Big Developers, Big Delays: Indiabulls Buyers Take to Streets

Several thousand buyers who had invested in Indiabulls Greens and Indiabulls park projects in Panvel have been left high and dry. Buyers claim that the developer has neither completed the project on time nor provided the promised amenities. Frustrated buyers have now taken matters into their own hands, launching a massive campaign against the company.

Buyers Short-Changed

Incorporated in 2005, Indiabulls launched its Indiabulls Greens Project in 2009 and Indiabulls Park project in 2013 in Panvel. Many buyers invested in these projects banking on company’s name and reputation in the market. But it didn’t take long for their dreams of owning a house turn into a nightmare. Developer has failed to deliver in spite of collecting up to 60 to 100% of the total cost of the project from buyers.

“We made the booking in January 2010, today it’s July 2016. For the last three years they are saying that they will give the delivery in next six months. We are not sure when they are going to give us the delivery. My life time’s saving is invested in this project”, said RBS Bir, a buyer in Indiabulls Greens project.

Along with delayed delivery, promised amenities including a clubhouse, school and hospital haven’t shown up on the project site yet. On the top of that, Indiabulls is also accused of raising undue payment demands for the second phase of its Panvel based Indiabulls Greens Project.

“I booked the flat in pre-launch stage and for two years they did not register the agreement and sold the flat to me. Now after two years they have hiked the rate. When they sold the flat they told me there will be school, colleges and various other amenities but now we are not getting any amenities. They have escalated the price and the base rate at which we booked have also increased”, says Praveen Pandey, buyer in Indiabulls Park project.

Taking Fight To The Court

Responding to our questionnaire on email, this is how Indiabulls defended their position.

– On delays in Phase 1 of Indiabulls Greens project

“Sale Apartments are being completed in a phase- wise manner and are within the agreement timelines.”

– On delays in Phase 2 of the project and undue payment demands

“There were statutory delays and we received the Commencement Certificate on November 6, 2015. Construction has started in full swing. There is no escalation passed on to customers on account of increasing input costs”.

But buyers refuse to accept these claims and are planning to explore the legal options. Legal experts in this case have advised the buyers to move to consumer court to seek interim relief and prevent the developer from selling their flats by creating third party interest. In due course of the case, buyers can also file for compensation for the amenities developer has failed to provide.

The buyer group can also test the effectiveness of a recent circular issued by the Maharashtra police which aims to aid the process of filing complaints against builders violating building laws and cheating homebuyers.

Reporter: Ashwini Priolker, NDTV
Web Editor: Neetika Bajaj, NDTV


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