The district administration Thursday formed Gurgaon Arbitration Council to speedily resolve pending real estate disputes. The council will work in association with Real Estate Development Council (REDCO), said an official. According to officials, nearly 122 property related disputes are pending with the Gurgaon administration.
The administration also launched a website through which affected parties will be able to reach out to the arbitration council, which will facilitate a harmonious solution, said TL Satyaprakash, Deputy Commissioner, Gurgaon.
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“The millennium city has developed at a breakneck pace. A number of real estate projects were launched in the last decade and, every passing day, new projects are being launched. But all the projects have not seen the light of the day and resulted in an array of disputes,” said Satyaprakash. “Many projects have suffered due to recession and the after effects. Some projects were not completed on time due to laxity on the part of the developer or due to some other unavoidable reason. All these left investors miffed. Many investors also wanted to withdraw their money, which if allowed in a blanket manner, would result in a crisis for the market,” he added.
The arbitration council, though informal, will feed off steps taken by the Allottees Grievance Redressal Forum working under the chairmanship of the Deputy Commissioner, said an official.