Dear Friends,
Due to inordinate delay in handing over the possession of the flat by Mantri, the buyers are under stress due to burden of EMIs and the developer’s strategy to siphon off the money paid by buyers of residential flats to finance the completion of the commercial wing of the project.
This is evident from the fact that the builder has completed the slab work quickly to realize almost 80% of the amounts due from buyers on slab completion and now the project has been slowed down. The developer cites reasons such as lack of availability of sand, cement and other construction materials apart from floods which happened some 2 years back for less than a week.
What builder has eventually done is to raise money from the unsuspecting buyers at very low cost(penalty for delay is some very small amount which comes to less than 1-2% per annum interest cost to builder whereas the bank lends to them generally @14-15% per annum), and use the money to finish other projects.
I would like to invite buyers like me to come together and plan some legal action against the builder’s unfair trade practice either through the consumer court or Competition Commission. In case you are interested, please connect with me at abhishek.anchlia@gmail.com
Thanks & regards,
Abhishek A
+91 77029 88778.