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HindustanTimes Sun,21 Dec 2014

Shocker: Housefed allottees told to cough up more

Hillary Victor, Hindustan Times  Sas nagar, July 17, 2014
First Published: 14:28 IST(17/7/2014) | Last Updated: 14:31 IST(17/7/2014)

The Punjab State Federation of Cooperative House Building Societies Limited (Housefed), which has constructed 632 flats in Sector 79 here, has asked its allottees to pay 2.5 times higher the amount of the flat for which they were initially told to pay Rs. 12 lakh under category-2.
Housefed has also asked the allottees to pay the amount within two months, which is against the terms and conditions of the brochure. The federation is set to give possession on or before September 15.

Now, an allottee who owns a three-bedroom set under category-2 has to pay Rs. 30 lakh instead of Rs. 12 lakh. Allottees, who were promised possession in 2006, have now raised doubts over the recent letter that has asked them to pay more money. Unable to understand as to how the cost of the flat shot up by 2.5 times within a few years, they allege that the letter doesn’t explain the breakup of the cost.

Also, the letter of Housefed states that the balance amount is to be paid within a period of two months, failing which the allotees have to pay 18 % interest per year on the due payment along with watch and ward charges of Rs. 5,000 per month up to December 15, 2014, thereafter, the allotment of the flat shall be cancelled after forfeiting the entire money deposited, letter reads.

NK Marwaha, former councillor of SAS Nagar and allottee, said an increase of 2.5 times was not justified at all. Also, payment, which was to be made within two months, was against the terms and conditions of the brochure, wherein it had been mentioned that the balance amount of 40% would be paid by the allottee in 120 months installment with 11% interest, he said.

However, when contacted, Housefed managing director Harinder Singh Sidhu said: “The flat rates have been increased, as in the past 10 years the cost of construction has gone up. As far as installments are concerned, the allottee can sign an agreement with Housfed and can pay installments for 120 months.”

He said in the letter issued to the allottee, neither there was any mention of details of the break-up of the cost nor there was anything related to signing of the agreement with Housefed.

It was in 2004 that Housefed floated the scheme for construction of flats in Sector 79 in five different categories. Housefed promised the allottees that they would be handed over the possession in 2006.


 

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