India, Oct. 17 -- The Department of Town and Country Planning (DTCP) has initiated proceedings to take over Ocean Seven Buildtech's The Venetian project, a 5.1-acre affordable housing project in Sector 70, Gurugram, following the cancellation of its licence, directing officials to secure the land and assets, freeze property transactions and assess the money collected from homebuyers.

The move has raised hopes among allottees who have waited years for their homes, but questions remain over how the takeover will be executed and whether the project can eventually be handed over to the buyers.

The department issued an 11-point directive to assess the project's assets, construction status, financial liabilities, ownership records and the amo...