Need severe penalty to be imposed on Real Estate Builders
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My wife bought a property with her hard earned money and additional money required was taken from the Bank in the form of a housing loan. A builder by name Safeway Infra and the project name Symphony Park Homes at Beeramguda, Hyderabad India has been able to keep the prospective owners fooled for about 4 years and he is still walking around free after being successful in cheating ~600 owners who had invested in his venture. They brought a concept of ADF(Advance Disbursement Fund) which many owners did not understand and fell prey for it, even the banks worked in tandem with these builders to get the entire money to the builder. In my case the banker is HDFC, they asked me to go for a higher loan than what i wanted to ensure they pay 90% to the Builder which gets the builder the entire money as per the agreement. We paid all the money 3 years back hoping the builder will give the possession of the house in Jun'15 with a grace period of 6 months included but we have not seen anything happening and we are still waiting. I am seeking support from the Telengana government to penalize such builders so that they don't even dream about playing with public money. Please help by supporting this cause, today it is me and tomorrow it could be you when we allow such builders to exist in our world.
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