| Address: | 600017 |
| Website: | www.embassyresidency.com |
I booked an apartment in embassy residency in 2013 and i was told that the handover will be on Feb 2015. Now it is already delayed for 2+ years and i have paid complete amount except 1, 27, 490 Which is the last amount which has to be paid after handover i.e the last installment.
Now the problem is they have started calling the owners for inspection but when i called them i was told to send an email and when i sent email they are replying me back that i am suppose to pay them an interest of 2, 35, 558 and only after i pay that interest i will be entitled for the inspection and handover.
So they are telling me that i have to pay interest for the delays in the payments which i made by calculating it at 24% Which actually was incurred when i booked the apartment and due to a change in their 80/20 scheme by government i had to reapply the loan and pay it.
Again before re applying for the loan we met the embassy official in their t nagar office and was actually planning to cancel the apartment but i was assured that there would be an delay in the project and we will reduce the Interest amount later.
Challenge is they commited that they will reduce the interest amount but whenever they will send the payment demand letter it will be with the interest added in it. My property is in a banking loan and everytime they will send payment letter i will ask bank to release it but bank raises a concern that as per the payment structure the builder has not yet completed the eleigible slab and they will not release funds. So everytime i had to meet bank manager and request them to release fund. Now as per the loan amount bank has to release only 1, 27, 490 which will be the final settlement but these builders are still sending the payment demand with the interest amount. So they are asking me to pay the entire interest amount from my pocket if bank is not releasing it.
** Bank works with their rules they say that final payment can only be paid after handover.
** Builder says to pay the interest then later they will ask for the final payment.
** My Point is Delay is from the Builder end. I have already paid 95% of the building amount before it is completed, + I am paying monthly EMI to Bank, + i am paying Interest to my Bank already for the appartment which i was suppose to get on 2015 feb and which i dint get still now, + I have to pay the rent of my existing house double of what i was paying on feb 2015 it is all because of their false promise if they would have told me earlier they the project will be delayed so long then i would have shifted my house accordingly but they first promised one date, then another, then again another date and so on. I thought i cannot keep on shifting my house frequently and asked them the final date and they told that 2016 then depending on their words i promised my landlord who actually charged me a very big rent increase for the last agreement.
If we talk justice then according to me - If there is not a delay from the builder end and if the customer delays in payment it makes sense to impose interest.
But in my case Builder delays the project and i have to pay interest to builder + Interest to Housing loan Bank + Rent for the house with good increase.
Instead of getting a compensation they are giving me a very good gift of interest.
I am actually very much upset with the way they are responding. No response to my emails, No phone calls from their end to discuss, No answer to our phone calls.
Since i have earned money with my hard work i will not leave them to loot me just like that.
Also i have heared that EMBASSY group is actually a very good company but just that their management of here in Chennai is the worst. These people are spoiling the name of such a good company.
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