Most middle Class families dream of their own home and stake their hard earned money in fulfilling this dream. Most Customer have no say while entering into an agreement which is heavily loaded in favour of the builder.The builder then use this agreement to squeeze huge amount from the customer in the name of delay in payments and cost escalation at rates which would put money lenders to shame, though such agreement would hold no water in the court of law as it violates the principle of natural justice and is one sided . The agreement have provisions for penalty at rates such high as 36 % for delayed payment and additional amount for cost escalation though the builder must have sold the flats at different rates at different times to recover the cost escalation and thus applying the same rate for cost escalation for different buyers of different times defies all logic. More over, the agreement doesnot have a penal clause ,in case builders delay giving possession beyong committed date. Court judgements have imposed the same penalty on builders for delayed delivery , as the builders impose on customers for delayed payment. One such Builder having its regd office at Kanke road , Ranchi and constructing flats at Morabadi, Tagore hill , Ranchi is refusing to give possession unless hefty amount as high as Rs. 4-5 lakhs is shelled out in name of interest and cost escalation though the builder himself has completed the project 3 years beyond schedule date of completion , resulting in heavy loss to customer in terms of interest on loans, rents etc. The customers are being harassed for the mismanagement of the builder . The State Govt should bring out a law to protect the customers from the such illegal ways of extorting money by builders.
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