Revised report increases base price of Tower D Chintels flats, but owners not satisfied

The revised valuation report of the flats in tower D of Chintels Paradiso apartments in Sector 109 has increased the minimum base price to 5,900 per square foot from the earlier valuation of 5,500 to 5,600 per square foot.

The report compiled by Nagpal and Associates was submitted to the Gurugram district administration and the Department of Town and Country Planning (DTCP). The report has also taken into account the value of the interior works carried out by the residents and accorded a value for these as well, said sources.

The salient features of the revised report (a copy of which is with HT) are an increase in the land rate, keeping in view the price trend of the area and the completion of the Dwarka Expressway. It also says that it has considered a 20% escalation in land rates as compared to 2021. It also revised architectural consultancy services and dealers’ margin to 10% of the total cost.

The report also added electrical charges and common area charges on the basis of actuals along with preferential location charges and club charges. “Valuation of interiors of eight flats is enclosed. The flats were inspected in the presence of owners,” the report, dated November 24, said.

However, it added that some of the owners refused to cooperate and assessment of interiors could not be carried out.

The district administration had ordered the revaluation of flats of Tower D, following complaints by owners that these had not been valued properly and the rate was too low as compared to the market rate of existing properties in the same area.

The Tower D of the Chintels Paradiso apartments which has 64 flats will be demolished as per the recommendations of the structural audit carried out by experts from the Indian Institute of Technology (IIT), Delhi. The district administration on November 9, issued orders that Tower D of the condominium will be demolished as it was unsafe for habitation while Tower E and Tower F will have to be vacated.

The revised valuation report has pegged the net cost of the construction of entire Tower D at 64 crore. The total area sold by the developer is 155,775 square feet. As per the report, the value of interiors carried out in the flats ranges from 4 lakh to 37 lakh.

When asked about the revised valuation report, a senior DTCP official said that they will not comment on the matter as the case is now under the consideration of the Supreme Court. “We have received a notice from the apex court and we will submit our reply. The matter is now sub judice,” he said.

The flat owners of Tower D and the residents’ welfare association (RWA), however, said that they were not satisfied with the revised valuation report as the revised basic price of 5,900 was still half the market value and the valuation of interiors was also quite less as compared to the actual work done.

Vijay Kumar Grover, who owns a flat in Tower D, said that the basic price of 5,900 per square foot was too low and it was not possible for a flat owner to buy a replacement property in the area at that rate. “The valuation of interiors is also too low. I had spent double the amount in my flat but the valuation has been pegged at only 30.73 lakh. All owners, including me, are not satisfied with this report and we will not accept it,” he said.

Six floors of Tower D in Chintels Paradiso collapsed partially on February 10 this year, killing two residents. The Haryana government recommended a structural audit of the condominium to assess the safety of the towers, whose report in November recommended that Tower D needs to be demolished.