NEETA, Apartment Resident
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Delay in possession- Ramprastha Edge (contd)
Q: Project was launched in 2008; means its taken 5 years, yet the flat is not deliverable. It takes no more than 1.5 years to construct one's own house on a piece of land having 4 floors (all with good interiors and the best of construction material). Ramprastha launched several projects since then, like, Atrium, View, Rise, Primera (@ Rs 6500/- BSP) and more. But possession has not been given for the Edge Towers even after 5 years since the project was launched. Is it not fraud on part of the builder that it launches projects; raises money from investors (obviously who lose interest as even banks give 9% per annum ROI on FD's), and then instead of putting all resources and manpower in delivering that project, the builder diverts the funds and labour to the new projects launched; and then once it acquires 50% project money from investors, a new project is launched and so on.
Vishal

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I have recently received letter of Possession for Ramprastha Edge Tower Phase I and am surprised at all the extra charges added on the final statement. Project had original delivery date of due Aug 31 2012 to be extended until Dec 2012 and possession is offered in May 2018. However Builder has decided to give only 18 months compensation. Please advise how should we approach this issue? Thanks Deepak.I have recently received letter of Possession for Ramprastha Edge Tower Phase I and am surprised at all the extra charges added on the final statement. Project had original delivery date of due Aug 31 2012 to be extended until Dec 2012 and possession is offered in May 2018. However Builder has decided to give only 18 months compensation. Please advise how should we approach this issue? Thanks Deepak.
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