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Change in Location of Plot by Builder - What to do ?

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Change in Location of Plot by Builder - What to do ?

Last updated: February 19 2013
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  • #11

    #11

    Re : Change in Location of Plot by Builder - What to do ?

    On a serious note.

    Your situation is extremely tricky and apart from all other issues, you would be alone in this fight against the builder in this case. Since you say the property is pretty remote and not many investors would be there. Even if they are there getting them on board will be difficult for you.
    My point was, that you could miss an essential support system (unity is strength they say) which is required to fight powerful builder/real estate player lobbies.

    There are tangible costs and intangible costs when it comes to fighting a legal battle. Not just the legal cost but all the hassles including fighting the property case in different geography.

    If I were in your position, I would seriously consider the cost of all intagibles as well before taking a decision. Probably an option which ensures that I can take out my investments with minimum losses or atleast a nominal gain (say 9% interest).

    I have a college friend who is in a similar situation and keeps telling me the tension that he goes through, week after week, with posponed hearings, new issues to be covered and what not.

    Please dont consider this as an opinion against fighting against fraud, but I would suggest you consider the repurcussions of whichever option you decide to go with.

    Originally posted by powergrid View Post
    In that case, is there really a "decision" to be taken?

    Comment

    • #12

      #12

      Re : Change in Location of Plot by Builder - What to do ?

      Originally posted by Masque View Post
      I think you should try to exercise all the options before getting ready for legal fight. Legal should be kept as last resort.

      Let me ask you, what all details are mentioned in BBA? Details like plot size, its location, size of roads next to your plot, size of other plots next to your plot, facing north etc.

      Does it also say somewhere total size of project and that whole project will be completed in how many phases and what area will be developed in which phase?

      Does it also have project plan, layout showing your plot attached?

      If you have answer to all these questions then you may reach builder and talk to top boss, it seems builder is not that big entity.
      Let him know what has happened. Let him know that you would like to get the similar location plot. In case builder does not have availability you would like to get your money back with 9% interest compounded annually.

      Yes, quite agree to the above . Legal option should be kept as last resort .
      Please read IREF rules | FAQ's

      Comment

      • #13

        #13

        Re : Change in Location of Plot by Builder - What to do ?

        hi
        Greetings

        Few questions..

        Understand the allotment is in your name and you have waited for a long time, while there has neither been any development in the colony done by the builder, nor have the prices gone up.

        Date of BBA??
        Mention of specific plot no and details in BBA, if available??
        Any official Marketing/Newspaper/Communication/BBA showing location of plot and offer made to you, if available??
        Where is the Head Office of the Builder??
        Any communication by the builder mentioning a change in Site Map after payment was made??
        Proof of all payments made with cheque details and bank statements, if available??
        Proof of all payments received by the builder with receipts, if available??
        Copy of Application form duly received by builder with date and stamp, if available??
        Approval details (date, license, building plan etc) of the project by the state authorities and current status, if available??
        General reputation of the builder, if he has delivered any other project or not, has money and still operational??

        It is unfortunate that such a situation has come and honestly, it is entirely upto you how you position yourself. That depends on what you want..
        a) hold on to the plot as prices may improve as per market renowned sources (dont ask the same broker who sold it to you or the company)
        b) you want refund of your money only
        c) you will be happy with say Money + Bank interest
        d) You want to go whole hog and are determined to push it to any level and have patience to get justice at any cost and time.

        Obviously there are the following options if you want to quit.
        - Ask builder to make a refund offer, subject to your acceptance
        - Go to Consumer Court
        - Lodge an FIR and file a criminal Case


        Cheers

        Comment

        • #14

          #14

          Re : Change in Location of Plot by Builder - What to do ?

          Originally posted by zorin111 View Post
          Hi Friends,

          I had booked a 266 sq yards plot in 2006. Later on when the Location plan was released, I switched over to a 355 sq yards plot and got the BBA signed and paid 95% of the amount including 10% PLC for 80ft road facing unit.

