Homebuyers protest as builder ‘breaches’ contract
Several homebuyers who had struck a deal with realtor M3M India Private Limited held a meeting on Saturday with the builder. M3M has asked them to pay the bulk of the purchase amount even though construction has not made sufficient headway. The buyers have termed the demand unjustified.punjab Updated: May 05, 2014 11:55 IST
Several homebuyers who had struck a deal with realtor M3M India Private Limited held a meeting on Saturday with the builder. M3M has asked them to pay the bulk of the purchase amount even though construction has not made sufficient headway. The buyers have termed the demand unjustified.
The buyers of Woodshire, an upcoming residential project in Sector 107 along the Dwarka Expressway, gathered outside the site office of the builder in Sector 65, claiming that the company in a letter has asked them to submit 85% of their flat cost within six months, going back on its promise to demand payments on a construction-link plan. The flats were booked in 2012 and are due for possession in 2015.
“The possession of the flats was planned in 36 months. We were told that we will have to pay in stages. However, recently we have been receiving letters from the developer demanding 85% of the payment for construction of merely the skeleton of the building. The structure costs only 40% of the total amount of the project,” said Manas Singla, a buyer. The buyers said it is difficult for them to arrange all the payment within such less time.
However, in a statement, the company said, “The schedule for delivery of M3M Woodshire is being religiously followed and the company is targeting to complete the project by December 2015. The company has kept its promise and schedule. In fact, a substantial portion of the project is ahead of schedule. This means investment towards the construction of the project has been unfaltering. Unfortunately, this may have hit some speculators, who were looking to exit by selling at a profit without completing the payment plan.”
Meanwhile, a homebuyer, an ex-serviceman, said that the builder has cancelled allotment of his flat on account of non-payment of pending dues by him. “I have already paid Rs 18 lakh but they cancelled allotment of my flat. Also, they have put a fine of Rs 1 lakh for non-payment and want the rest of the amount in 6 months,” said Radhey Shyam.