[Resolved] Dewan Housing Finance Corporation [DHFL] — corrupt nexus of builder-financing bank and regulatory authorities

Dewan Housing Finance Corporation [DHFL]

[Resolved] Dewan Housing Finance Corporation [DHFL] — corrupt nexus of builder-financing bank and regulatory authorities

C chetan.solan from New Delhi, Delhi Aug 3, 2017

I am one of the thousands of victims who are trapped by mvl limited, gurgaon in their real estate projects. I had booked a flat in 2006 in their project mvl coral, bhiwadi. Builder has violated many applicable bylaws and cheated its buyers for unprecedented gains.in 2015 we also got the judgment from hon'able ncdrc. Later some amendments were also made in the final orders. You can see judgement from ncdrc web site case no. Cc/142/2012 and ea/132/2016. Actually, i would like to project the corrupt nexus between builder-financing banks and regulatory authorities in this project. 1. Nexus of builder and financing bank in mvl coral I had taken loan from dhfl bank for this project in the year 2007. Normally financing banks are reluctant to finance builder on land deals but they eagerly provide loans to buyers of flats for construction linked payment plans. The payment plan is designed in such a way that you have to pay 90% of the price of flat at the laying of top floor. By that time builder spends only 40%-50% of that money. They stop constructing further and divert funds in their other business. However, financing bank continues to provide loans to new buyers and trap them. It happened in this project also. We paid 90% amount from 2006 to 2010 and project is only partially complete after 11 years. Other bigger fraud is financing bank ignores the deviations in actual construction from the approved layout plan. Its a primary responsibility of bank to have a technical verification of the project which includes verification of approved layout plans and construction at site as per the approved layout plan. Home financing banks are normally affiliated to national housing bank. National housing bank has made it mandatory for a financing banks to inspect the construction at building site once in 3 months whether construction is as per approved layout plan or not. For this project dhfl started financing it after due technical verification of approved layout plans. But they ignored the violations during construction and helped the builder to trap more buyers for this illegal construction by continuing disbursing loans to them. When i came to know about the irregularities in construction, i started emailing the bank about these irregularities. But the bank continued financing it ignoring all my emails. When we won the case, i emailed them and asked about the technical verification and action taken on my email. This was their reply: "the developer was of your choice and as a purchaser, you alone are liable for any delay or default on the part of the developer. Only based on your selection of the developer and decision to purchase the property from him, dhfl sanctioned and disbursed the loan. Also, as a buyer it is your primary duty to satisfy yourself about the developer’scapabilities to construct the project in time and as per approved plans and permissions. You cannot hold the financial institution liable for failure on your part to do the required due diligence as a buyer" Several times i asked them to address about the core issue of technical verification and trapping gullible buyers into this project favouring the fraud builder but i never got satisfactory answer. 2. Nexus of builder and regulatory authority in mvl coral, bhiwadi where i have invested There is a town planning authority in bhiwadi which is responsible for enforcing building by laws. It is called urban improvement trust bhiwadi (Uit, bhiwadi).in mvl coral project where i had invested, uit, bhiwadi ignored number of irregularities and allowed the builder to construct further. In 2015 after i filled a complaint with uit regarding these irregularities, i think one inter - department committee was setup by uit bhiwadi to enquire about irregularities in mvl coral project. It was found, uit junior engineer had ignored the illegal construction at site. He should have stopped the work at the construction of plinth itself. Committee also recommended legal action against him. Recently another victim got a copy of internal note sheet through rti which has disclosed this. Later on as it happens, matter was suppressed internally in the department... Builder is fined just rs 135000/- for violating approved plan and builder continued to fool gullible buyers in this illegal project. Rera should include bylaws for financing banks and regulatory authorities also to break this corrupt nexus of builder-financing bank and regulatory authority. Was this information helpful? No (0) Yes (0)