          Now after 5 years, the rates have not increased at all, as the location is very very remote. When I approached the builder again for a map few days back, I was surprised when he shared that the plot I had purchased has been earmarked in Future development ptroject, and I can get an alternate plot. He shared a few unit details which I didnt like.

          So what all options do I have ? Can I legally ask him to refund my entire amount alongwith interest and cancel this unit ? Or he is liable to pay me only the pricipal amount without any interest ? Or I should politely and silently take whetever unit he is offering me, else he can play smart and leave me without any unit or money ? Or should I ask him to give me a 266 yard plot instead of 355 sq yards and refund the balance amount ( with / without interest )

          Has anyone faced a similar scenario earlier ?

          Pls give helpful suggestions ! Incidently this is a case of property in Jaipur but I have posted in Gurgaon since I can get better visibility / comments out here and can be useful for the forum too.

          Thanks

          #1. no matter what anyone says. BBA has zero legal validity unless it is registered and the right amount of stamp duty paid for it.

          #2. It would be better to just take the best 355 sqyd plot among the available ones, that the builder is providing as alternatives. stay on a friendly term with him and then get the agreement registered or sell off the plot asap after allotment.

          #3. no harm in posting the name of the project, name of the builder and the project booking price here. it would help other members too.

          Comment

          • #15

            #15

            Re : Change in Location of Plot by Builder - What to do ?

            Originally posted by humble_guy View Post
            #1. no matter what anyone says. BBA has zero legal validity unless it is registered and the right amount of stamp duty paid for it.

            #2. It would be better to just take the best 355 sqyd plot among the available ones, that the builder is providing as alternatives. stay on a friendly term with him and then get the agreement registered or sell off the plot asap after allotment.

            #3. no harm in posting the name of the project, name of the builder and the project booking price here. it would help other members too.
            I would also suggest for pint no.2 but as a second last option.

            Comment

            • #16

              #16

              Re : Change in Location of Plot by Builder - What to do ?

              Originally posted by powergrid View Post
              In that case, is there really a "decision" to be taken?
              If it was easy, everybody would be doing it.

              Comment

              • #17

                #17

                Re : Change in Location of Plot by Builder - What to do ?

                Hi Guys,

                Thanks to everybody for taking time out to post on the subject.

                I had posted a detailed reply around couple of hours back but somehow it got deleted before i could save so writing in brief(s) now !

                I did not do due diligence at the initial stage and maybe paid maybe double or even four times more of the going rate then. This property will take ten years to develop, even now, as its 30 - 35 kms from jaipur. Then we were told its 15-20 minutes drive from city centre and did the deal thru phone and handed over the cheque to the dealer in Delhi without bothering to visit the site.

                Anyways the bottomline is ... I have been screwed... Whats the way out ?

                Option of legally challenging the gentleman is is last and the least preferred option. However, I need to tell him in clear words that we understand this business, we understand all the nitties and gritties and therefore do not mess with me. Else I will take out the names of all the people who have invested in this project and make life really difficult for you. I will gather everybody, form a group and sue him in Jaipur. Else he can deal with me individually. I am willing to let go of this money as it does not mean much to me.

                I will plan a meeting with him in the middle of next month. Before going there I want to gather all the information I can with respect to the clearances and certifications required in Rajasthan for starting a township.
                Then I will confront him with all the documentation and ask him to provide me copies of the same.

                In case you people have a better idea ( apart from settling on whatever plot he doles me out), kindly share. I will take this case to its logical conclusion now.

                Thanks
                If it was easy, everybody would be doing it.

                Comment

                • #18

                  #18

                  Re : Change in Location of Plot by Builder - What to do ?

                  Originally posted by planner View Post
                  Oh no.
                  Very bad case.
                  But this (these) things are common with cheaters.
                  One thing is for sure that builder is big cheater.
                  No sence (sense) at all.
                  he thinks -- what ever he is doing is right or can make it right like Ponty /Namdhari.
                  Hope U understand their end also ----but let us talk (about) our problem.
                  What so ever that builder commits has no sence (sense)??.

                  1. Have you talked wioth (with)any lawyer (Criminal/not civil) (on) this? Saying (Telling/mentioning that) he is not giving possession of plot.

