[Resolved] Unitech — Delay by 5 years | |
I booked an apartment and paid 100% in advance as full amount to Unitech in 2006. It's 5 years now and they still have not given the possession. When I went to site in Jan 2011 I saw the apartment does not even exist. When I asked the staff on duty to show me my apartment, they could not show me but gave a me a guided tour of a vacant apartment in some other tower. As per contract they were to give possession within 2 years but even after 5 years there is no sign of its possession. I am not sure if this will ever be built while I needed a house to get in there in 2 years time. I am now no where and in great pain and great difficulty without a house. I desperately needed my apartment. Now, I have asked my money to be returned back to me as also stopped paying further but instead Bank is trying to claim more interest from me and absolving themselves from any responsibility Also, I have been asking my Bankers ICICI Bank to press for possession and who are party to loan against purchase of this apartment, they keep telling me they will get back to me but no one calls back. They promise everytime to call back but they don't. I told them I must get the possession of my apartment or return all monies paid to them. Instead they have started to make me run from pillar to post. I live overseas and bought this apartment because I have to get back and live in my aprtment in India. I find this is highly depressing and a deceipt to an NRI who put entire faith in a reputed builder and a repudated bank, paid all premiums but in the end feel cheated. My complaint is get my money back so that I can buy some apartment somewhere else where I can live a life. Was this information helpful? | |
Aug 13, 2020 Complaint marked as Resolved | |
 8 Comments | |
Comments
The problem is, I needed the apartment to live for which 2 years was good enough, a month or two delay can still be managed, but 5 years is tool long a time. The interest on loan is endless because I have to keep paying from my pocket on one hand as interest and spend on the dwelling I currently live on the other. Bank needs their interest and payment every month and I have been paying for last 5 years now along with the spending on rents where I lived overseas, Unless Unitech arrives with Bank not to take any monthly EMI anymore till I get the possession there could be a small chance I could revert my decision, otherwise there is no way i would keep paying and keep losing more without a dwelling in my possession.
Because Unitech was a reputed builder that's exactly why I put full faith and paid 100% money as full and final payment in advance, believing a builder like Unitech would respect an honour customers like us who do encourage good businesses of integrity in India & who would build first class apartments. I also started paying interest to Bank from day one.
Yet when delays started happening Unitech did not act as top class builder at all and never came back with any solution that can mitigate pressures on custoemrs like me, specially to a customer who put 100% faith in the builder - and now 5 years down the line I have paid almost half the cost as interest to Bank + plus more than half the cost for living in rented accomodations overseas( original pr Rs43.00L for a 1600built up area ) No world class corporation would do such a thing to their loyal customers and that's why I tend to feel I am being made a victim of yet another brewing scam in India and wonder Unitech has als pulled a big scam in collusion with the Bank.
Every one now knows about recent scams that are rampant in India currently, Unitech MD is even in jail, besides Unitech has started to post losses in their books, so I am not sure how long the wait is going to be and how can Unitech come out of this mess to pay attention to customers like me.
That's why I want my money back and I can still buy a decent apartment for the price. I feel I can go to a builder where I don't have to pay any EMI till the apartment is ready. I feel I can also go to a builder who would be paying me back money every month till I get the possession of the apartment. I feel I can go to a builder who is making first class apartments like Unitech and I feel I can get at the price I've paid to Unitech ( may be at loss of some built up area but certainly no loss of carpet area )
Mr Devang I am not sure who you are and I appreciate your response & confidence building note but if you are from Unitech and not a salesman then I would expect some concrete solution from Unitech where I should not be asked to pay any more EMI till I get the dwelling in my hand; at the same time Unitech should pay me back the interest I have paid to Banks - ( similar to something that some other builders may be offering to attract new clients ), and ICICI Bank stops calculating interest for the delayed period to the possession time of the apartment.
Unless a concrete solution like this comes up from Unitech (and I expect it should be possible i[censored]nitech come out of recession or whatever that caused the delays and i[censored]nitech still wants to maintains its top class reputation), else I am needing my money back as soon as possible, at least then I can go for an alternative accommodation immediately there after.
Because Unitech was a reputed builder that's exactly why I put full faith and paid 100% money as full and final payment in advance, believing a builder like Unitech would respect an honour customers like us who do encourage good businesses of integrity in India & who would build first class apartments. I also started paying interest to Bank from day one.
