A Bold Move By Chintels India: Buyback Option Reopened for Paradiso Towers

A Bold Move By Chintels India: Buyback Option Reopened for Paradiso Towers

Chintels Paradiso gave two options: either a buyback at Rs. 6,500 per square foot or to rebuild, providing each owner with a flat of the same size. Decisions loom as the deadline nears on December 20.

In response to safety concerns, Chintels India, the developer of Paradiso Towers in Gurugram, has reopened the buyback option for flat owners in five towers. The decision follows a recent structural audit by IIT-Delhi, which deemed Towers D, E, F, G, and H unsafe for habitation.

After the collapse of four balconies in Tower D on November 9, Chintels took swift action, offering a 15-day buyback window for affected flat owners. Notably, no casualties were reported during this incident, as the tower was vacant, and safety measures were in place following a previous partial collapse in February 2022.

In a letter to the residents’ welfare society and district administration, Chintels urged eligible flat owners to consider the buyback offer, emphasising that it is exclusively for those whose settlements are pending. The offer is valid until December 20, marking the final extension with no further applications entertained.

Flatowners in Towers D, E, F, G, and H are presented with two options: first, a buyback at Rs. 6,500 per square foot with reimbursement of actual stamp duty and renovation costs; second, an offer to rebuild, providing each owner with a flat of the same size. For the latter option, flat owners who have not accepted any prior buyback offer must pay Rs. 1,000 per square foot in instalments tied to construction milestones.

Chintels commits to completing the reconstruction within three years, with a six-month grace period, contingent on receiving all necessary approvals, including registration with HRERA. As the deadline looms on December 20, the fate of these towers rests in the hands of flat owners who must weigh the financial buyback or the prospect of a reconstructed home.

Ashburn