                  2. During 5 years (What is the appritiation (appreciation) of your plot price?

                  3. What is the guareenty (guarantee) that builder will stand -- for what so ever he is promissing.

                  4. Get cool, every lock has the key, every problem is having the solution. Just get (be) cool, it is the (a) matter of time only.

                  All D best,

                  Take it easy bro...

                  Comment

                  • #19

                    #19

                    Re : Change in Location of Plot by Builder - What to do ?

                    I went thru a similar situation where the builder changed the shop i had booked and offerred me a much inferior one as he amalgamated a huge lot and leased it out to a top store.
                    First and foremost try to get copies of the original plan which also showed that your plot existed.
                    Secondly if your broker is reliable get him in the picture.
                    Write a letter / mail to the builder that what he is offering is unacceptable and that you would like the plot that you paid for. Let him respond in writing to your query.
                    After you get all your documentation ready have a polite but firm meeting with the builder where you can hint that you are willing to get money back with interest but at the same time make it very clear that the new plot is unacceptable and you have no qualms going to consumer court. These days builders are very apprehensive of courts.
                    Hopefully he should settle.
                    My builder settled and offerred me a very fair rate for my shop and waived off all the charges. P.S. He had a lot to lose as his complex was up and running which is not so in your case.
                    Best of luck.

                    Comment

                    • #20

                      #20

                      Re : Change in Location of Plot by Builder - What to do ?

                      Originally posted by zorin111 View Post
                      Hi Friends,

                      I had booked a 266 sq yards plot in 2006. Later on when the Location plan was released, I switched over to a 355 sq yards plot and got the BBA signed and paid 95% of the amount including 10% PLC for 80ft road facing unit.

                      Now after 5 years, the rates have not increased at all, as the location is very very remote. When I approached the builder again for a map few days back, I was surprised when he shared that the plot I had purchased has been earmarked in Future development ptroject, and I can get an alternate plot. He shared a few unit details which I didnt like.

                      So what all options do I have ? Can I legally ask him to refund my entire aount alongwith interest and cancel this unit ? Or he is liable to pay me only the pricipal amount without any interest ? Or I should politely and silently take whetever unit he is offering me, else he can play smart and leave me without any unit or money ? Or should I ask him to give me a 266 yard plot instead of 355 sq yards and refund the balance amount ( with / without interest )

                      Has anyone faced a similar scenario earlier ?

                      Pls give helpful suggestions ! Incidently this is a case of property in Jaipur but I have posted in Gurgaon since I can get better visibility / comments out here and can be useful for the forum too.

                      Thanks
                      No big deal! This type of behaviour and conduct is considered normal now with builders who have been and still are criminals. And if you can find their past details, you will find plenty of petty and some hardcore law breakers, local goons, brokers with political connections, land mafia, smugglers, and what not! The list of unethical builders/developers is never ending. So, you got to do your homework before investing. Investments are made to make assets, but in our country without any real estate regulator, a lot of people end up having them as liabilities.

                      Sorry bro, but these are facts, and not to critisize your decision, but just to convey that this is nothing abnormal or uncommon.

                      Coming to options...

                      Leaving the thought of good or bad decision, if you are not happy with it, I suggest get out of it if you think it is going to take time to develop and may not fetch you ROI that you may get anywhere nearby, which would be under your direct control. As you say that there are no buyers, in all probabilities builder will not give you any interest, and you may have to settle down at principle. It may pinch you only once, but after getting your money back, you will have a goodnight sleep.

                      Second option that I feel is to take 266 sy plot and take back partial refund, in case you find that the project has some future, and if you are getting a desirable location. This will get you some money back for investment elsewhere, and 266 sy plot being smaller may have more buyers tomorrow.

                      Good and bad investments are part of life, and some are beyond our control. I always thought that I was very cautious, but I also made a couple of investments, mainly influenced by friends and trusted brokers, and had a harrowing time dealing with them. After spending some sleepless nights, I learnt that the best way to deal with them is to stay calm, and get out of them ASAP, spend some money out of it on a holiday, and re-invest after due diligence.

                      All the best..

                      Comment

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