Monday, May 16, 2016

Over 4 lakh Pune flat buyers are victims of the builders

Dream homes turn into a nightmare for flat buyers in Pune:

RITESH Jain (name changed on request) had booked a 2BHK flat in an ongoing project of a prominent builder in Kharadi in 2014. Two years later, he is yet to get possession of his flat.

“The agreement that I had signed with the builder had said I would get possession by the end of 2015. The builder keeps on assuring me that I will get the flat soon, but that soon seems to be far away,” he says.

Jain, who is paying a hefty house rent, is now thinking of taking legal measures against the builder.

Jain’s predicament reflects the situation faced by lakhs of people in the city who are made to run from pillar to post to get possession of their promised flats despite making payments on time. - Click to read more


  1. This is indeed an eye opener for flat buyers of Pune. 4L flat buyers have been conned by crook builders, supported by crime syndicate CREDAI.

    “Contrary to popular belief, such problems have now also cropped up with super luxury projects. Recently, we were approached by a group of 150 flat buyers from Kharadi who are yet to get possession of their flats two years after the promised delivery time,” he says. The average cost of the flats, Sagar says, is around Rs 1.5 crore.

    - Good point, especially for those who think that buying expensive flats is safer. We have already seen how crooks like Marvel have conned buyers & contractors.

    One of the major reasons for the consumers woes, according to property consultant Ravi Karandeekar, is the inaction by the authorities concerned. In many cases, Karandeekar says, the police refused to file complaints on behalf of the consumers.

    - Good to see you Ravi in this news. You should have also mentioned how crooks are busy filing FIR against you & threaten flat buyers when they go to complain.

    Credai speaks (read CREDAI Squeal)

    Before investing in any property, the consumer must check the credentials of the builders.
    Rohit Gera, Vice President, Pune, Credai

    - LoL, see who is making this statement, a crook builder himself. Seems Rohit Gera is unaware about issues being faced by buyers at Gera Skyville, with very hopless quality & despite warranty, problems are not being fixed, including big seepages & cracks to roof, walls. Gera Emerald City buyers despite years of follow up are still waiting for promises to be fulfilled by builder. Gera Astoria, Goa flat buyers have also been cheated severely. Infact, anyone buying flat in Gera in Pune should speak with Astoria buyers in Goa & they will tell you how they were conned.

    But then, when LK Jain of KUL can be president of Satyavachani Raja Harishchandra inspired CREDAI, then Gera too has equal right to make such statements.

    If someone wants to avoid all this headache & financial losses, buy ready for possession flat with all approvals with written agreement about conveyance deed (land ownership transfer) & till you find such flat, better stay on rent at fraction of cost till prices fall by atleast 50%.

    Mortgage our unsold flats to recover land dues: Noida builders

    Delhi-NCR builders are going bankrupt followed by Mumbai-MMR. Similar things are happening now in Pune.

  2. Pune real estate market does not seem impacted so far. Mumbai and North India seems to have had significant impact.

    I hope that the rates in Pune also show a sharp fall.

  3. Buyers of Kul Ecoloch take legal recourse for project delay :

  4. These news shows how it is bad decision to buy flat in under-construction project & to be safe, best to buy ready possession flat will all approvals.

    Property developers struggling to deliver apartments on time :

    Thousands of families across India have invested their hard earned money into housing projects but even after the passage of several years, their dream home is yet to be delivered. While builders and realty companies take their own sweet time in completing the project, the families face a tough time in paying both the EMIs of home loans and house rent.

    What happens when you live in flats without completion?

    Shaky ground: Now, NRIs shy away from realty market

    With NRIs out of property market, the funding for builders has further dried up. More builders will go bankrupt at higher pace & the big crash in property prices will also take place.

    And here is news of another Pune crook (builder) fooling flat buyers who has now been sent to jail after flat buyers filed FIR. Builder took money but didn't construct projects.