Unitech amongst 70 real estate companies under CCI scanner for alleged collusion
The Competition Commission of India, or CCI, is investigating around 70 real estate developers around the country, including Unitech, Parsvnath Developers and Omaxe as well as several big builders in Mumbai, for entering into one-sided agreements with buyers and for allegedly colluding with each other to arm-twist them.
Unitech amongst 70 real estate companies under CCI scanner for alleged collusion
In probably the biggest scrutiny of the industry, the competition watchdog has over the past few months sent out notices to many of these builders, asking them to furnish details about their operations and their agreements with buyers, said a CCI official.
The commission has asked its director-general to investigate a number of practices that real estate developers follow, such as announcing projects before getting all approvals from authorities and not revealing all applicable costs to buyers at the time of purchase, said the official.
It will also look into one-sided clauses through which a developer can delay completion of projects, increase or decrease the size of apartments, and change building plans mid-way through projects.
Unitech amongst 70 real estate companies under CCI scanner for alleged collusion
If the Competition Commission finds the developers guilty of having framed unfair agreements, it can impose heavy fines on them.
Last year, it had imposed a penalty of Rs 630 crore on DLF, the country’s largest real estate company, for misusing its dominant position in Gurgaon and forcing buyers to enter into one-sided contracts in three projects.
DLF is contesting this fine at the Competition Appellate Tribunal.
“Buyers do not have an option as most developers have one-sided, heavy handed agreements which are to their advantage. Some clauses allow for frivolous termination of agreements, increase in sale price and change in building plans, which are arbitrary,” says Realty experts.
Time over-runs in real estate projects have been another sore point with buyers.
According to a recent research report by property research firm PropEquity, nearly half of the 930,000 under-construction residential units in the country, scheduled for delivery between 2011 and 2013, are likely to be delayed by up to 18 months.
The CCI official said the commission has got close to 200 complaints against real estate developers in the last one year, with many of them pertaining to agreements and delays in delivery of properties.
Source : http://timesofindia.indiatimes.com/business/india-business/Unitech-Parsvnath-Developers-Omaxe-amongst-70-real-estate-companies-under-CCI-scanner-for-alleged-collusion/articleshow/16377649.cms
Nice Reads on Builders Scams and Injustice!
1.
How and where to get justice!!
Please Click on Title of Topic to read complete story and content source…
Excerpts :
According to the website http://redevelopmentofhousingsocieties.com/, property buyers can present their own cases in consumer courts and do not need to engage a lawyer.
The property buyer must file his complaint within two years of the dispute arising, after which it becomes outdated.
A written complaint can be filed before the District Consumer Forum for property value of up to Rupees twenty lakh, State Commission for value up to Rupees one crore and the National Commission for value above Rupees one crore.
Unihomes Buyers Protest Continues…
2.
Unitech’s (builder) fraud continues..
Please Click on Title of Topic to read complete story and content source...
Excerpts..
Here, one can find frauds ranging from selling of the apartments under UNITECH UNIHOME project, even when the project has not been approved by the Noida Authority to not giving the allotment letter to the buyers..
Unitech Apathy Towards HomesBuyer Continues..
3.
Unitech Fails to Deliver..
http://beawarebuilderscams.wordpress.com/2011/10/31/unitechs-builder-fraud-continues/
Excerpts…
According to their website, http://www.unitechgroup.com, it is a leading real estate developer in India. Well sure it is!!
With incomplete projects and customers’ money at it disposal, it is indeed a leading and rich real estate developer. Unitech is literally using it’s name in fooling people into investing their hard earned money in it’s crappy projects.
It’s project Verve in Greater Noida NCR), India, on papers (in the contract) was supposed to be completed in 2009 with apartments handed over to the respective customers the same year. Unbelievably, it is 2011, and the apartments are no where near completion.
Same way, Unihomes project in Sector 117, Noida was supposed to be handed over to homebuyers by January, 2011 but going by the pace of construction, it appears that it would be foolish to expect project to get completed or ready for possession by 2015 even.
Unitech Fails to Deliver
Noida Unihomes – Construction Updates
Let us see what is happening on ground in NOIDA Unihomes.
Tower A1 – Phase1 : • Column casting (9th-floor) is under progress. ‘A’ Block:- It comprises of four towers. Overall 80% of floors of this block have been raised. Around 25% of brickwork has been done.
Tower a1
Tower B1 To B5 – Phase1 : Internal plaster is under progress. ‘B’ Block:- It comprises of five towers. All towers raised. Brickwork completed. Around 75% of plastering done. Other internal works being done. B1 tower is nearly complete.
