Thousands of home buyers across India are today a worried lot. Many of them have spent their life’s savings in investing in their dream homes, only to have to then deal with developers who are unable or unwilling to deliver their projects on time. As part of our ongoing series, we continue to highlight big developers who have simply failed to keep their promises.
BPTP’s Fall From Grace
BPTP was once considered a bankable name and many home buyers invested large sums with the expectation that this was a developer who would deliver on time. But that’s not the case anymore, with many of the company’s projects lying unfinished such as in the case of BPTP Park Serene in Gurgaon, where over 200 defense personnel and others investors have been fighting to get homes they had booked back in 2008-09.
“I booked my flat 8 years back. At the age of 83, I am still living on rent. There is no water or electricity. Everything is lacking. We are waiting and waiting. Don’t know ki wait karte karte duniya se chale jaenge lekin iss zindagi mein flat milega ki nahi.” says Retd Col S C Bhola, a buyer in BPTP Park Serene.
From Gurgaon to Faridabad, the story remains the same. At least 15 of BPTP’s projects are witnessing average delays of more than 3 years with over 5,000 units stuck in limbo.
The BPTP Mess: Will Builders Take Responsibility?
Making matters worse, BPTP home buyers also claim that the company is trying to extract more money from them through unfair trade practices.
“BPTP has charged us for increase in Super Area of the flat. Investigations reveal that there has been no increase in Super Area. Despite, filing complaints at all administrative levels, the administration has failed to file an FIR against the builder. BPTP blocked my flat for one year as I was raising my voice against the errant builder for not fulfilling the said promises.” claims Renu, a buyer in BPTP Park Elite.
NDTV contacted BPTP for their side of the story and the company came out with a statement stating “We are now planning to raise debt as one of the means to further augment the pace of construction. We have communicated revised timelines to all our customers. While we accept that there is a slowdown, but these have largely been due to various reasons beyond our control” . The company also stated that they have reduced their debt from 900 crore to 300 crore rupees and are looking to generate more funds via land sale.
Developers claim things are beyond their control, the local administration seems unwilling to intervene and the courts have too much on their plate. It seems like home buyers are all alone at the moment and the only hope now is that there will soon be a housing regulator in the state which will ensure that home buyers get fairly compensated for their troubles.
Chanakya Bhatia, Reporter, NDTV