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SRS Residency Group - Urgt meeting on Sunday 21/08/11 on Increase EDC/IDC Demand Letter- 12 noon-at SRS Sector 88 Site

Postby rajarc » Sat Aug 20, 2011 11:10 am

SRS Residency Group - Urgent meeting on Sunday 21/08/11 on Increase EDC/IDC Demand Letter- 12 noon - at SRS Sector 88 Site

Request all SRS Residency Group members to kindly attend the meeting & decide strategy on increased ADHOK Demand letter from SRS on Sunday 21/08/11 at 12 noon.

Place : SRS Site Sector 88

Sincerely request everyone to participate
Regards - Raja Roy Chowdhury - 9899709338 / 9210900743
Remember - change starts with the individual. Each one of us matters!
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Re: SRS Residency Group - Urgt meeting on Sunday 21/08/11 on Increase EDC/IDC Demand Letter- 12 noon-at SRS Sector 88 Si

Postby umesh » Mon Aug 22, 2011 4:56 pm

Sorry was not in town, couldnot attend the meeting. request if you can please update us on the same.....

I had also gone through the article in ET, want to share with all, since we are also on same boat.
How homebuyers can benefit from CCI verdict
ET- 22 August 2011

The Competition Commission of India (CCI) has imposed a penalty of around 600 crore on realty major DLF for abusing its dominant market position. Levied by the anti-monopoly watchdog , the penalty was imposed after DLF was found guilty of violating the Competition Act, 2002. The fine amounts to 7% of the company's average annual turnover in the past three years.

Following complaints in May last year by several people who had booked flats in a DLF project, the CCI had referred the matter for probe by the Director General (Investigations). According to one such complaint, DLF had promised to complete Belaire, its residential project in Gurgaon, in 2009, but buyers are yet to get possession of their apartments.

In addition, DLF has increased the number of floors in the apartment complex from the original figure given to buyers. This led to the number of apartments in Belaire shooting from 384 to 564. DLF has been penalised for an offence that is common among the hundreds of other builders in the country.

"This is a significant intervention by the Competition Commission and if upheld, it gives a powerful tool to the average property buyer against the developer. A buyer may refuse to sign the agreement quoting this judgement, saying that it is anti-competitive and, therefore, unacceptable to him," says Farhad Sorabjee, partner at law firm JSA Law.

Is your builder going the DLF way?

The CCI, in its 237-page order against DLF, has criticised the terms and conditions of the contract, which was signed by the company with the buyers of Belaire. It said that these were stacked in favour of the developer. DLF, in its defence, says that these were industry practices and it was merely adopting the same. Now, the Commission is likely to order a probe into other developers based on preliminary investigations , which suggest abuse of power by the developers.

To avoid the same fate as that of DLF homeowners, consider the following points highlighted by the CCI before signing the buyer's agreement. If, however, you are a victim, we tell you how to approach the Competition Commission in order to redress your grievances.

Punitive penalty: For any delay in payment by buyers, DLF wanted them to pay an interest of 15% per annum for the first 90 days after the due date, and 18% for delays beyond that. In sharp contrast, a delay of over three years on the part of the builder would entitle the buyer to a compensation of just 5 per square foot per month. There is no timeline specified for delivery of possession by DLF.

Unilateral right to increase/decrease super area: DLF has the unilateral right to increase or decrease the super area without consulting allottees, who are bound to pay an additional amount when demanded by the company or accept a reduction in area. If there is a reduction in the super area, the refundable amount due to the allottee is to be adjusted from the final instalment.

No exit option for buyers: Allottees have no exit option except when DLF fails to give possession within the agreed time. Even so, the buyer gets the refund without interest only after the sale of the said apartment by DLF and without accounting for the sale proceeds to the allottee.

Exit clause for the company: DLF's exit clause gives it full discretion, including abandoning the project, without any penalty. The company's liability in such a case is limited to refunding the amount paid by the allottee, with a simple interest of 9% per annum for the period for which the amount was lying with the company, and to pay no other compensation.

Unilateral changes in agreement: The developer claims the right to make changes in the agreement unilaterally without any right to the allottee.

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