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Compensation for affected Buyers- #pashminabrookwoods- Defaulting Builder

This petition had 264 supporters

A premium project Pashmina Brookwoods, Off Budigere Cross, Bengaluru was launched in early 2013, consisting of 5 towers with more than 300 flats each over a sprawling 10.5 acre expanse and targeting the budget segment. Pashmina Developers were the builders with noted luminaries like Hafeez Contractor involved in the project plan and Shaswati Realty being the entity to sign the documents. Many buyers like me booked the under construction flats and were promised possession by Aug 2016.

The buyer group primarily consists of salaried people who have purchased flats as budget homes and some retired people who have purchased for retirement plans.

As per the Live Lite scheme, our original hand over date for tower 1, 2 and 3 were committed in August 2016 as per the agreement and the builder has already roped in 80-90% of the flat cost from most of the buyers as part of the 20-80 scheme.Presently, the construction is not even 10% done.

As a part of this group of 700 plus buyers who have been through turbulent and anxious times due to the sudden and unexpected dead halt and derailment of the construction activities of Pashmina Brookwoods project, I have started this petition for the powers above to take notice and provide us justice.

Our team has made multiple attempts, both collectively and individually, to meet the Pashmina management face to face but none have been successful till now. Their response on phone calls is a combination of fake claims, false hopes and lately, sarcasm, knowing that they have the power to call the shots and take us for a ride.

Additionally, we unsuspecting buyers have been caught in the maze of tripartite agreements with housing finances like IIFL and PNBHFL where the pre-emi default by the builder has put the onus on us to pay up with no sight of construction progress. A double edged sword where we bear the burden of paying the bank with no commitment from builder on construction and the risk of affecting our CIBIL scores in case of default.

We want help to be able to pressurize Pashmina developers to address our issues as soon as possible without further delay.

1) Since Pashmina ran out of cash to construct the towers and banks are putting immense pressure on the buyers to repay the pre emi interest which builder is supposed to pay as per the agreement and that is not getting honored, we want them to resolve this issue immediately so that innocent buyers don’t face the impact. A clear documentation is sought to relieve the buyer of the loan burden.

2) We want them to resume construction activities as fast as possible which has been halted since more than one year.The vendor for construction has changed from L&T to Simplex and finally no one now, as Simplex too have moved all the material and machinery out. We truly fear they have misused flat buyers’ money and siphoned off in their others projects or different ventures.

3) Due to unreasonable delay in handing over the possession we want them to payout the monetary penalty and compensation to all the buyers irrespective of the type of scheme we have chosen since they have abused all of our money and caused irrevocable monetary pain and mental trauma.

4) We want the role of the housing finances to be investigated; how they have paid upto 85% of loan amount to builder with no proof of construction is a major concern point that needs to be addressed for the benefit of not just us but all future property buyers.

We affected home buyers sign this petition and are united in our fight against #pashminabrookwoods

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