by Investor Wana-be
18. May 2009 23:02
Builders and Developers are notorious for bilking the buyers once the buyer has signed-up and made payments on his bookings for 4, 5 years. When the project is about to finish, the builders come up with enormous amounts of *dues* in the name of *development charges*.
They don't disclose the exact amount of *development charges* when you signup, they just give you a verbal rough estimate. But after 3, 4 years when the project is about to complete, they ask for enormous amounts as *development charges*. Now you don't have any choice, because you tied up your money for past 4-5 years with them.
You cannot cancel the booking because:
- The builder will deduct a certain percentage for cancelling the booking.
- They will not return your money in one payment, rather they will break up the payment in number of installments.
- There is a time value of the money you invested.
- You have a full time job and you can not to through the hassle of courts, besides do we have enough confidence over the judicial system in our country?
Did you ever face a similar situation? and then what did you do?
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