We have been cheated and seek change in real estate laws and compensation to customers
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This may happen to every individual be it from Mumbai Metropolitan Region (MMR) or Its National Capital Region and we all suffer because of this.
I had purchased an under construction house in 2011 (Man Opus at Mira Road) and was very happy with my wife that in such a short time we have achieved a big milestone for which people wait for years. It was like a dream cum true. However from that day onward we have seen our dream getting scattered day by day.
If we would like to list down issues, people may take more than one hour to read entire thing. However, just to summaries some of the key issues;
1. Possession date which was supposed to be in 2014 has been moved continuously and still there is no clarity whether there will be possession or not.
2. Most of people like us have been paying rent for alternative accommodation and interest to bankers. I have paid 95% of the purchase price in 2015 itself and have been paying interest without any benefit or compensation for delayed possession.
3. Product which was shown as dream house got change and from a garden in front of a balcony now you find a horizontal slum with opposite house looking peeping in your house and there is no garden, no temple and literally no club house forget about swimming pool. On top of it type of material used in apartment is something which most of us would change before getting in.
4. There is literally no response from builder to update customers on the current affairs and status of project on need to know basis, that is after so much of follow-up and all key information is withheld.
5, Agreements are so one-sided that customers literally have no option to act on this and legal costs in such a situation touches roof, which most of us are unable to afford.
This is not just one project but others like Project from DB Reality and Others and a person with just Rs. 1 Lac capital create a private limited company and fool people of more than Rs. 1,000 Crs. In most of the cases money is transferred to his personal account for utilisation at his will.
We are your voter and are not asking for sun, moon or stars here but asking for our rights following minimum things
(1). A regulator who can ensure that committed product is delivered or adequate compensation is provided for mis-match in product, agreements are not one sided and compensation in case of delay in completion of project; and
(2). Rights like deposit holders has under the Companies Act and formation of joint committees to take key decisions and keep communications going; and
(3). Accountability / digitization of approval process of a project from each department and making them accountable for delay so that Builders can not take benefit. Builders them-selves accepts that a significant portion of costs is paid as bribes for approvals at each stage. or
(4). In case governments cannot safeguard interest of the customers, prohibition on sale of under construction properties so people like us will not fall for these builders.
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