My Flat booked in 2010

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Dear Sir,

With due deference, we the 3000 families who entered into builder-buyer agreement with the captioned builder for owning a flat in Lotus Panache, Sec-110 Noida during 2010-11 seek your intervention into the financial irregularities & NO POSSESSION in 8 years while we have paid 97% of the value of the flat. Most of the towers have been erected for last 2 years but builder is just not bothered to complete and is intending to run away with public money.

 

Inspite of starting the project in 2010 with approximately 4100 flats to be built in 30 towers and collecting almost 2500crs from the buyers till now, they have built only about 1000 and given possession. For the rest 3000, builder has completed the super structure & extracted 95% plus of the cost and has put a stop to the construction activity. On regular perusals & protests, there has been multiple promises and deadlines being promised by him but in vain and these deadlines were never honored.

 These 3000 families are continuing to wait for the possession of their flats, investing their HARD EARNED money in drain it seems. Multiple complaints have been lodged in NCDRC, RERA, HC Allahabad but it doesn't shakes builder. FIR in NOIDA too has been booked against the builder but doesn’t seems shaken. The buyers here have done multiple protests but the builder doesn't bother to address our concerns and has been busy raising other projects under new names, tying up with other partners and probably duping other set of buyers as well.

He is flaunting all rules of constructions, has been warned by NOIDA authority as well but it seems it is only EYE WASH because inspite of NONE of his projects getting completed, OC in problems, he is easily getting new projects under new names easily approved and moving like a RAJA in NOIDA and GURUGRAM under various other names like LOTUS GREENS etc

Most of the buyers here are salaried crowd, relying on home loans to buy our 1st homes and with such kind of builders we spend more on interest cost which at the end raises our total cost of home. While government has raised a DREAM of “HAR AADMI ke PASS GHAR HONA CHAHIYE”, if we have such builders in the country, COMMON MAN is definitely a BIG SUFFERER & LOSER as we end up paying HEFTY EMIs and also rental somewhere else.

The 3 partners (Nirmal Singh/Supreet Suri/Vidur Bharadwaj) separated in between, around 2012-13 from which the whole mess started. Nirmal singh who was the most active separately formed another company. They routed funds to other projects and hence Panache got ignored. Builder has faltered with revised dates 2-3 times even though he has submitted the same in various courts (NCDRC etc.)

Vidur Bharadwaj, director in Panache has been moving interests to other LLP companies, Vidur Bharadwaj developers P Ltd etc. and hence interests in Panache not there.

Please help the COMMON MAN in Noida, I am sure you are fully aware about the MESS created by builders in Noida with lakhs of buyers, who have supported you and voted for you. Please investigate this builder & it’s directors for siphoning off public money and also push him to handover flat to these 3000 families in Lotus Panache.

 Thanks



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