[Resolved]  Shreya Developwell Pvt Ltd — Delay in completion of your project

To,
Managing Director,
Shreya Developwell
A- 8 Swasthya Vihar , Vikas Marg New delhi

Sub: Delay in completion of your project

Dear sir,
My name is Viswas Bhatt and I have booked a flat in your scheme called Hindon Heights in Jasmine -II tower. The company has committed to give possession till august,09. However the truth is that the construction speed at the site is very slow almost stopped for last six months and more. I have checked other builder’s site also and found that their speed of working is normal. All the other projects which were started after shreya develop well have done well and are very well ahead of shreya.
All this creates several doubts in my mind and I need clarifications on following points:
1) I believe that the funds which were supposed to be utilized for this project have been diverted to some other project by Shreya Develop well and due to recession in real estate market during last year this fund either has blocked or lost somewhere.
2) There is some legal hurdle in the project and company is hiding the facts from us.
3) The date of completion of the project is in dark and company itself does not know the deadline of completion of project. Since every time when I go to the site, the marketing executive there give different dates of completion and they are even not sure of it.
4.) There is a feeling of insecurity within us that our money has been invested somewhere else and company is having crunch of fund to complete the project timely.
5.) Keeping the faith in your company I had chosen the scheme of cash down payment and has paid 95% amount of the flat in advance which seems to be such a foolish decision on my part. I have been paying EMI since Jan,08 as well as rental of the house I am living in. I am not able to meet my financial requirements due to delay from your side and bearing double burden and do not even know for how long this burden has to be borne by me.
6.) Under income tax act I can take the benefit of the EMI of the loan I am paying only if the possession of house is given. If I do not get possession in the year 09-10 I will be losing income tax of 30% on 150000 which is 45000 annually. As well I will have to do investment of Rs. 100000 to save my income tax which would be additional burden on me which otherwise would have been met by principal portion of my loan EMI.
7.) There is a clause of penalty of Rs 5/- per square feet in the agreement with us and the period of penalty will start from August, 09 in my case. I doubt that there may be some loop whole in this penalty clause also and company will find some way to escape this penalty
In the light of above I am very insecure and feel cheated by the company and have a doubt whether company will fulfill its commitment or not.
Kindly clear the status and revert me so as to make me take further course of action.

Regards,
Viswas Bhatt
G-106, Patel nagar-3
Ghaziabad(U.P.)
Moble: [protected]

Customer code: HH-733
Property no.-Jasmine-II/605
Project: Hindon Heights