuous delays.
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