Home Buyers Press Exit Button with a Loss

It shouldn't come as a surprise to you that there is no protection for Home Buyers in India. You Zero in on your dream home and start your EMIs only to realize that there is no construction activity happening on the proposed site. You are at the mercy of the Realtor since the impotent and incompetent Government which lacks serious will to protect the consumer has turned a deaf ear despite several letters to the Ministry.

Todays ET is reporting that, DLF is under pressure from Buyers to begin work at one of the delayed projects in Delhi. The home buyer, a HNI has threatned to take the company to the court of law as he has already paid Rs 1 crore upfront. He said,

DLF is way behind schedule in their projects. It should either start work on the project immediately and deliver in time or return our investment with 15% interest.

Not everyone of us are HNIs and not everybody can knock the doors of he Indian courts. However, you can try the Consumer Court for speedy justice. [But most of the times the courts refers the case back to the Civil Court]

Unitech and Parsvnath are other pioneer Realtors in delaying the project. A Garment Exporter who has booked in Unitech's Grande project said,

I am paying Rs 4.5 lakh as EMI. Unitech executives say the project will be delivered on schedule, but there is no worker at the site

When he insisted for a refund, he was told that the company will cut 15% of what he has paid and will refund the balance amount. Unfortunately it is the Real Estate Developers who are favored as most Politicians are involved directly or indirectly with one of these shady companies.