Offer of buyback and rebuild made to residents in Chintels Paradiso Phase II

Chintels India, the Paradiso housing society's developer, has extended the compensation offer to phase 2 apartment owners . Phase 1 unit owners had previously received a similar offer from the developer . In order to find out how many homeowners are interested in the offer and to get their input, the firm has now written to Paradiso RWA.

Tower demolition will begin as soon as the developer receives official consent from the authorities. In a letter to RWA, Chintels India said, "Although we have factored in the present IIT reports, Chintels is under no obligation to either reconstruct the four towers or offer buyback option, but we have still decided to get feedback from all flat owners of phase 2 to ascertain how many people are interested in either of the two options given to flat owners of phase 1."

It also said that it needed feedback as soon as possible because it was starting the process of obtaining necessary approvals for rebuilding the five phase 1 towers, which is likely to take a long time. The developer said that it would not be just to postpone phase 1's renovation of the five towers, and that for that reason, phase 2 compensation options would shut down.

The developers will pay an amount of Rs. 6,500 per square foot and reimburse the actual stamp duty paid by flat owners along with the cost of renovations as assessed by independent evaluators appointed by the government, as per the offer made to owners of apartments in phase 1 towers of the society, D, E, F, G, and H.

The owners of flats who have not accepted the buyback option will be required to pay Rs 1,000 per square foot for the reconstruction of the apartments, which is the second offer. This payment will be made in four installments: 40% at the beginning of construction, 30% upon completion of the basic structure, 20% upon application for occupation certificates (OCs), and the remaining 10% upon offer of possession.

The project will be finished by the developer in 42 months, including a six-month grace period from the commencement of construction. Each flat owner will get carpet space equal to or less than 5% of their current unit under this offer. Additionally, from the date of construction until the date of the offer of possession, the developer will pay the rent to the owners of the apartments.