Yet when delays started happening Unitech did not act as top class builder at all and never came back with any solution that can mitigate pressures on custoemrs like me, specially to a customer who put 100% faith in the builder - and now 5 years down the line I have paid almost half the cost as interest to Bank + plus more than half the cost for living in rented accomodations overseas( original pr Rs43.00L for a 1600built up area ) No world class corporation would do such a thing to their loyal customers and that's why I tend to feel I am being made a victim of yet another brewing scam in India and wonder Unitech has als pulled a big scam in collusion with the Bank.
Every one now knows about recent scams that are rampant in India currently, Unitech MD is even in jail, besides Unitech has started to post losses in their books, so I am not sure how long the wait is going to be and how can Unitech come out of this mess to pay attention to customers like me.
That's why I want my money back and I can still buy a decent apartment for the price. I feel I can go to a builder where I don't have to pay any EMI till the apartment is ready. I feel I can also go to a builder who would be paying me back money every month till I get the possession of the apartment. I feel I can go to a builder who is making first class apartments like Unitech and I feel I can get at the price I've paid to Unitech ( may be at loss of some built up area but certainly no loss of carpet area )
Mr Devang I am not sure who you are and I appreciate your response & confidence building note but if you are from Unitech and not a salesman then I would expect some concrete solution from Unitech where I should not be asked to pay any more EMI till I get the dwelling in my hand; at the same time Unitech should pay me back the interest I have paid to Banks - ( similar to something that some other builders may be offering to attract new clients ), and ICICI Bank stops calculating interest for the delayed period to the possession time of the apartment.
Unless a concrete solution like this comes up from Unitech (and I expect it should be possible i[censored]nitech come out of recession or whatever that caused the delays and i[censored]nitech still wants to maintains its top class reputation), else I am needing my money back as soon as possible, at least then I can go for an alternative accommodation immediately there after.
Dear Mr. Mathur,
We regret the inconvenience caused to you. Please send us your contact details at [protected]@icicibank.com and we shall get in touch with you at the earliest. Kindly refer "1678781" in the subject line.
Regards,
ICICI Bank Customer Service Team.
We regret the inconvenience caused to you. Please send us your contact details at [protected]@icicibank.com and we shall get in touch with you at the earliest. Kindly refer "1678781" in the subject line.
Regards,
ICICI Bank Customer Service Team.
Hi RMathur,
I am in real estate business from a long time. And believe me. I have seen many projects delayed, and believe me, whatever is happening to you is not the worst. The longest delay I have seen has been a Project by India's no. one real estate developer. The project in Chennai has been delayed for 7 year and is still not completed. As you pointed out, Unitech Wireless is surely in trouble, but it is a separate entity altogether from Unitech Real Estate. Rather it is faith of people in Unitech real estate that is keeping the stock afloat. I am sure Unitech will not fail you in any case.
I am in real estate business from a long time. And believe me. I have seen many projects delayed, and believe me, whatever is happening to you is not the worst. The longest delay I have seen has been a Project by India's no. one real estate developer. The project in Chennai has been delayed for 7 year and is still not completed. As you pointed out, Unitech Wireless is surely in trouble, but it is a separate entity altogether from Unitech Real Estate. Rather it is faith of people in Unitech real estate that is keeping the stock afloat. I am sure Unitech will not fail you in any case.
I think Mr. me551ah has a certain grudge against Unitech for some reason. I myself am suffering from delays in one of the Unitech's project. As I am an investor in real estate, my money is stuck in the project. But having worked with Unitech for many years, along with a love-hate relationship, I have developed a certain amount of trust with Unitech. There have been many fluctuations in realty sector in past few years and every realty developer from big to small firms have suffered the consequences. Since Unitech is one of the strongest, I am sure they will get over this soon and deliver their promised properties. I would suggest you to be patient.
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Delays have been plaguing many real estate projects all over India. There are various factors to the delays. As the whole real estate sector was hit by a slump and is still recovering, I think you should tread the matter lightly. As you have booked the appartment in 2005, when the property rates were comparatively very low, even i[censored]nitech gives you your money back, it would be impossible to get a new apartment with the same amenities at that cost. I would rather suggest you to be patient. I am sure your apartment will be delivered to you soon, as Unitech has made it out of slump and is back in the full force to develop new and current projects. Unitech is a reputed company and will not cheat their customers.