Noida: There are many such societies in Noida- Greater Noida where, after buying a flat, it takes many years for the buyers to get a house even after a lot of trouble. The same was happening with the flat buyers of a society in Noida. But the buyers of Lotus Panash Society located in Noida Sector-110 took a historic initiative and built their house themselves without waiting for the bankrupt builder. On Saturday, 300 flat buyers of the society got the keys to their flats. Residents performed havan and puja on this special day. The buyers have so far built 1500 flats in 10 towers.
This happened for the first time in Noida
This matter started when the developer of the Lotus Panache Project delivered only 1,000 units out of its project of 4,000 units. At the same time, the construction work of the remaining flats was left incomplete. After this, the buyers raised the matter in the National Company Law Tribunal (NCLT). However given many pending cases already in Noida, the flat buyers decided to start the construction work themselves without waiting for the court’s decision.
Work done under Pool and Build Policy
Under the leadership of the Lotus Panache Welfare Association, the buyers adopted the Pool and Build Policy. According to this policy, all the buyers deposited their remaining amount in a fund. After this, a strong plan was prepared with the help of resolution professionals. In this a representative was appointed for each tower.
Buyers took the responsibility of building the houses themselves
According to society president Amit Chauhan, this is the first time that the buyers have completed the construction of the houses themselves. This is the result of our collective effort and patience. At the same time, association secretary Sumit Saxena said that we completed the work systematically by appointing representatives for each tower so that transparency was maintained in the project.
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Construction work is going on in 3 towers
In the year 2022, the society had completed the construction of 800 apartments in 8 towers. After this, the buyers also took over the work of the remaining 10 towers and completed the construction of 1500 flats this year. Construction work is still going on in 3 towers in the society. After its completion, the target of 4000 units will be achieved. Home buyers’ lawyer Sahil Sethi said that he has seen many pending projects in NCLT, but Lotus Panache is the only example where buyers have written their own fate. This is an inspiration for home buyers across the country.