Tower B
Tower C3 – Phase1 : Top floor roof slab is complete. ‘C’ Block:- It comprises of four towers. All towers raised to their full height. Brickwork near completion. Around 20% of plastering done.
Tower C3
Tower D2 – Phase2 : Shuttering work for 5th floor roof is under progress.
Tower D2
BasemenT – Phase1 : Lower & upper ground slab is under progress. Parking:- A small portion of lower basement at one end remains to be completed, while work for upper basement has started from the other end.
BasemenT – Phase1
BasemenT – Phase2 : Lower basement roof slab is under progress.
BasemenT – Phase2
Practically no progress in Phase II. F Block structure has already been completed. Around half of brickwork remains to be completed.
If the things keep moving at normal speed, phase 1 can be completed in eight months i.e. by March 2013.
Please feel free to leave your feedback on construction updates at unihomesbuyers@gmail.com or comment on section given below. This will help in circulating accurate and latest update on Unihomes construction progress.
Unihomes Investors Staged Silent Protest March at GIP, Noida
Apartment owners of Unihomes, the Realtor’s (Unitech) yet-to-be completed residential project at Noida sector -117, staged a silent protest march against the Builder, demanding of speeding up of construction work at construction site to ensure the handover of property/flats to flat owners at the earliest by Unitech developers at Noida sector 117.
Unihomes Investors Staged Silent Protest March at GIP, Noida
Unitech Unihomes project has considerably overstepped its scheduled completion date. Residential apartments in the project was launched in 2009 and were supposed to be handed over by January,2011.
The apartment owners have protested the delay in handing over of the Unihomes project and staged a silent protest by gathering at GIP Mall, Noida. The buyers, who have formed an informal association, claim to have the support of at least 250 members. Unihomes investors are resented over the dilly dally attitude shown by the Unitech developers over the construction of the project as well as on their lame response shown towards the investors.
Unihomes Investors Staged Silent Protest March at GIP, Noida
A majority of the apartment owners bought their flats in 2009-10 when the company had launched its project. The buyer association is also contacting other apartment buyers who own apartments in the project but have not joined the group. A large number of buyers of Unihomes phase 1 and 2 have aleady paid around 90 per cent of their apartment’s cost to the Unitech.
President of informal association of Unihomes Buyers, Mr. Srinivas maintained that complaints were also registered at PMO office and other institutions almost six months back over the lack of commitment shown by Unitech Developers towards the project. He also said that he booked his flat at the rate of 25k-35k in July 2009. Like others he was also promised by developers that possession will start taking place from 2011 onwards but so far only 40% of construction activity has taken place at the site and possibility of possession in quick time seems quite remote.
Unihomes Investors Staged Silent Protest March at GIP, Noida
“There seems to be no possibility of the project getting completed even by end of 2014, given the pace of construction activities at the site,” said another apartment owners.
This has affected those buyers the most who have taken home loans to pay for their flats’ EMI. Beside paying EMI, they have ended up paying for their rents too. This has taken a double toll on the investors and apartment owners are still looking for some relief or assurance over this.
Many investors also maintained that Unitech is neither willing to give any commitment on completion of the project, nor is willing to return their money. Some of the Investors who attended the protest meet were Zamir Khan, Vikas Hazela, Srinivas Shirur, Manoj Kundu, Lipika dutta etc.
Welcome to Unihomes Buyers Welfare Group!
Welcome to Unihomes Buyers Welfare Group!
Unihomes Buyers Welfare Group, a Voluntary group of members comprising of buyers of Unitech Unihomes residential project in Noida, was formed to protect & preserve the collective interests of Buyers in Unihomes project being developed by M/s Unitech Developers.
Unitech Unihomes Noida Buyers Group
With its vast and growing high-profile member base, Unihomes Buyers Group‘s goal is to collectively address a number of very serious and critical issues with the said Builder. We hope towards project completion early to the standards & specifications originally promised to us.
This platform has been set up with the objective of creating awareness among all the buyers of Unihomes Noida to come on a common platform, to share the updates and developments and of course to work upon future course of
actions with respect to Unitech Unihomes noida sector 117 Project. This web platform will also be used for submissions of the content, articles on Online prss releases, social bookmarking sites and facebook groups. This will also act as an mini website for our group and will help in circulating the word all over internet.
Any person who has booked a flat in Unitech Unihomes Sector 117 can refer to this web platform to voice their concerns, experiences and to post the latest developments related to Unihomes residential project in Noida.
Unihomes Buyers Welfare Group 