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The sharks of real estate

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Discussions related to Real Estate matters, Real Estate laws, loans, financial queries

The sharks of real estate

Postby vineet » Wed May 13, 2015 4:36 pm

One of my friends booked an apartment in Noida and at the time of taking possession have been asked by builder to sign few agreements which:

- Need to be signed in a room where even phone wont be allowed.
- No copy of any agreements will be provided to him.
- He can not sign the docs with a date. Which means the builder will put the date in future as per his convenience.

If he does not sign, builder is giving him option to exit (practically a boot).

Its not an isolated case but this is s**t which every home buyer has to take from these real estate sharks. Sometimes it comes to buyer in raw form (as in case above) whereas in some cases its packed in flowery packets/wording to dodge buyers.

I stay in RPS Savana and they have cheated all the buyers on all these fronts:

1. There is no club facility even after 1 1/2 years of starting the handover. Builder has got MOU signed that 'though the buyer has paid for club facilities, he does not have any objection if builder takes time till project completion(which means years) for building the club. You don't have any option but to sign such unfair clauses if you want your dream home.

2. The advertisements even today say 'intercom, three tier security, club, swimming pool blah blah blah... Practically you get nothing. Buyers have to pay for installation and monthly charges directly negotiating these with intercom vendor. There are no cameras for security. Some good sense prevailed on builder about 10 months back and he installed few cameras at gates but now again its been told that he is getting these removed as 'these were not promised'.

Its really frustating that no one is there to listen to buyer grievances. Everyone from govt officials to judiciary to politicians bow to these sharks for their money and muscle power.

The real reason for the problem -- VERY ACCOMODATING MIDDLE CLASS. The cheats understand our laziness and laid down approach.

How long will this continue remains a question but dear friends if we do not do anything against this, our children will also face the same thing and we will handover a 'system in complete mess' to our future generations so please take actions, send as many complaints to the regulators and demand each and every facility promised by your builders - fire prevention system, solar water heaters, clubs, community spaces etc etc. They must deliver what's been promised.

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