Provident Housing Ltd Complaints & Reviews

I had booked a 2BHK at Provident Skyworth Project at Mangalore in Sept 2013. The total purchase amount of Rs 50 lacs was to be paid Slab wise to the Builder. Provident Skyworth is a Project in Mangalore of Provident Housing Ltd, a subsidiary of Puravankara developers, a Listed company on BSE & NSE.

As per the stamped & signed agreement, the possession of the apartment was to be done by Dec 2015. By the year 2018, the possession was not given and the building was 92% completed and Rs 43.11 lacs was paid to the Builder Slab wise by way of self funding and ICICI Bank Loan.

In May 2018, there was a email from provident Housing stating that the Project Phase II has been registered under Karnataka RERA and the revised project completion date is Sept 2022.

Since, the project timeline was revised and I was following up for handing over and completion date, they just reverted that they would be willing to Refund the entire amount without any deduction . They sent two cheques in Oct 2018 for Rs 43.11 Lacs by courier without any covering letter.

I had clearly mentioned that I would not accept any refund of the amount paid without any interest & compensation towards loss of rental income, capital appreciation and loss of tax benefit . I had even sent a total refund calculation of Rs 69.90 Lacs which was replied as no amounts beyond the amount paid of Rs 43.11 lacs would be paid by the Builder.

I deposited the two cheques of Rs 43.11 lacs (refund of principal amount) and after that I am following up for a simple interest @ 18% pa on the amount utilised for the period Sept 2013 to Oct 2018 totalling to Rs 42 Lacs till Nov 2021.

But, the builder has once again replied that no amounts beyond the principal amount will be paid .

I seek interest of Rs 42 lacs till Nov 2021 on the amounts utilised for commercial purpose by the builder and compensation of Rs 5 lacs for mental agony and harrassment from the builder Provident Housing ltd.

I can produce all the relevant documents in this regard to substantiate my claim.

I had booked a 2 bhk in sept 2013 in provident skyworth mangalore "c" block. The agreement which was signed, stamped and registered mentioned explicitly dec 2015 as date of possession with a six months grace period.

I have up following the progress status of provident skyworth since yr 2015 and already paid 93% of the amount by way of bank loan based on architect certificate.in other words, the building is 93% ready ad now in 2017 year, i was told that the project provident skyworth mangalore has been registered with karnataka rera and there are two phases of the entire complex with one phase due for possession in dec 2018 and the other phase due for possession in yr 2021. Unfortunately, my c block is registered in phase ii and date of possession is year 2021.

When the agreement clearly states dec 2015 as the date of possession, how can it be registered with rera with committed date of possession as yr 2021 and the building is already 93% complete.

I have already paid rs 43 lacs out of the agreement value of rs 45 lacs and rs 9 lacs as interest on home loan from icici bank till date.

I was following up rigorously with provident housing ltd, bangalore hq about the date of possession and in oct 2018, they despatched two cheques totaling rs 43 lacs without any correspondence.

Today, i do not know the status of my apartment at provident skyworth and they have very quietly paid the amount of rs 43 lacs which i had paid till date.

Now, i do not know the status of my apartment and i have lost capital appreciation, rental income, interest paid on home loan, tax exemption etc.

This is a clear case of fraud and cheating and using customer money from yr 2013 to yr 2018 for construction purposes, deficiency in service by way of delay in possession of the apartment and thereby trying to sell the same apartment to another casual buyer at higher price to make additional profits.

Provident housing ltd is a subsidiary of puravankara developers, a listed company on nse with registered office at bangalore.

Please be extra alert on buying apartments with puravankara developers

Sub : wrong promise and penalty charges
Ref : provident sunworth

Dear sir
I have booked a flat with the following builder
Provident housing ltd
(Unit of purvankara)
Indira nagar
Bangalore.
Address of the flat
Provident sunworth
Flat no. 7c – 1203, mysore road
(Near nice road)
Bangalore.
I have booked a flat with the above builder in 11th march 2013 and agreed price is rs.2906836/- (Twenty nine lakhs six thousand eight hundred and thirt six rupees) and they agreed to complete by 31st aug’2015. I have paid till 22/01/2016 rs.2673842/- (Twenty six lakhs seventy three thousand eight hundred and forty two rupees). Provident housing sent a demand notice on 22/05/2017 of rs.902643/- (Nine lakhs two thousand six hundred and forty three rupees) and registration charges of rs.182900/-. They are demanding rs.669649/- (Six lakhs sixty nine thousand six hundred and forty nine rupees) more than the agreed price and there is delay of 2 years to complete the project.
While booking the flat they have committed to arrange for housing loan but after receipt of booking amount rs.1 lakh and rs.488909 for executing agreement they have refused to link the banker who will give home loan. We had booked this flat because of their commitment only. Since they have not linked any banker we have requested them to cancel the agreement for cancelling the agreement also they have refused and they confirmed if we cancel the agreement the amount paid by us will not be returned back.in this circumstances we have left with no other choice to continue with this agreement. Then i have contacted so many banks for home loan finally i got it icici bank ltd.

When i have contacted nobody responding properly and also they are threatening of more interest and other charges will be added if i am not paying the amount immediately.
I have not expected this much difference between agreement and actual. I request your help to resolve this issue.
Thanks
With regards
Sivanandham b