Sales of Ansal Valley View Estate Property on Gurgaon hold after devpt licence lapse
Synopsis
The registrations of property and sales in Gurugram’s Valley View Estate have come to a standstill after the development licence, granted by interests of 1994 to BSF Co-operative House Building Society Ltd., lapsed in 2011and was not renewed thereafter. While the Haryana DTCP has asked to register a red entry in revenue record, which would not allow any transaction till fresh approval. Despite multiple notices and a hearing by the regulatory body in December, the society has acknowledged it was not able to renew the licence. The order will impact both the current residents and the future buyers, it marks another instance of harsh regulatory approach in Gurugram’s property market.
SYNOPSIS Property registrations and sale in Valley View Estate of Gurugram have been stopped after the development licence granted in 1994 to BSF Co-operative House Building Society Ltd expired in 2011 and was not renewed. The plot approval from the Haryana DTCP has ordered authorities to put a red entry in revenue records that would prohibit any such sale and purchase transactions until fresh approvals are taken. But despite months of back and forth over the issue, including a regulatory hearing last December, the society conceded it could not renew the licence. The decision impacts people who already live there as well as buyers looking to make a purchase, indicating how tough the authorities have become in Gurugram about enforcing norms in the real estate market.
Summary Property registration and selling activities in Gurugram’s Valley View Estate have come to a screaming halt after the development licence issued to BSF Co-operative House Building Society Ltd. in 1994 was found to have expired in 2011 and hadn’t been renewed yet. The Haryana DTCP has told officials to make a ‘red entry’ in revenue records, which means all transactions are banned till fresh approvals are sought. Even after several warnings and a regulatory hearing in December, the society said it was unable to renew the licence. The decision applies for residents staying there already as well as future homebuyers and comes amid stern regulatory action in the real estate sector by Gurugram.
