Pune: Over 1,000 people buying homes from Lavasa Corporation Limited have expressed their concern over the possible takeover of the project against the backdrop of the corporate insolvency resolution process against it.In a letter to the Resolution Professional (RP) and chief minister Devendra Fadnavis last week, they requested to consider the house owners’ interest as the top priority by those who take over the project. They also stated that no new constructions should be allowed unless the promised work at Dasve and Mugaon in the hill station was completed.The National Company Law Tribunal (NCLT) appointed RP as the mediator of the project hanging in balance. It is supposed to hold parleys with the firms showing interest in taking over the project and the investors. According to sources, some top companies are in the fray for the takeover.On August 30 last year, the NCLT had admitted a plea filed by creditors. They initiated the corporate insolvency resolution process against Lavasa Corporation Limited under the Insolvency and Bankruptcy Code, 2016. The hearings are on.Consumers and investors at Lavasa have come together on a forum to express their concern over the project completion.Netherlands-based investor Vinay Kulkarni, a representative of the homebuyers, said the investors in their letter stated that their concerns, expectations and preferences could be heard in various hearings with the RP. He said over 1,000-plus homebuyers expressed their concerns that need to be addressed by the company that took over the hill station project.The Lavasa Corporation Limited is jointly held by HCC (68.7%), Avantha Group (17.18%), Venkateshwara Hatcheries (7.81%) and Vithal Maniar (6.29%). The project has been facing issues for the past 10 years. For the past four years, the project-affected have been kept waiting for the execution of project.“Many have approached Maharashtra Real Estate Regulatory Authority (MahaRERA), some others have approached other courts. We are unsure about the outcome of the NCLT case and our wait seems to continue,” said another investor, who did not want to be named.Kulkarni said the homebuyers were in complete dark about the future of their project and other promised amenities. “With a new company, it would be again a long wait,” he said.In an internal survey among the customers, nearly 98% demanded principal amount and 12% interest on it besides refund of all taxes paid within a span of 90 days.

Stay updated with all the Pune Latest News headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.