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I am NRI and want to form a group for people who have invested in Bestech Park View SPA next in Sector 67 , Gurgoan .
Builder is demanding 18 % interest payment compounded quarterly ( R.s 2.5L) approx for earlier delay in releasing bank loan amount which was basicaly partly from his side due to non handing over the required paperwork to bank .
In the original buyer agreement and after paying 70 % payment , I have no information whatsoever about the construction schedule & completion date of the project . Further , despite my repeated request they have not confirmed the same . In the absence of same , they have kept themselves free to construct , handing over and raise demand on its own or even for paying Rs. 5/ day for delay as per the buyer agreement . But whenever they wish to finish construction stage and raise demand as per their convenience , required payment exactly within two weeks , otherwise the customer is liable for 18% compounded quarterly. Which is not fair .
In summary , Builder is neither providing the construction schedule / completion date nor reducing the 18 % earlier interest also . In India there is no watchdog or such independent body in real-estate sector to control the builder except the court which you know the culture and I do not want to go for this .
I tried to solve this issue amicably but no use .If project is not handing over to customer in time then he is also losing money in paying bank interest without any benefit of utilising the apartment .
I think as a group we can jointly make a efforts and complaint against builder in consumer court or with Police as it is our legal right to know the construction schedule and delivery date .
Builder is demanding 18 % interest payment compounded quarterly ( R.s 2.5L) approx for earlier delay in releasing bank loan amount which was basicaly partly from his side due to non handing over the required paperwork to bank .
In the original buyer agreement and after paying 70 % payment , I have no information whatsoever about the construction schedule & completion date of the project . Further , despite my repeated request they have not confirmed the same . In the absence of same , they have kept themselves free to construct , handing over and raise demand on its own or even for paying Rs. 5/ day for delay as per the buyer agreement . But whenever they wish to finish construction stage and raise demand as per their convenience , required payment exactly within two weeks , otherwise the customer is liable for 18% compounded quarterly. Which is not fair .
In summary , Builder is neither providing the construction schedule / completion date nor reducing the 18 % earlier interest also . In India there is no watchdog or such independent body in real-estate sector to control the builder except the court which you know the culture and I do not want to go for this .
I tried to solve this issue amicably but no use .If project is not handing over to customer in time then he is also losing money in paying bank interest without any benefit of utilising the apartment .
I think as a group we can jointly make a efforts and complaint against builder in consumer court or with Police as it is our legal right to know the construction schedule and delivery date .
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