Today Homes And Infrastructure P Ltd — Delay in possession of flat /builder raising unjustified wrong demands

Dear Sir, I would like to inform you that I bought a flat in your Today Canary Green, sector-73, Gurgaon Project, my flat no is 302 in tower 06. When I last visited the site location I noticed very slow progress of work, the complete structure is not fully built even after 4 years of booking and confirmation. I was very dis-appointed with the overall progress of the work at site. I would like to draw your attention to the fact that up to 13th June 2011, I have deposited a sum of Rs 2704557.50 that is approx. 40% of the total cost of the flat and till the said date my agreement was not prepared and delivered to me. This means builder had taken Rs 2704557.50 from me without telling me the terms and conditions of the agreement. My agreement was prepared on 14th June 2011, the terms & conditions, the clauses of the agreement were as per builders benefits . As per the agreement clause 8, I had to pay 18% p.a. interest for any delay / defaults in payment on my part. The clause was further strengthen by the company in it’s favor to squeeze the flat buyers by adding that if the payment of installments remains in arrears for more than two consecutive months then the agreement stands cancelled without any further notice to the allottee. the company shall forfeit 20% of the basic price and pay the balance amount to the allottee without any interest, whereas the company itself is charging 18% p.a. interest. In the same agreement, as per the clause 21, the builder is liable to pay only Rs 5 per sq ft (which is just about 1.5% pa) penalty for the delay in grant of possession of the flat. This disparity was totally unjustified, unethical and agreement terms and conditions were heavily loaded in builders’s favor. When I objected to sign it and brought it to the notice of company authorized persons before signing of the agreement, I was told that these are standard terms, conditions and I should sign the agreement accordingly; otherwise my deposited money will be forfeited as per terms and conditions mentioned therein. As I had already paid a huge amount of money, Rs 2704557.50 till then. A period of six months had also passed after initial payments at the time of booking so I was left with no alternative but to sign the agreement as it is. But Still hoping that I shall get my flat within stipulated time and my dream of acquiring my own house will come true. But this action on company’s part was totally unjustified dueto non-preparation of agreement for eight month from dated 16th Oct. 2010 on which booking amount was deposited by me to 14th June 2011 (date on which agreement was prepared) was totally wrong and tantamount to unfair trade practices. In this way more than eight months were wasted and the company got the benefits of eight months for delaying the possession. My ordeal did not end here, As per agreement prepared by the builder and signed by me in above circumstances, the date of possession of my flat was 13th June 2014 (date after 44 months from the date of booking), but till today, i.e. even after crossing of further six months grace from possession date as per agreement, till today, the possession of my flat is not given to me. On visiting the site I observed that the project is going at a very slow speed and it is nowhere near completion even in next five years. On seeing this all my dreams of having my own flat stalled, dashed and I got a great shock out of it. Further seeing the progress of construction at site, it appears that company is not taking any interest in the progress of work and it can be delayed for longer periods. It appears that all this is being done due to reasons that penalty clause was in favor of the company as they will have to pay very minor amount for delay and they might be utilizing my hard earned money for other projects. Even the bank’s rate of interest is on a higher side, whereas the company will have to pay me about 1.5% p.a. interest only. Builder might be earning much more profits by utilizing flat buyers’ money in some other projects with very minute interest. This is the very basic reason that Builder is not interested to complete the project as they have collected about 85 % money from all flat buyers. In accounting, if you subtract company’s profit from the total project cost, then it will be seen that builder has taken and covered almost all the money of the total project cost from the flat buyers. That seems to be the reason in addition to above facts for non-completion of the project on time as all the money at stake is of the flat buyers.Builder is utilizing our hard earned money in company’s some other projects for company’s benefits that is fundamentally wrong, unfair trade practice, be-fooling & harassing the flat buyers and against the principle of justice & equality in free India having court of justice in place. So after that they raised two more demands for brick work and construction though it is not done at actual site after taking 85% of total project cost. so I was bound to stop all your further demands till possession. I requested builder to complete the project at an early date and give me possession of my flat because it has already been extremely delayed. I have invested a huge amount for buying my flat and I am suffering from not only financial losses but also mental torture from both sides due to loss of interest on my amount as well as by paying rent for my current residence. It is solely due to deliberately delays in possession of my said flat from builder side. Had It been given possession of my flat on time, I would have shifted there and my rent would have been saved straightway along with loss of interest on my paid money to company. In addition to above double loss, I am also mentally disturbed and unsettled due to delay from builder's part.so I demanded that I should be paid 18% p.a. interest for the total delay period on my total deposits with builder along with the rent paid by me as all the delays are due to builder's fault. I had been depositing payments to builder on time as per periodic demands made by company except the last illegal demand raised by company. This 18% p.a. interest on all the payments given to builder along with rents paid by me for delayed period. this demand is a matter of equality, justice and fair trade practice. When a builder is charging 18% pa interest for the delayed payments from the flat buyers then builder should also pay 18% p.a. interest to flat buyers for the delay at builder's end along with rents paid by me. i have written email letters/ notices to builder but not got proper response from builder. Thanking you Rajesh Kumar Gupta / Shikha Gupta M.NO.[protected]