Dear Sir,
I would like to bring a matter of pressing concern to the notice of your esteemed organization through which I hope to seek a fair and unbiased solution to this dispute.
I made an investment under influence of plain telecalling by M/s Kalra realtors
Address
: 131, 1st floor. Antriksh bhawan,
22, KG Marg New Delhi-
Email address: [email protected]
As a client I trusted them to see me through as a layman relies totally on the professional knowledge of the broker such is the relation between a client and a broker. At least ideally.
Through the presentation made by them I invested in a 4 br Residential flat for self use of 2000 sft at the rate of rs 1330.00 in M/S TRIVENI INFRASTRUCTURE DEVELOPMENT COMPANY LTD: address:
R13 Greater Kailash 1
New Delhi 110048
(Address now changed WITHOUT ANY INTIMATION TO INVESTORS to 7th floor Eros corporate Tower, Nehru Place, New Delhi 110019 Tel: 42229999 F: 42229900
W: www.triveni.net E: [email protected]
Advance paid rs 400000.00 Vide receipt no: 8800000204 dated 15/03/06
I was assured by the broker that I shall me intimated well in time for the next installment..
For the next few months I was regularly in touch with the broker because the project did not seem to be moving. He again assured me that all was ok and these things take time.
On 6th nov06, I received a letter from Triveni ref no: Triveni/FBD/008/114/00203/004283
Stating that I need to pay a second installment of rs 400000.00 before 10Nov 06 to be eligible for allotment of a preferential number. I complained to the broker that it gave me only 3 days to arrange the funds and he assured me that he will make sure that my allotment is intact even if I pay late and at the same rate. However, not intending to default, I paid the second demanded installment well in time on the 8nov.06 amount 400000.00 acknowledged through receipt number: 8800005570. I was asked to choose between sect 78 and sect 89 as preferred location and I opted for sect 89. I was allotted a preferential number A203 which was scribbled by the gentlemen receiving the payment on my application form copy stating I will receive a printed receipt later.
The receipt received dated 9dec06 shows the same number as A403. My broker told me that’s because of sector codes. I was satisfied. Post this event, I received no intimation verbal or written from the company or the broker.
In my own capacity I kept talking to the broker as the well as the marketing manager of Triveni who kept telling me that a 4 BR is not yet planned in sect 89 and the moment that is launched I shall be informed for the next installment. “We are more eager than you, because our commission is released on allotment” I was told by the broker. My gut feeling is that the broker lost interest as his brokerage had been paid on booking itself.
Nothing moved further, and no site work progressed either and 15months passed. In june07 I received a letter ref no: Triveni/FBD/CAL/8/00203
dated 7may07 that the first 300 preferential numbers had been invited for allotment in both sect 78 and 89 and the architects engaged are Singapore based SAA and that Haryana govt had finally approved the project. Also that a sample flat was available at site for inspection.
I asked the broker that does this mean that this was not an approved project all this while. When he confirmed it was a prelaunch I was livid and questioned him why this information was not shared earlier to which he had no reply.
I was informed by my lawyers that prelaunch was illegal in HARYANA.. However since I had already paid a very significant amount of rs 8 lacs already I went as intimated on may 18th 07 at 11AM to take allotment.
After calculating that I had already paid 8lacs and needed to pay only few thousands more for allotment, I was told by the marketing manager that my preferential number is 1211 which he also hand scribbled on my receipt and asked me to come at a later call when I am intimated. He apologized that the letters were sent as routine to everyone as an assurance because a lot of doubt was being raised by investors. My feeling was that allotment was being given to primarily only those who had not paid the previous installment to increase collections although some cases might have been entertained under influence or to create exceptions I asked to see the promoter but I was refused after making me wait for 2 hours. I went to site to see the sample flat but was astonished to find that no such flat existed. I was later assured by the broker not to worry and I was not allotted because sect 89 is not yet cleared by govt.
In Sept 07, I received a letter ref no: Triveni/FBD/02/01254 dated Sept 5, 07 stating that the sample flat is ready and govt has given clearance but on visiting the site I again found no sample flat. I addressed the same issue to the marketing manager Mr. Ravi pratap Singh in triveni and he informed me that the sample flat for sect 89 was also in sect 78.
