Real estate firm takes clients for ride

A north Indian real estate developer has taken clients for a ride in Kashmir for failing to handover possession of flats to them within stipulated time despite collecting crores of rupees from them.
Real estate firm takes clients for ride
File Photo

A north Indian real estate developer has taken clients for a ride in Kashmir for failing to handover possession of flats to them within stipulated time despite collecting crores of rupees from them.

In 2013, the Adarsh Buildestate Limited (ABL) planned to come up with a residential project at posh locality at Humhama near Srinagar airport. In a bid to attract buyers, the ABL claimed that "Palm Spring" project offers thoughtfully constructed 2BHK, 3BHK and 4BHK apartments and being close to the market, hospital and various educational institutions.

Subsequently, the firm sold nearly 140 -15O under –construction flats to the clients with an assurance that it will hand over their possession to them by December 2016.

However, the clients accused the firm of deceiving them, saying, "it has failed to handover possession of apartments to them".

"We were told by the firm representatives that we will get possession by December 2016 but this has proved to be a hoax," a group of clients, who have entered into an agreement with the firm, told Greater Kashmir.

"We have invested our hard-earned money in buying the flats. We are losing our money due to delay in getting possession."

The clients said though the work on construction of the residential apartments has re-started, it is going at snail's pace.

"It will take the firm 4-5 years to complete the construction of flats if they continue with the same pace," they said.

According to a group of buyers, the real estate builders are penalized in other states for delay in giving possession to homebuyers. "We appeal State Government to intervene in the matter and take action against the developer," they said

They also alleged that firm is committing several building plan violations.

"The project is not being constructed  as per approvals," they alleged.

Officials told Greater Kashmir that Srinagar Municipal Corporation (SMC) gave permission for construction of the 180 flats of the project on April 24, 2013 vide order number 293/ 2013.

The firm, however, failed to complete construction of the residential project within three -year period, prompting it to knock the doors of the SMC again for renewal of building permission.

On May 27 this year, the SMC renewed the building permission and extended the period of construction by two years.

It has also come to fore that the firm, a non-resident entity, has got land of the project registered in the name of two state subjects.

"Since non- resident entities cannot buy land here, the firm has got land registered in the name of state subjects," an official said.

When contacted, Commissioner Srinagar Municipal Corporation Dr Shafqat Khan said they would look into the matter.

"We will investigate and take strict action them if they have committed any violation," he said.

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