I booked an Apartment with Prestige Builders with strong intent to buy it for self-purpose. The source to fund this property planned was through 2 ways selling my land & taking loan in 40:60 ratio, when things were going as planned my colleague who is a qualified CA has told me in one of the conversation(in Nov?15) that I am selling my land within 3 yrs of purchase which will attract huge capital gain tax. And 3 yrs will be completing in March 2016.
I convinced my land buyer to wait till March?16 for registration of the property and also contacted Prestige representatives and relationship manager in Nov?15 in getting extension so the apartment payment can be made in March?16. However when Prestige representative confirmed me that extension is not possible then I have no option but to cancel my apartment booking on 19th Nov?15 and with it the land deal as well.
However least I know that my ordeal has just started with this so called reputed builder-PRESTIGE Group. It took me more than 3 months, innumerable follow ups through calls, emails & personally visiting Prestige office, discussing with various representatives(as no one took the ownership) asking for my money. Finally I received my check on 26th Feb and that too after deduction of penalty.
Buyers are contractually obligated when it comes to making payment in time or otherwise builders like Prestige can levy interest on the delayed payment. Then?.Why we don?t have refund timeline defined in the contract? Can builder take its own sweet time to refund and also not liable to pay interest? And top of all of this?Is the consumer like me needs to go through harassment(hundreds of calls & emails follow ups) of demanding my own money?
I feel like cheated, molested by this so called renowned builder - PRESTIGE REAL ESTATE GROUP
