Social Media Tool

When Aditya Mishra, the CFO of one of the multinational firm in Gurgaon, checks for WhatsApp Group messages where more than 100 Unitech home buyers were waiting for the delivery for luxury villas however; deadline ends before three years. Now Group is planning to take the legal action after the protest at projects site which is Alder Grove at Nirvana Country 2 in Gurgaon. After many meetings with Unitech executives and mails communication, company promoters are not able to settle things up.
Approx. 20 buyers have filled the case with NCDRC (National Consumer Disputes Redressal Commission) and this group has Facebook fan page, WhatsApp Group, Group on Google and a presence on Twitter. Now angry buyers are taking the action against builders who is delaying the delivery of apartments and villas. However; the use of social networks are making the builders little panic as buyers are discussing the legal option and other ways to get compensations. Apart from that the spokesman from Unitech stated that there are several factors which are beyond the control of company and it resulted in the delays.
According to Liases Foras, which is property research firm, more than 8.5 lakh apartments launched between the period of 2008 and 2011ahve been delayed by more than one year whereas; in Delhi/NCR more than 1.7 lakh apartments are delayed by more than 48 months however; in Mumbai the number of flats are 82,000, which are delayed by more than 4 years. Apart from that builder are saying that there are various reasons for delaying the delivery such as; labour shortage, multiple approvals, lack of funds and more. In 2011, the Competition Commission of India was acting on the complaints against DLF filled by apartment owners and fined the company with Rs 630 crore for abusing its dominant reputation and position in the Gurgoan region. Before few weeks NCDRC asked Unitech to pay compensation to buyers at 12 per cent per annum for delays by overruling the agreement between builder-buyer which was offering 1.8 per cent.
Effect of Unity:
Now buyers are finding themselves in the comfort zone. When HDIL (Housing Development & Infrastructure Ltd) asked the buyers to pay more for Kurla project in Mumbai, so they fought back against developer and choose to go out of court settlement for low amount. In one of the project of Indiabulls Greens, which is in Panvel, buyer’s group state that the delivery of first phase was in 2012-13, but now it will be ready by 2017 and also there is change in project layout. Dev Purohit, who is 27-year-old textile exporter, stated that we are in process to register our group and after that we will move to CCI against Indiabulls Real Estate. Whereas; according to the official statement of Indiabulls Real Estate, we are delivering all the projects at time and for Panvel Greens project the scheduled delivery date is July 2016 as per agreement. Apart from that we have provided an option to buyers to exit with 12 per cent interest benefit.

Supertech is planning to invest amount Rs 2, 400 crore

Leading developer, Supertech is planning to invest the hard cash amount of Rs 2, 400 crore to construct and develop the township at Gurgaon, Haryana in a span of five years. This township will be developed on an area of 140 acres land, which company has bought recently from Parsvnath Developers.

As per the statement of Mohit Arora, Managing Director of Supertech, “Recently our company has done dream deal, which is to buy 140 acres land from Parsvnath Developers; however the cost of deal was about Rs 7, 00 crore”. Supertech, which is one of the fastest growing real estate firm based out Noida will develop advanced integrated township on this land area at Sohna, Gurgaon, the more he added.

In an integrated township, Supertech is planning to develop more than 1,800 independent homes as well as villas and more than 1,900 flats, however it will be the fourth largest project of the company. While talking about investment Arora stated that it is expected that total cost of township will be about Rs 2,400 crore including Rs 700 crore of land cost. The more added that we have made payment for land and we are planning to raise Rs 500 to 700 crore from bank debt to meet the cost of construction; however the rest will be founded through internal accruals as well as sales bookings in project.

The whole township will be developed in different phases and it is expected that whole construction will be completed by year 2020. Supertech has fixed the BSP (Basic Selling Price) for this particular township project, is Rs 4,400 – 4,750 per sq ft and it will also depand on the payment plan. In September 2014, Parsvnath Developers had sold the land to Supertech in a deal of Rs 665 crore.

Till now Supertech has completed the construction for more than 33 million sq ft real estate in different projects and currently company is working on 90 million sq ft area in many different projects. Apart from Greater Noida or Noida or as well as in Gurgaon, Supertech has also marked its presence in other cities also such as; Rudrapur, Moradabad, Ghaziabad, Meerut, Bengaluru, Haridwar and Moradabad.

Consumer forum of Gurgaon, asked builder to make a refund

Recently, in one of the case consumer forum of Gurgaon has directed Delhi based real estate firm or developer to refund Rs 4.25 lakh to one of their home buyer who had purchased a flat at Bhiwadi location. In an order which was passed on March 20, 2015, Raj Kumar Tewatia, who is consumer court judge directed to Mtech Developers; as developer was found guilty as a breach in the contract. The contract was with Ashok Yadav, who is one of the residents of Baslambi in Gurgaon.

Why Consumer forum of Gurgaon asked builder to make a refund?

In April 2007, Ashok Yadav had made a payment of Rs. 4.25 lakh for a plot in Phase 1at Camellia Garden in Bhiwadi location. Mr. Yadav had sought a refund when Mtech Developers did not allot the flat or plot after more than two or three years, however developer had agreed to refund the whole money in eight equal and easy installments, but after making paying three installments builder suddenly stopped the payment without any prior notice and after that Mr. Yadav moved to court in the year 2009 as he was seeking for the payment of rest of the balance which was approx. Rs 2.65 lakh.

Current status of the case:

While reply to the notice of court, real estate builder had denied any kind of charges while asking the question to jurisdiction of the consumer forum to proceed the case in Delhi as developer has his satellite office in Delhi, but consumer forum rejected the plea of real estate builder as complainant was based in Gurgaon and because of the he is entitled to file a complaint in Gurgaon. By analyzing all the facts and figures it’s clear that real estate developer has adopted an unfair practice as they didn’t refund the entire amount.

Total compensation:

The complainant was for the refund of balance which was about Rs 2.65 lakh along with the desired interest rate which is at the rate of 9% from date of deposit. Apart from that entire complainant is awarded with the amount of Rs 30,000 as the compensation for mental harassment in addition he also entitled to get the expenses of Rs 11,000. The judge ordered that if the compliance will not to be made within 30 days, so developer need to pay the interest at the rate of 12% per annum.