Investors Clinic — Non payment of Credit Notes
akash21 on Feb 13, 2011
SAVE YOURSELF FROM GET CHEATED FROM REAL ESTATE BROKERS
I would like to bring to your kind attention that In Noida all Big Property Details who are advertising in Times of India and Hindustan times like Investor Clinic and Unicon Properties.
Nature of Fraud done runs into Crores and may doom the market shortly if you do not stop them.
If your just type in Google Fraud against respective names you know the truth.
In Noida and Noida Extn more than 60 projects are running. Almost 90% projects are not making construction as per the payment plan mentioned in their Brochures.
Every project is housing 5000 houses and average value you take Rs.20 lakhs. If you multiply 60 projects x 5000 houses x 20 lakhs = Rs.600,000 crores. Broker commission is 2% i.e. Rs.12000 crores.
Every Broker issues Discount to Customers by way of “Credit Note” 80% of the amount i.e.Rs9600 crores, which every Broker promises to pay to customers who has made booking in Houses after payment of 40% amount as per payment plan of Builder.
When customers approaches the Broker after payment of 40% amount, Brokers refuses to pay the amount promised. They take money from Builder and not releasing the same to the Customers. In this way they making fool to ordinary customers by offering Heavy Discounts. They have connivance with Builders also as they share the Booty amongthemselves in certain %age and if any customer make complaint against Broker. They turned the Blind eye and tell customer it is your mistake they are purchasing houses from Brokers. They should go to direct Company. But they forget their responsibility as Builders themselves publish in Leading Newspapers that they are their Channel partners.
In Noida there is No Law exist to take any action against such a loot.
Please tell me why NOIDA authorities not taking action against Builders for delay in constructions done by Brokers. They are using their 10% booking amount in purchasing more land banks irrespective of concentrating on Delivering the Houses to end customers in Right Time.
Already there is shortage of skilled labours, even if you take whole Bihar in Nodia for making houses it will take more than 6 to 8 years instead of 2.5years to 3 years of promise of delivering houses. Again there is shortage of Sand and Cement for supplying to construction companies.
Existence of Penalty Clause in the Builder Buyers agreement ranging from Rs.5 to Rs.7 per sq.ft. per month is again in question mark which is much less than existing saving account interest which ordinary customer gets from Saving Accounts in Bank.
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