Developers
who include multi national corporate Giants are taking customers for a
ride and cheating the buyers of flats and villas left and right by
swindling cash through various means.The buyers once committed and paid
the advance have no means to fight the builder-developers for all their
wrong promises, lapses and irregularities. The purchasers are spread
over and have no chance of uniting and fighting. If at all they unite,
it happens only after getting possession of the flats and by that time
much water has already flown under the bridge. It is time the Govt set
up a Regulator who should be able to scrutinize the accounts and vouch
for the correctness fairness and veracity of all transactions. The need
for a regulator is very urgent and paramount . Dr.T.V.Gopalakroishnan. ( This comment is in response to an article Govt mulling a tough regulator for Real estate deals appeared in ET dated 25/3/13)
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L&T a reputed corporate having a construction wing and engaged in the development of real estate and selling of flats has miserably failed to live upto its image and taken the flat owners for a ride without forming an association and handing over the corpus funds to the Individual owners of flats . The matter is under court and unfortunately no decision has come even after more than a decade. Sorry to observe that many flat owners have left for heavenly abode and many have left the campus with heavy hearts selling their flats and cursing themselves and the system. The letters to the Corporate bosses remains unanswered and most of the flat owners are in their late 70s and early eighties awaiting for the corpus funds given to L&T at the time of purchasing the flats some years back. Hope they will get their life savings and hard earned money before they leave this world.
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