"The entire builder lobby is going through severe financial crunch due to which the project is getting delayed," says one of the officials working with the builder.
Issues related to builders-buyers have always been contentious as far as residential accommodations are concerned and one of the most common complaints that we often hear about is regarding the possession of flats. One such matter has come to light, this time from a high-rise in Noida Extension called Paramount Emotions, located in Sector 1. The buyers have alleged the builder of the project is yet to give them the possession of their flats, booked 4-5 years ago.
According to some buyers, they booked their flats in the year 2013 and the builder promised them to hand over it in 2016. They are a worried lot now because majority of them have paid 80 to 90 per cent of the flat amount to the builder and they are just hoping to get their flats without further delay.
Another buyer, Manisha Mishra said, "I booked the flat in the year 2014 and the builder was supposed to give me its possession in November 2016. I have already paid 95 per cent of the flat amount but sadly, the construction work is just 60 per cent completed."
“There are still many towers where the construction work is yet to be started,” she alleged.
When City Spidey asked Manisha about the procedure the builder needs to follow, she said, "Builder was supposed to pay Rs 500 per day as late penalty fee to the buyers but he refused to do so."
When we tried to know the reason for the delay, one of the officials working with the builder said, "The entire builder lobby is going through severe financial crunch due to which the entire project is getting delayed. We hope that by August 2019, we will start giving possession of the flats to the buyers."
