Supertech Limited / Unethical Demands
SaSanjeev Sharm Apr 28, 2015
1) DELAY IN POSSESSION OF FLAT :
I booked a flat in Capetown project of M/S Superetch Limited in Aug'10 in CB3 tower # 1206 with booking amount of 2, 82, 140 wide Cheque dated 27.08.2010, Cheque No. 584066. The Allotment agreement was signed on 14th Nov 2010.
As per BBA (Buyer Builder Agreement) possession of the flat to be given to me by April’13. However this period may be extended due to unforeseen circumstances maximum up to 6 Month i.e. Oct’13.As per BBA builder has to pay 5/Sq Feet/Month for delay. As on June’15 total penalty amount comes out to be 5*1080*20 – 1, 08, 000 INR
When the project was launched in July’10. My tower CB3 was in Phase -1 of the project. Since last 2 years i.e. 2013 there is no significant construction done on CB3 tower. Though it was in full swing till builder have taken 90% funds of the total flat value as per the payment terms. Infact, the towers which were launched in Phase - 2 & Phase - 3 is far ahead of CB3 tower I have already paid 90% of the total property cost in March 2013 & rest 5% in Jan’15. CB1 & CB2 towers which were launched with CB3 are ready for possession, Infact few families are shifted there. I also paid the same amount as they would have done.
2) INTEREST CHARGES ON DELAY PAYMENT
M/S Supertech Limited has charged unjustified/illegal interest on delay payment of worth 3.5 Lacs, (Interest sheet sent by M/S Supertech Ltd. & payment made by me as per there demand letter is attached for reference.)
• There was 2 months delay from M/S Supertech Limited to furnish the allotment letter. Supertech has provided the Allotment letter in Nov’10, though the flat was booked in Aug’10. Due to non-availability of the allotment letter, I was not able to submit the relevant documents to HDFC bank to get my home loan sanctioned & disburse the amount. Besides, Please note the project was not bankable till Mid of Nov.10. As allotment was signed in Nov’10, M/S Superetch should charge interest on the payments made after Nov’10 i.e. too basis on demand letters due dates.
n BBA, it's clearly mentioned that these payment terms are tentative & in case of any changes in the dates same will informed by M/S Supertech & those dates will be considered as final for any purpose (Which includes calculating interest as well.) Once i receive Demand Letter, same is considered as updated information on the payment & hence mentioned payment terms in BBA are null & void (As per BBA ).
• M/s Supertech is charging interest @ 24% PA on delayed payment whereas, the delay compensation charges is only @ Rs. 5 Sq Ft.
3) EXTRA ILLEGAL CHARGES
• M/s Supertech has raised the payment demand in Jan’15 based on the payment plan mentioned in BBA(Note, till then they were following HDFC Bank Plan) where it has raise the demand of 5% on completion of 12th floor roof even after getting the payment previously on completion of 12th floor and also taken payment up to Top floor. The payment was made after getting mail confirmation from Supertech.
• M/s Supertech has raised demand of Labor Welfare Charges which was not a part of BBA. The demand was paid under protest.
• M/s Supertech is demanding Water connection charges @ Rs.25, 000/- at the time of possession from the buyers however as per BBA all the facilities are to be provided at free of cost. ( As per Noida Authority it’s 5, 000 )
• M/s Supertech is demanding Electricity charges @ Rs.20000/- per KW for Electricity connection at the time of possession which is to be provided without any extra cost. (As per Electricity Board it’s 7, 000)
• M/S Supertech is charging Maintenance charges in advance for 1 year from all buyers @ 2.5 Sq. Feet where in BBA it’s mentioned @ 2 Rs/ Sq feet, Demand letters issued in Jan’15 the maintenance charges are mentioned as 2 Rs/Sq. Feet. Why should we pay maintenance charges now I.e. too in advance for 1 year. As per BBA it should be charged on monthly basis on 7th of every month. Infact there are no amenities so far.
4) COSEQUENCES FOR DELAY IN POSSESSION
• I have lost an opportunity of claiming my principal of home loan in Income tax (1.5 Lac) for last 2 financial years, As the property is still in construction mode & possession is not yet happened. As per Income tax law you are eligible for home loan benefit ONLY if construction is completed & completion certificate is provided. For Home loan Interest benefit which is 2 Lacs, if the property is not acquired/constructed completed within 3 years from the financial year end in which the loan was taken, the interest benefit reduces to ONLY 30, 000 INR
• Further delay from April’15 onwards & payment demands I have to pay additional service tax of 1.64% @ 14% which was 12.36% in 2014-15 financial year. Same should be borne by M/S Supertech.
• There will be loss to me on Stamp Duty as well due to the late possession, As Circle rates has been increased by 24% in last 2 years & expected to increase by 34% by Aug’15, this has to be borne by M/S Superetch.
• Because of this delay in possession I am losing on huge interest on EMIs to HDFC bank. I am paying monthly rental as well along with EMI which is huge financial loss to me, If would have got my possession on time, I would have saved my rent + interest to bank & prepay the bank loan.
• Due to delay in possession Rent paid @ Rs. 11, 000/- PM from Oct 2013 till June’15 of actual possession requires has to be compensated i.e. 2, 20, 000 INR
5) FAR ISSUE
• The Site Map provided at the time of booking has been changed by M/S Supertech without the consent, New Tower are being constructed ( CV8, 9, 10, 11, 12 and CB-4 ) and also Bird Sanctuary, water bodies shown are not coming as the land shown does not belong to Supertech. It is misrepresentation to fool the buyers, Without the required permission of existing owners and without following the UP Apartments Act 2010. This tend to reduce access of green area as well amenities for me.
6) OTHER ISSUES
• Builder is asking to pay the final amount on pre-possession demand, however in BBA agreement there is no term mentioned. It says buyer has to pay 5% on “offer of possession”. Which means flat is ready to move in with in 1 months’ time. There has to be time lines mentioned in the offer of possession letter in which flat will be completed in all means if flat is not ready by that time after paying the amount there should be a penalty clause for builder for further delay.
• As per Lease agreement between NOIDA Authority and M/S Supertech physical possession can be handed over only after registration. The registration can only be done after getting Occupation & Completion Certificate from Noida Authority. Presently M/s Supertech does not have Occupation certificate & Completion Certificate without which legally physical possession is not possible. As per Building Regulations for New Okhla Industrial Development Authority (refer page 28 Cl. 20.1.1& 20.1.2) "No building erected, re-erected, shall be occupied in whole or part until the issue of occupancy certificate".
• With Present status of the construction it seems remote that the possession can be handed over in near future with all amenities as promised in brochure at the time of sale and with all legal formalities / rules complied.