Compensation for losses due to delay and reduction of UDS/common area by Patel SMONDO Hyd
0 have signed. Let’s get to 500!
I am writing this petition due to cheating and lies by Patel Smondo team and we (our association and all other buyers) are in hope that top management is unaware of this fact that innocent customers being cheated. We expect management to take action to get the building complete at the earliest by latest given date, which is June 2019. If we see building it looks almost impossible to deliver before Dec 2020. We believed that Patel Engineering is a repute organisation with high standard and goodwill in the market. However, the project Patel Smondo, Gachibowli, didn't go well and therefore we want to highlight some of our grievances to the management of Patel Smondo. We request them to hear the voice of customer and take appropriate action and decision.
We have booked flat at 16 story building called Patel Smondo, Gachibowli, Hyderabad in 2012 and they promised to give possession by Dec 2016, however, in the agreement, they mentioned 6 month grace period. This anyways is misleading and looking like grace period is to builder but actually it’s to purchaser for clearing dues and taking possession.
Building was maximum around 40% complete by the June 2017 and when we approached, team of Smondo developer told that they have got approval for additional 4 floors in the building. The approval was taken without any consent or communication to existing buyers/investors even though their right in undivided share of land was reduced by 25%. We had a meeting with Smondo team and they refused for any compensation in this regard. The loss due to reduction in UDS is around 448 per sft.
Later we got to know from some engineers that total area sold to us is drastically reduced not just because of UDS share reduction but also for common area sharing. For example, if a buyer paid for 990 sft @4500, he was actually getting approximately 693 sft but after additional floors, common area (297 sft) is also reduced to approximately 223 sft. Therefore total saleable area should have been 693+223=916 sft but builder has already collected money for 990 sft.
After from above, builder is giving so called "smart design" where they give a bay window (a window which can be used or converted into a seat or sofa. Though this window is outside the walls area but builder is charging for that area too. So in reality, there is no space saving for buyer as whatever he is getting, he is paying for it.
Builder has promised to deliver in time by quoting his work in Bangalore and other places. Sales team has convinced innocent buyers that delay will cause huge impact to builder even if they give 5 rupee per sft per month hence the clause they are mentioning in agreement is just for the sake of agreement and factually there won’t be any delay. But now it’s proved that delay is beyond imagination and approximately 5 rupee per sft per month is just nothing as we could have earned rentals above approximately 25 per sft per month in that area. If we hypothetically assume that building will be ready by Dec 2020, delay will cause a loss of more than approximately 1250 per sft.
We have lost income tax benefit on pre-emi also as delay is more than 3 years in the project. The loss on this account is approximately 432 per sft till now.
Building layout has been changed many times without any intimation to existing buyers which amounts to cheating and fraud. Moreover, builder is now trying to save more money by putting sub-standard materials like Safety Grills, Wash basin, Pipes etc.
Till now building is completed approximately 60% to 65% but builder has already collected money from approximately 82% to 85% of total sale value.
I could cover few major issues in this petition and other issues are still under discussion with our association (PSG Welfare Association) which is authorised to take appropriate action for mutual cause and benefit of the flat buyers of Smondo Gachibowli.
Its noteworthy that when we sign agreement with builder, in most cases agreement is one sided and favourable to builder because builder has experienced team, legal advisers and influence in departments, whereas most of the buyers are middle class, newbies, who are mostly unaware about the legal terms and economical, commercial or financial impact of clauses mentioned in the agreement. Even if he/she desires to know about any conflicting or problematic clause, builder has experts to convince them by some lies.
I request all fellow citizens who struggled to get possession of flat or house from a builder including Patel Engineering, PBSR Developers, Patel Realty and all other cheating builders or anyone who is looking to buy a dream house and worrying about such issues from builder.
I thank you for your efforts in reading this petition. Kindly do not forget to click “Sign this petition” button on your right.
Complete your signature
0 have signed. Let’s get to 500!