Handover postponed Dec 2024

Review On Risland India, Chennai

We were promised to handover the flat before dec 2023 and we paid 90 percent of the amount. We were not allowed to see our flat till now. Now they have sent email communication the handover will be extended to dec 2024 we have already lost 18 months in interest paid to bank since we booked on May 2022 . So another 12months interest burden on us. They wanted to sell unsold flats therefore they are pushing the handover date till dec 2024. Please see below actual email sent by Risland Team

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As you are aware of, as per the standard Construction agreement executed between us mentions that the promoter shall take reasonable efforts to complete the construction of your apartment/flat fit for habitable occupation on or before Dec 2023 but the Union Government of India as well as the State Government of Tamil Nadu had declared the unprecedented covid-19 pandemic as force majeure period. Accordingly, The Tamil Nadu Real Estate Regulatory Authority (TNRERA) issued an initial circular dated 06-04-2020 by virtue of which the completion timeline of every registered project was automatically extended to five months and another circular dated 22-05-2020 through which the completion timeline of every registered real estate project was automatically extended by a further period of one month.

So, from the above mentioned circulars issued by TNRERA, it can be seen that the completion timeline for our THE ACE project gets automatically extended upto December 2023. In any case, according to our construction agreement, the entire project shall be completed within the timeline/extended timeline granted by TNRERA.

Now we wanted to keep you informed that TNRERA had extended the timeline of THE ACE Project upto 31st of December 2024 vide extension certificate dated 11-12-2023. Nevertheless, we will be applying for Completion Certificate (‘CC’) before February 2024 and we are planning to hand over possession of your flat tentatively before August 2024 or earlier.

We will take every possible efforts to initiate the handing over within this timeline.

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