[Resolved]  BPTP Villa, Parkland — Abnormal Delay in construction

Address:

Delhi

At BPTP things started rolling after six years only after competent Government authorities managing this portal intervened against my complaint of 25th Sept’10. Post that complaint the company initiated some work on villas and had asked for additional money. The construction was more of an eye wash for the Government agencies as after raising demand in Dec’10 the work is stalled again. The company is least bothered to inform its customers the reasons for stopping the work which started only after six years.

As referred in earlier complaints as well that the officials of the builder (BPTP) either oblivious of the actual realities or do not share the exact reason for such delays and stoppage of work but maintain the stand the work will start by month end.

Will it be possible for you to take up the matter with them again seriously and help many buyers like me as I am paying heavy interest on the housing loan whereas builder is least bothered about completing the project? It seems the builder is using funds raised from this project to complete their other project. On asking for the refund the company is offering 9% interest, though it might be mentioned in the agreements (which is normally one sided) but how come they can charge 18% to 24% in case there is delay from the buyers side.

I seek your help in pushing them to either complete the project or refund the money with interest of 18% (so as to have some penalty element built into it) as by paying just 9% they had luxury of arranging funds at a rate much lower than market rate which they would have got to initiate t. The other option could be to consider cost indexation method to arrive at the cost but certainly 9% is not good enough to make good the financial and opportunity losses one incurs.

PLEASE HELP AS DON’T KNOW WHAT TO DO AND HOW TO AVOID BEING TAKEN FOR RIDE BY SUCH PEOPLE. ONLY THIS AGENCY CAN HELP IN PROTECTIONG THE INTEREST OF COMMON MAN WHO IS ALLURED AND GET TRAPPED WITH THEIR BIG ASSURANCES/PROMISES AND THEN KEEP ON STRUGLING TO GET THEIR HARD EARNED MONEY BACK.

Regards
Asheesh