Builders in line of fire
Recent rulings by Competition Commission of India (CCI) against realty developer DLF for unfair trade practices in two cases seems to have given a ray of hope to several property owners in Gurgaon.india Updated: Sep 02, 2011 01:15 IST
Recent rulings by Competition Commission of India (CCI) against realty developer DLF for unfair trade practices in two cases seems to have given a ray of hope to several property owners who are disgruntled due to non-delivery of services on time.
Some people now plan to knock the doors of CCI to get justice.
The competition watchdog recently came down heavily on DLF for delaying possession of flats in upscale residential and high-rise Belaire and Park Place projects located just off the Golf Course Road.
Various applicants who had invested in the Unitech Fresco Apartments in Sector 50 are now contemplating to move the CCI. They had applied in 2005 and have paid 95% of the cost but are awaiting possession since 2008.
Harpreet Walia, one of the applicants said, "We are meeting our lawyer soon and may file a case with CCI against Unitech next week. We cannot wait anymore, it is our hard earned money and the builders seem to be making a mockery of their assurances and our patience."
Praveen Sharma, another applicant, said, "We are paying EMIs for the loan we took from the bank and are compelled to shell out hefty amounts as rent as still we are putting up in a rented accommodation."
It is not only the residential projects that are missing deadlines by years, even under-construction malls are in the line of fire for similar reasons.
Virender Dawar, a resident of Sector 4, said, "I had purchased a showroom in MGF Metropolis mall in 2007. I was promised that all formalities would be completed that year itself but I have been waiting to get possession for last four years."
He further said, "Now, the mall authorities have assured me that things would fall in place by September. In case that doesn't happen, I have decided to file a complaint with CCI," he added.
Tanuja Kehar, general manager, head (corporate communication), Unitech, said, "Presently, there is a general feeling against all developers. However, the delay in some of the projects is on account of external factors (global economic crisis and its fallout). Unitech is undertaking various measures to speed up construction activities.
"We value our customers and have also included various value-additions in our projects, at no extra cost. We are also sharing construction updates with our customers. Moreover, owners have also gained on account of capital appreciation. For instance, the launch price of Fresco Apartments was around R2,625 per square feet and today it is R6,250 per square feet."
First Published: Sep 02, 2011 01:10 IST