“Real Estate Developer”: A name for “ White Collared Goons”
Are you been threatened by a developer | Are you been scared for you investment not being safe |
Are you been told "Jao Jo Karna Hai Kar Lo - paisa wapas nahi milega" ?
Do we have a control over our hard earned money ?
The answer is YES but as long as the money is with you.
BUT what about IF my money is invested with some developer in a project.
In the first 15 days of April 2015 I have received some 26 files where
notices need to be sent to developers due to:
1. Delayed Construction
2. Construction not started even after many years
3. Demanding money without deliverables
4. Charging penalties in form if interest
5. Charging for covered parking, open parking.
6. Developer threatening for cancellation of unit.
7. Wrong unit allotted intentionally.
8. Possession letter issued with dictator terms.
& MANY MORE
Every now and then my friends and know
how's ask me about the legal options they have in case they are stuck with
investments in a real estate project be or residential or commercial - what are
the options available to them to if their money is stuck in a delayed project
or facing issues due to reasons mentioned as above.
Here are the options:
Any recovery any relief from the
developer has to start by sending a legal notice to the developer and seeking
for the relief you are looking at.
A.
A legal notice :
Need to be sent by a lawyer
mentioning the issues faced by yourself and seeking the relief you are looking
at , the legal notice is also considered as a backbone of any civil or recovery
proceeding, hence has to be framed carefully.
B.
Consumer Forum :
The consumer forums have been created
to help the consumers for cheating or any issues related to consumer and
company . The forums have been created
at District , State and National level.
C.
Competition Commission of India :
The CCI can be approached to file a
complaint for the wrong and dominating practices of the developer.
D.
Criminal Complaints :
This is something no developer likes
to get into – a criminal complaint against the directors and the company can be
filed under various section for cheating , fraud, inducement etc.
Over and above there are multiple options
available civil law to recover the money and receive the specific relief for
the property in question.
While , there are multiple options available under the
Indian Laws – it is suggested to do a proper research on the developer before
investing your hard earned monies in such projects.
God Forbid – If you are stuck in something of the above –
Better Safe than sorry – Go Ahead consult your counsel.