Sep 4, 2017 Complaint marked as Resolved Dewan Housing Finance Corporation [DHFL] customer support has been notified about the posted complaint. Aug 03, 2017 Updated by chetan.solan Have a look at email correspondance clip with DHFL copied from mail box: [protected] Forwarded message[protected] From: Chetan Aggarwal <chetan.[protected]@gmail.com> Date: Sat, Sep 10, 2016 at 12:01 PM Subject: Re: CCDIS[protected] MVL Coral Bhiwadi - National consumer court judgement To: NodalOfficer <[protected]@dhfl.com>, [protected]@dhfl.com, [protected]@dhfl.com Cc: DHFL Response <[protected]@dhfl.com> still no reply on technical verification of project by the bank before disbursing loan and bank policy regarding inspection o[censored]nder-construction project time to time. On Sat, Sep 10, 2016 at 11:06 AM, NodalOfficer <[protected]@dhfl.com> wrote: Dear Mr. Aggarwal, We have already the below concern via previous emails. However, we would like to reiterate that DHFL has sanctioned and disbursed the home loan only after you decided to go ahead with the said Developer. DHFL had no role to play in the selection of the Developer or his capabilities to complete the project in time. As a buyer it is your primary duty to satisfy yourself about the developer’s capabilities to construct the project in time and as per approved plans and permissions. You cannot hold the financial institution liable for failure on your part to do the required due diligence as a buyer. We hope we have been able to clarify our stance. Warm regards Nodal Officer, DHFL From: Chetan Aggarwal [mailto:chetan.[protected]@gmail.com] Sent: 05 September 2016 12:29 To: NodalOfficer; Kapil Wadhawan; Secretarial Department Cc: DHFL Response Subject: Re: CCDIS[protected] MVL Coral Bhiwadi - National consumer court judgement Dear sir No reply from your side on technical verification of project before disbursing loan and bank policy regarding inspection o[censored]nder-construction project implicitly means bank has no answer to it or bank do not want to answer. Since bank has an affiliation to National Housing Bank, all the norms as prescribed by the agency shall be applicable to DHFL also. It is very unfortunate that bank denies to be a party of illegal construction for which it is disbursing loans. Pertinent to mention here, bank knew the irregularities in the project which has been intimated by myself time to time. regards Chean Aggarwal On Thu, Sep 1, 2016 at 6:42 PM, Chetan Aggarwal <chetan.[protected]@gmail.com> wrote: Dear Sir You have addressed everything except core issues of technical verification from dhfl regarding the project and action taken by bank on the evidences provided by me through emails time to time...instead bank continued disbursing loan for this project...don't you have any policy of inspecting the under construction projects time to time... Regards Chetan On Thursday, September 1, 2016, NodalOfficer <[protected]@dhfl.com> wrote: > Dear Mr. Aggarwal, > > Greetings from DHFL! > > We deny the allegations contained in the email under reference and strongly object to the language used therein. > > We would like to state that the said dispute was between you and the Developer, to which DHFL is not a party. Hence, we would like to clarify that you have been provided compensation with interest by the Hon'ble National Consumer Disputes Redressal Commission (NCDRC) and the same is payable by the Developer. DHFL has sanctioned and disbursed the home loan only after you decided to go ahead with the said Developer. > > DHFL had no role to play in the selection of the Developer or his capabilities to complete the project in time. > > The Developer was of your choice and as a purchaser, you alone are liable for any delay or default on the part of the Developer. Only based on your selection of the Developer and decision to purchase the property from him, DHFL sanctioned and disbursed the loan . Also, as a buyer it is your primary duty to satisfy yourself about the developer’scapabilities to construct the project in time and as per approved plans and permissions. You cannot hold the financial institution liable for failure on your part to do the required due diligence as a buyer. > > We have disbursed the loan to you as per your request and you are bound to repay the same in terms of the provisions of the loan agreement and other related documents signed by you. We deny that DHFL is in any way