I endorse the views of Mr Ankit Jain. I am also a victim of Jaypee group in 'Aman' project
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I had booked a flat in the 'Aman' project of Jaypee group. This project is 10 Kms further ahead of 'Wishtown'. The project consists of 26 towers with about 3000 flats. I had booked a 1200 sq ft flat in August 2011. The total cost of flat was about 40 lakhs including club membership, parking etc. I had paid about 9.10 lakhs from own sources and for the balance amount of about 30.9 lakhs, I had taken a loan from Axis Bank. The flat was to be delivered by Jan 2014. However, I have still not got my flat. As per the revised schedule given by Jaypee, my flat is likely to be delivered by first quarter of 2019, a delay of over 5 years. However, I have lost faith and cannot trust the builder any more. I started paying my EMIs as per schedule and have not defaulted till date. I had planned to move into this flat after my retirement from Indian Air Force. I have retired, but courtsey Jaypee, all my plans have gone haywire. The builder had promised to pay Rs 5 per sq ft for the delay every month. However it was learnt that for delays in payment by buyers the company was charging 18% interest. Most of the buyers have paid 90 to 95 percent of the cost of flat. All the buyers have lost out on income tax benefit, rental value and continue to bleed through EMIs. Banks are enjoying profits on interest earned through EMIs. They have also financed the builders. Now if the builder declares himself bankrupt, banks will seize the assets of the builder. But how will they sell the unfinished flats which are already sold? The builder has already siphoned of the buyers money. His liabilities are limited to assets of the company. Thus he will wash off his hands from the project in relief and start enjoying a more comfortable life. The scape goat will be the buyers. The already troubled real sector will further fall into an irreperable mess. The better solution will be to make the builder complete the project and then penalise him. Buyers will be left with no choice but to commit suicide if they do not get their flats.
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