Buyers of 576K homes are facing delay while billionaire club is shrinking on the other side!

These days it has become a fashion to continue to development of any project in different phases and the housing board offer possession to the buyers even when the basic amenities plan isn’t executed properly. The developers have started forcing the homebuyers to make last payment and then only delay penalty will be stopped by the developers. The people are protesting against the housing board company promoters who haven’t even provided property possession to the buyers even after many years.  The buyers of 576K homes have to face more delay as the project isn’t completed until now. Rattan Goel, Pawan Rawal, Gurcharan Baidwan and SC Dhamija who are president and secretaries of the Ess Vee Apartments are saying that government should decide to freeze account managing director of the housing construction company. 

The State Consumer Commission of Chandigarh had made observations like possession should be offered to the buyers after the development and completion of amenities in all aspects. The possession date for the buyer should be calculated in the allotment letter. If there is a delay in the allotment, then it should be borne by building developer. If the developer offers possession to the buyers without even completing basic amenities of an apartment, then one can approach to the consumer forum. One can definitely fight for his/her rights in that case. There are no chances that one won’t get justice in this kind of cases. The buyers of 576K homes are facing challenges due to this and they are looking forward to getting justice.  They are being forced to pay the last installment and the apartments haven’t even completed till now. 

Views of managing director of construction in Ess Vee apartments 

The managing director of Ess Vee apartments told that this protest was politically inspired. In the year 2014, there were some people who tried to create a similar environment. The company has constructed a total eleven housing societies for the people. He also told that the five towers began in the year 2007 and the people who booked flats during that first phase delayed the payment. In the year 2011, the booking phase for 2nd phase was completed and that’s why the construction began in that year. The buyers of 576K homes are against the decision of the developer of asking for the final installment without completing basic amenities construction of the apartment till now. The company had to take a loan from banks even after the recession period and he also told that 80% of the project is completed. The amount submitted by people by used in construction activities and 70% of their amount was spent in land development according to the rules of Haryana Government. He told, ‘We have received Rs.92.75 crore from buyers and the company had to spend Rs.221.93 crore on flat construction and land development till 31st March of 2019. 

The final justice by the court will only arrive if the petition of the buyers and developers is appropriate. There are several things which are considered by the court when it comes to the construction and allotment of the flats and apartments in Chandigarh. The role of Chandigarh housing board is quite prominent in this case and the buyers will definitely get the justice soon. They don’t want to make last payment without the confirmation of their apartment getting ready soon. It has been already delayed and they don’t want to face the same problem for a longer time. It can be the reason due to which most of the people are getting frustrated with the building developer. 

The Shrinking billionaire club 

Major news is that stock markets are dragging down the top promoters of India from the billionaire club. The billionaire club grew over the last few years but now it has started shrinking. The stock prices of top companies in India are declining from over the last one year. There were around 90 promoters in billionaire club in March 2018 but this year, it has reached down to 71.  In India, the 71 billionaires are having a worth of $326 billion. There is a huge decline seen in the smaller promoters. Well-known names of billionaire club in India are Dilip Buildcon, Rana Kapoor of Yes Bank, Anil Ambani, Gautam Adani, and Mukesh Ambani. The shrinking billionaire club of India might be on the changing scale for a certain period of time but it won’t stay like this for a long time. There isn’t much information and details available in this regard but it might be available soon.