responsible for the failure on the part of the Developer. Also, the order passed by the Hon’ble National Consumer Disputes Redressal Commission is against the Developer and you have been provided the appropriate relief. It is surprising to note that instead of seeking enforcement of the order passed by the Hon’ble Commission, you are putting the blame on DHFL. > > While denying all your allegations contained in your mail, we would like to reiterate that it is the Developer who has been directed by the Hon'ble NCDRC to pay the compensation to you and you need to execute the said order against the Developer > > Looking forward to your co-operation in helping us serve you better. > > Warm regards > > Nodal Officer > > From: "Chetan Aggarwal" < chetan.[protected]@gmail.com> > Date: August 30, 2016 at 2:40:05 PM GMT+5:30 > To: "NodalOfficer" <[protected]@dhfl.com > > Cc: "DHFL Response" < [protected]@dhfl.com>, [protected]@dhfl.com, [protected]@dhfl.com > Subject: Re: CCDIS[protected] MVL Coral Bhiwadi - National consumercourt judgement > > Instead of Ghar Jaisa loan punchline of DHFL should be "Fraud builder ka ghar bharney wala loan"...Mr. Sharukh Khanis such a big celebrity, he should be responsible enough to endorse banks like DHFL...Anyways top management is also least bothered to take any action against bank employees who did technical verification for this project and continued sanctioning and disbursing loans despite knowing irregularities in it. > > Kindly treat it as a notice before I file a case against DHFL and celebrities endorsing DHFL for recovering the interest paid to bank on the loan disbursed to me. > > thanks and regards > > Chetan Aggarwal > > [protected] > > > > On Wed, Jan 13, 2016 at 1:04 PM, Chetan Aggarwal < chetan.[protected]@gmail.com>wrote: > > Dear Sir > > It means DHFL admits that their technical verification regarding the project was/is correct for disbursing loans . From your reply it is understood that DHFL denies all my emails and evidences provided to the bank time to time. DHFL never bothered to answer my emails before it. Credible bank to rely upon for home loans. > > thanks for reply at last > > best regards > > Chetan Aggarwal > > [protected] Verified Support Aug 04, 2017 Dewan Housing Finance Corporation [DHFL] Customer Care's response Dear Mr. Chetan Aggarwal, We have forwarded your query to the concerned team for resolution and they shall revert to you within 72 hours. Alternatively, you may call us on[protected] or email us at [protected]@dhfl.com. Regards, Team DHFL Aug 04, 2017 Updated by chetan.solan I know reponse from your legal team. It will be politically correct without commenting anything on legal technical verification of project time to time. If you are professional enough then take some action against all the personal responsible for it . Any reply which contains action taken by bank will be highly appreciated and will project the ethical culture within this renowned finacial organisation. Aug 11, 2017 Updated by chetan.solan I am sorry I had a wrong information about NHB guidelines regarding site inspection. The statement: "National housing bank has made it mandatory for a financing banks to inspect the construction at building site once in 3 months whether construction is as per approved layout plan or not" is not true. I will appreciate if you apprise me about the action taken by bank on my emails about irregularities in the project. Why bank continued disbursing loans for this project despite knowing all the irregularities?
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Comments

dnyaneshwar13

from Pune, Maharashtra

Aug 9, 2017

Resp
sir i am give the closing cheqe to dhfl yavatmal branch date 01/08/17 but this this chaqe did not take of[censored]ntil 09/08/2017 and current emi is also cut to my account

pl see my poto copy

Dewan Housing Finance Corporation [DHFL] Customer Care's response, Aug 9, 2017

Verified Support

Dear Mr. Dnyaneshwar,

We have forwarded your query to the concerned team for resolution and they shall revert to you within 72 hours.

Alternatively, you may call us on 1800 3000 1919 or email us at response@dhfl.com.

Regards,
Team DHFL

Dewan Housing Finance Corporation [DHFL] Customer Care's response, Aug 14, 2017

Verified Support

Dear Mr. Dnyaneshwar,

We understand that our customer care team has looked into your query and provided the best possible resolution via email. We hope we have been able to clarify the concern raised by you.

For any other account related query you may contact our customer care team directly by calling on 1800 3000 1919.

Regards,
Team DHFL