Arbitration panel set up to sort out realty disputes in Gurgaon
In order to expedite the pending real estate disputes, Gurgaon administration on Thursday formed the ‘Gurgaon Arbitration Council’.
“The initiative will help in resolving the disputes that have marred the possibilities of an undaunted growth. A huge list of pending real estate disputes triggered the need to create an arbitration panel by the name of Gurgaon Arbitration Council. This Council will work in association with REDCO,” said an official on Thursday.
The District administration launched a website www.gurgaonadmin.com through which the affected parties will be able to reach out to the council which will facilitate a harmonious solution through an arbitrator, said T L SatyaPrakash, Deputy Commissioner.
“The Millennium City has developed at a breakneck pace. A number of real estate projects were launched in the last decade and with every passing day new projects are being introduced but all the projects that were launched have not seen the light of the day which has resulted in an array of disputes.
“Many projects have suffered due to recession and its after-effects. Some projects were not completed in time due to laxity on part of the developer or due to some other unavoidable reason.
“All these situations left the investors miffed. Many investors also intended to withdraw investment which, if allowed in a blanket manner would result in a crisis situation for the market,” said SatyaPrakash.
The launch of Gurgaon Arbitration Council will help in solving these matters. The Council, though informal, will further the steps taken by the ‘Allottees Grievance Redressal Forum’ (AGRF) working under the chairmanship of Deputy Commissioner by an order of state government and would decide matters in a faster and amicable manner, an official added.
According to the administration officials, around 122 property related disputes are the still pending with the administration.