Hi Guys,

This question is for experienced people who have dealt with such scenarios. What are the measures one should take when builder have abandon the project.

3C has stopped all work in Lotus Panache for last 4 months now and they are not responding to anything. They have reportedly siphoned off the money. What should buyers do. Please share experience.

Is Delhi Police EOW an option here? Does SEBI look into such issues?

Please add to the thread and don't make it this builder vs that builder thread.

Thanks.
LP Buyers
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  • Personally, I really do not think 3C will abandon this project.

    But keeping aside my personal thoughts, such abandonment of project has actually taken place in nehar par, faridabad.
    Triveni builder was the culprit there. If you follow the thread about Triveni in IREF or get in touch with Triveni buyers, you may get useful information.

    If I remember correctly, at different times different ideas were floating -
    1. Sale off company assets and pay off the investors. (through court/bankruptcy route)
    2. Some buyers group takes over the construction of the project.
    3. Offer the project to some other builder who collects the remaining payment and completes the project as per original payment schedule. But this is only possible if constructions was stuck at an early stage and payment is only about 50% of the total.

    I do not recall SEBI being involved. But EOW/mass FIR/Court case - all these paths were followed.

    Unfortunately, I didn't follow the development after a stage.
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  • Thanks,

    Even we still believe they won't but everyday we see something new.

    We don't want to be in soup so trying to take precautionary steps. Both LG and 3C are claiming stakes in the project when buyer call their offices.

    It was moral responsibility of 3C to atleast make buyers aware of the situation. As of today, all contractors have pulled out for non payments.

    All we want to do is LG not taking away all the money. So we want a govt agency (EOW for example) to verify the accounts of GGPPL (owner of panache) before any such thing happens.



    Originally Posted by soumik
    Personally, I really do not think 3C will abandon this project.

    But keeping aside my personal thoughts, such abandonment of project has actually taken place in nehar par, faridabad.
    Triveni builder was the culprit there. If you follow the thread about Triveni in IREF or get in touch with Triveni buyers, you may get useful information.

    If I remember correctly, at different times different ideas were floating -
    1. Sale off company assets and pay off the investors. (through court/bankruptcy route)
    2. Some buyers group takes over the construction of the project.
    3. Offer the project to some other builder who collects the remaining payment and completes the project as per original payment schedule. But this is only possible if constructions was stuck at an early stage and payment is only about 50% of the total.

    I do not recall SEBI being involved. But EOW/mass FIR/Court case - all these paths were followed.

    Unfortunately, I didn't follow the development after a stage.
    CommentQuote
  • I have been watching the Noida realestate since 2007 onwards. So many new projects have been launched since then by many builders but I am still not able to find clearly which ones have been fully launched and where people are staying comfortably.
    This shows that developers have no intention to deliver the end result to the buyer but to collect money fast, make money on resales, delay the projects for various reasons, bring up new charges, change layouts and finally put everything on buyers shoulder.
    There is huge gap between objectives of buyers and objective of builders.
    You are asking what can be done.....its the same thing like asking that there is lot of corruption in the country what can be done.....
    Pls see the biggest example of Sahara group in front of you unfolding....what did SEBI/RBI/IT department do....ultimately Supreme Court had to come in hard......most of the laws are mostly managed by the rich and well connected as especially when there is no transparency like in the real estate sector.
    The only thing that can change this are good laws and regulations framed by government......but before that consumers should use collective public protest and media to counter these issues.......if protests and media can bring down a government then it sure can force the builder to get its act right.
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  • Hope when the new UP Appt Act 2010 comes into force, some of these buggers will be worried. Allahbaad HC accepted some cases filed under sec 25 of the act. This attracts 2 years jail for violating the act.
    CommentQuote
  • Originally Posted by amitexpert
    Hi Guys,

    This question is for experienced people who have dealt with such scenarios. What are the measures one should take when builder have abandon the project.

    3C has stopped all work in Lotus Panache for last 4 months now and they are not responding to anything. They have reportedly siphoned off the money. What should buyers do. Please share experience.

    Is Delhi Police EOW an option here? Does SEBI look into such issues?

    Please add to the thread and don't make it this builder vs that builder thread.

    Thanks.
    LP Buyers


    4000 flats in LP. If you unite then you can do anything. All buyers..go and do dharna in front of 3 C office. What about other projects of 3C like LB/zing ??? Are they also abandoned those ??? Seems like after partnership dispute 3C is completely in mess like hiranandani.
    CommentQuote
  • We don't have the contact details. All we have is a facebook group and few hundred buyers. In that we have investors with who cares kinda attitude.

    Originally Posted by rahulkumar12
    4000 flats in LP. If you unite then you can do anything. All buyers..go and do dharna in front of 3 C office. What about other projects of 3C like LB/zing ??? Are they also abandoned those ??? Seems like after partnership dispute 3C is completely in mess like hiranandani.
    CommentQuote