BREAKING NEWS!

• High Income Group

• High - Middle Income Group

• Middle Income Group

• Project Delay – foremost reason

• Either provide booked flats on time or else refund money with

interest accrued over the period

• Realtors are offering 4% refund rate against 8% promised

• No Deadline on returning the money

• Taxpayers are breathless

• Buyer’s invested their savings into the houses.

Source: http://qubrex.posterous.com/noida-buyers-cry-foul-on-refund-rates-realtor#more

Source: http://economictimes.indiatimes.com/markets/real-estate/realty-trends/real-estate-project-delays-some-of-the-options-available-to-buyers-to-sort-

problems/articleshow/9419468.cms?curpg=1

Do not stretch yourself to take a loan.

"Project delays of 6-12 months are fairly common.

Check the builder's record.

Property brokers in the locality can help you in this case.

Projects approved by reputed banks are usually on a better

footing .

Also, looking at ratings offered by agencies

Also, do not ignore the buyer agreement.

Finally, don't go by the glossy brochures or the promises of a

salesperson or broker.

• freeing money from one project and investing it in another is not as

simple in reality.

• Most builders discourage cancellations, but if buyers insist, they

refund the money after deducting 10-15% of the total value of the

property.

• There is no standard guideline for refunds

• Agreements always favour the builders when it comes to

cancellations.

• In case of a change in layout plans too, there are no clear guidelines.

Source: http://economictimes.indiatimes.com/markets/real-estate/realty-trends/real-estate-project-delays-some-of-the-options-available-to-buyers-to-sort-problems/articleshow/9419468.cms?curpg=1

• Many clauses being posted by developers

• No deadline on returning money

• Giving a long note of deductions

• Start early. Do your homework before booking a flat.

• Avoid paying the booking amount in cash as some developers delay

providing the receipt till you pay the full booking amount.

• When you get the sale deed, ask the builder to specify the deduction if

you decide to cancel the booking at a later date.

•Approach the builder with a 'genuine' reason for cancellation.

• Remember to check the fine print in your sale agreement before going

to the developer

• Original documents will prove handy and sometimes all it takes is a

legal notice to get the refund.

Explore the option of shifting to a complete or nearly complete

project by the same developer. Usually, such transfers don't involve

any deduction by the builder.

The other option is to use the power of numbers.

DLF, for instance, was forced to offer discounts to its existing buyers

at its Chennai project after a buyer group threatened to cancel

bookings.

Banks may refuse to disburse the balance amount to the builder.

Speak to the bank and the developer to resolve the issue.

One can approach the banking ombudsman (BO) of the area

where the bank's branch is situated.

The list of ombudsmen can be obtained from the RBI's website

However, before lodging your complaint against any bank, you are

required to file the complaint with the bank in writing and wait for

at least 30 days.

1. Buyer is entitled to opt out of a

project if there is a delay in delivery.

2. Buyer is entitled to withhold payment

if the construction does not proceed

with payment.

3. A buyer is not constrained by the

agreement for a court of his choice.

Visit at NEFBWA - Noida Extension Flat Buyers Welfare Association

With the Secretary, Mr G L Sagar Contact: 8800292613