I bought a 2 BHK unit in Tower A4 since the start of 2012, believing that Unitech being a big real estate company shall deliver a good product within the time promised.
But unfortunately it turned out to be just another crook in the real estate market. Another addition to the numerous fly by night real estate developers who have cheated and duped investors of their hard earned money through false promises. More than 30 months have elasped and it seems the project work has started a month back only.
It is quite appalling to see the fall in service standards and the overall approach to flat construction by the company. Going by the current stage of construction, it seems unihomes 3 is not going to see completion even in next 5 years. Company leaves no stone unturned in penalising the home buyers for delayed payment and is paying(if ever they pay) peanuts for their delays. On top of it, the response of the company officials is pathetic.
The end customers like us have to bear the high interest cost of home loan, with no certain timeline for the completion of the project work. In quantifiable terms, we pay high interest cost, high rentals, no income tax deduction as flat is not in possession and no returns on the money invested.
Most of such real estate developers have been found guilty time and again of siphoning of funds meant for construction of a particular project to other illegitimate uses which lead to delays in the project. Ideally the funds collected from customers are sufficient to complete the project work, if the intention of the developer is clean, which doesn’t seem so in this case.
These companies are busy hoarding large tracts of land from the money paid by middle class people for their vested interests. The recent cases of CCI and courts coming down heavily on the so called " real estate biggies" is a step in the right direction and should be continued to teach them a hard lesson that they can’t take investors for a ride anymore under the garb of lax Indian legal system.
All Unitech flat buyers should unite and fight to force the authorities to take strictest possible action against Unitech and its promoters, so the hard earned money of hundreds of middle class people can be protected.