Skylark Ithaca
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What residents appreciate the most
A significant positive development is the National Company Law Tribunal's approval for the withdrawal of the Corporate Insolvency Resolution Process for the original developer. This decision is expected to facilitate the resumption of construction activities. Furthermore, a new developer, Ramky Estates, a subsidiary of a larger and established group, has reportedly taken over the project, offering a renewed prospect for its eventual completion, although the closure of existing RERA cases is still pending.
The NCLT has approved the withdrawal of the insolvency process, which could allow for the resumption of construction with support from the Committee of Creditors.
There's hope as a new developer has reportedly taken over the project, indicating a path forward for completion, though documentation issues with RERA still need resolution.
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Where residents want improvements
Despite homebuyers securing favorable verdicts from RERA and NCLT, these legal and regulatory processes have proven to be protracted and largely ineffective in providing actual relief. NCLT-appointed Resolution Professionals are criticized for prolonging their involvement for personal financial gain, showing little inclination to resolve the issues. Additionally, RERA is noted for not closing existing cases, which further impedes necessary documentation and project completion, causing immense suffering for buyers.
The legal system is described as 'rotten' and 'never ending,' with government bodies offering no effective help to the affected buyers.
Resolution Professionals appointed by NCLT are perceived to be prolonging their stay for personal financial gain, showing no inclination to resolve the issues for suffering homebuyers.
Despite winning NCLT and RERA verdicts, buyers still haven't received their flats, indicating a failure of the regulatory system.
The project's completion is stalled because RERA cases are not being closed, preventing necessary documentation and causing immense suffering for buyers.
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The project, which commenced construction in 2013 with a promised delivery in 2018, remains incomplete after a decade. This prolonged and extensive delay has left hundreds of homebuyers without their promised residences, highlighting a significant failure in project execution and delivery.
The project, which began construction in 2013, was supposed to be delivered by 2018 but remains incomplete after a decade.
Large townships like this one carry a high risk of extensive delays or never being fully completed, as seen with this project's phases.
Buyers have been fighting for over 1200 days in legal forums for a project that should have been completed much sooner, highlighting a never-ending struggle.
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Hundreds of homebuyers are facing a severe financial burden, being forced to pay EMIs for properties that have not been delivered. This situation has resulted in substantial financial loss and emotional distress, with their hard-earned investments described as being 'in the drain' and no money returned even after more than five years.
Many customers feel they have been 'looted' by the builder, with no money returned even after more than five years.
Homebuyers are forced to pay EMIs for properties that are not built, leading to significant financial strain and a feeling that their hard-earned money is wasted.
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The original developer, Skylark Mansions, was declared insolvent by the NCLT, indicating severe financial instability. This situation has led to significant project disruptions, poor quality structures, and substantial financial distress for the homebuyers, with the company described as being on the verge of bankruptcy.
There's a concern that history might repeat itself, with major developers like this one going under despite having large townships.
The builder's financial state was precarious, leading to exceptionally poor quality structures, significant delays, and the company being on the brink of bankruptcy.
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Construction on the project has completely stalled, with reports indicating 'no construction' and the original contractor having abandoned the project. This cessation of work further exacerbates the prolonged delays and creates immense uncertainty for buyers regarding the completion of their homes.
After 10 years, the project remains incomplete with no visible construction, indicating a complete abandonment of work.
Construction has completely halted, with the original contractor having left the project, leaving buyers with no homes and no ongoing work.
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The original builder, Skylark Mansions, has been explicitly labeled as a 'cheater' and accused of defrauding numerous homebuyers. Reports also indicate a CBI crackdown on the developer in connection with allegations of defrauding homebuyers and a suspected nexus between the builder and financial institutions.
The builder has been explicitly called a 'cheater' for allegedly defrauding numerous customers and failing to return their money.
Reports indicate a CBI crackdown on the developer for allegedly defrauding homebuyers, suggesting a nexus between the builder and financial institutions.
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