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Parsvnath Royale, Sector 20, Panchkula Investors face a double whammy — EMIs continue, flats far from ready

It has been over 60 months since when the investors have been awaiting possession of their flats for which most of them have made payments already.

Written by Srishti Choudhary | Panchkula | Published: August 5, 2016 5:12:47 am
Parsvnath housing project site in sector-20, Panchkula. Express photo by Jaipal Singh Parsvnath housing project site in Sector 20, Panchkula. Express Photo by Jaipal Singh

A much-hyped real estate project, Parsvnath Royale in Sector 20, launched wayback in 2007 is still awaiting completion, while it is a double-whammy for the investors who are not only paying the installments and interest on the loans they took from banks to pay EMIs for the flats but also continue to pay rent for the places where they are currently staying.

Despite repeated assurances from the builders that possession of flats would be given on time, the ordeal continues for over 40 such allotees in Panchkula. It has been over 60 months since when the investors have been awaiting possession of their flats for which most of them have made payments already.

Meanwhile, IS Bhalla, a Sector 20 resident, had approached a consumer court against the developer. Eventually, the court held that particular developer guilty of deficiency in service and imposed a penalty of Rs. 1 lakh to be paid as compensation to Bhalla. “We had booked the averred flat after availing loan from a financial institution on higher rate of interest but due to the delay, we are now facing hardship on both accounts. We have to pay interest on the loan that we took to pay EMIs, besides we continue to pay rent for the accommodation where we have to live since the flat has yet not been given to us,” said Bhalla.

Another investor Surinder Koul, a businessman, had booked a flat in the project in the year 2011 and paid a sum of Rs 45 lakh in installments. But, it has been five years, and he has neither received possession of the flat nor refund of the money paid.

“I had earlier booked a flat in Parsavnath project in Jammu in 2005, but even that has not been completed. I was told that the money I paid would be compensated in the Panchkula project, but I have got nothing apart from assurances in case of both the projects,” said Koul.

Koul is now mulling to file a case in the consumer court seeking refund of the money. “Apart from refunds, the builders should pay the interest on the money they had been possessing for all these years. We had been waiting for years for the project to get completed,” he added. Apart from Koul, there are many other allotees based in Panchkula and other nearby areas who had booked the flats in the project in 2011 and are now running from pillar to post to seek refund of the money.

The project was approved in 2006 and the flat buyer’s agreements were signed in 2011 as per which the project was to be completed within three years. However, it has been over five years and allotees say, they have lost hope of the project being completed in near future, as the builder has only been extending the license for construction through M/s Samar Estate which owns it now.

Some allotees have also formed social groups and are

actively taking up the case by filing complaints in the CM Window, Haryana Town and Country Planning Department. They have also filed appeals in the State Consumer Disputes Redressal Commission. All awaiting any substantial decision that could bring any relief to the investors.

The allottees also complained that that the developer had allegedly changed the locations of various buildings and number of flats, without the consent and knowledge of the allotees. “We had booked the flats considering all these criteria in the original design shown to us. How can they make changes now?,” alleged another allottee, Neeraj Kumar.

When questioned about the alleged delay, the Parsvnath developers blamed “global recession” and stated that “it had a severe impact on the Indian real estate sector. Parsavnath also faced the heat of this recession and as a result there was a delay in execution of the project”, they stated. “The scenario is now changing and the company is back on track and is aggressively working towards the completion and handing over of the projects in a phased manner,” the developer’s spokesperson told Chandigarh Newsline in a reply to the queries sent to them.

However, the assurance has failed to ignite any hope among the allotees, as they insist on seeking refund of their money. “The revised building plan should not be approved without our consent. We have been waiting for so many years. Now, we just want our money back,” said Bhalla.

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