I went back to Faridabad to sect 78. no such construction was going on neither was a sample flat ready. I went to triveni Nehru place and demanded my money back with interest as mentioned in application form. I was told to contact my broker as he alone can recommend a cancellation. The builder refused to give me anything in written and post this date has sent me no official correspondence about the status of my booking/investment.
It was totally illogical but to shorten the process I contacted the broker who assured me that there is no need to panic and cancel as construction in 89 was about to start. Post which I was transferred to Mumbai in relation to my job but I maintained touch with my broker insisting for a return of my money, to which he finally relented and assured me to complete formality and cause a refund along with interest, but things did not move till almost may08. In may 08 I visited Delhi to crosscheck on the status and I found that a sample flat was being made ready. I was requested by the broker to change my mind and go for allotment as a delay is sometimes caused in these things but the builder is ok.
When I went to take allotment, the broker who was supposed to meet me at the office did not show up. However after waiting for over an hour and dodgy excuses about traffic jams, I spoke to the sales team. I was shocked to know that the Triveni through its employees was not willing to acknowledge any delay on his part and had infact refused to grant allotment at the same rate of rs 1330. Siting escalation in basic sale price of the flat which was now 2100 as per Triveni.. although no construction was visible on either site, they claimed that the building was 2 floors erect. No fresh bookings were being done at that basic price in the entire area even by triveni I demanded to see the promoter Mr. mittal but I was told he is out of town and was asked to call and fix up for a later date. On my next visit to Delhi, I went to see the sample flat. It had disappeared. The land on which it stood had another builders hoarding. Post this date the broker has refused to take any phone calls on mobile as well as landline. On two occasions when I visited his office he has refused to meet, once after agreeing to meet, he failed to reach office. I had to leave after waiting for a few hours.
I approached the office and this time found a few more investors in the lobby demanding to see Mr. mittal. In a group of 4 we were allowed to see him after a search as if he was the chief minister.
He was unrelenting and unsympathetic to our facts and claimed that the he was well within his right to sell surplus land as he is owner. The question is whether he is providing for the number of flats he has allotted or not. Fair enough, but as per application conditions the builder is entitled to charge interest only on the delayed component of the payment at 10% p.a. so the question of increase in basic price does not arise which he refused and insisted on increase in basic pirice. So we expressed that we do not want to continue as we have lost faith in the company, he said that we should seek a refund.
I filled a form for refund there and then, post which I was called back to the office with original documents etc I was not issued a copy of the application as it did not have the signatures of the promoter yet and I shall be dispatched later.
I was told to hand over all original documents and accept a cheque dated one year later for an amount of rs 600000.00 after deduction of escalation. Some other investors present were discussing fears that a few such sheques have bounced but are now mere cheque bounce cases.
I refused. My plea was that they purchased land with investor’s money since it was a prelaunch at approx 5 lac an acre, which had now escalated to 2cr per acre even after the depression there was no reason that they should be reluctant to pay 10% int. per annum as stated in the application for refunds before allotment.
Alternatively, if the new bookings were being done for 2100rs per sft which is 770/- rs more than my allotment price and hence unaffordable for me, I offered to pay me a difference of rs 670/- per sft as returns against my basic investment plus my basic investment which were both refused verbally. The Promoter/ organization refuse to give anything in writing but have been coercing me to get my investment changed into an IT space which is also yet unapproved and hence unacceptable to me.
This cannot be a socially acceptable way of amassing wealth at the expense of trusting small investors and is nothing short of fraud. It sets a very bad precedent which in times to come will give a bad name to the entire industry- it is a classic case of one fly contaminating the entire pudding.
The above stated facts are true to the best of my knowledge and I request you to kindly help me recover my hard earned life savings as the rentals are breaking my back and to register some sort of reprimand to both the builder as well as broker who have both cheated the trust placed in them.. I write in hope and in earnestness.
Regards
Gurpreet Singh
0 comments