How real estate companies deceive?
Wednesday, 31 December 2008
Ali Akbar
I bought an apartment at Niketon, Gulshan from a well known real estate company in 2004. While signing the agreement, I paid 75 per cent of the total price. The company promised to hand over the flat after one year when I would clear the remaining amount. The agreement required the developer to pay me a rent until the flat was handed over to me.
But before handing over the flat the developer's executive started pressurising me to pay the remaining money. They even threatened that they would sell to another party if I did not oblige. Whenever I asked about the agreement, the executive bought the point that the company was giving me the flat at below the market price which was then soaring in the market. He unwilling to accept the logic that the flat was booked one year before when the price was low. Had I kept the money in the bank, I would get the interest. The sales executive refused to say when the flat would be handed over.
The real estate company, which ran regular ads, had influence on the media. That is why I tried to negotiate the matter with the help of a journalist, a relative of mine. At that time, one director of that company approached to assure that I would get the flat in time if I pay the remaining money to help them complete the flat before the scheduled. The director also told me that in case the company failed to hand over the flat in time, I would be compensated. After receiving the balance, the developer took six months more to handover the flat. But they did not pay a penny in compensation. I spoke to the sales executive and the director, several times, but they remained silent on the issue. After getting the flat, I tried in vain to recover the compensation money.
This is a common experience for many buyers. Almost all real estate companies do it to buyers. They often violate agreements as the buyers have nowhere to go to get justice.
Thousands of complaints from the buyers are regularly being lodged against developers. The property developers also have their complaints against their clients. Considering the above, the FE introduces a ‘Complaint Board’ for both groups giving scope for responding to the complaints by the parties concerned as well as readers. The language of the complaints and their responses must be courteous and respectful of both the
complainants and the defendants.
I bought an apartment at Niketon, Gulshan from a well known real estate company in 2004. While signing the agreement, I paid 75 per cent of the total price. The company promised to hand over the flat after one year when I would clear the remaining amount. The agreement required the developer to pay me a rent until the flat was handed over to me.
But before handing over the flat the developer's executive started pressurising me to pay the remaining money. They even threatened that they would sell to another party if I did not oblige. Whenever I asked about the agreement, the executive bought the point that the company was giving me the flat at below the market price which was then soaring in the market. He unwilling to accept the logic that the flat was booked one year before when the price was low. Had I kept the money in the bank, I would get the interest. The sales executive refused to say when the flat would be handed over.
The real estate company, which ran regular ads, had influence on the media. That is why I tried to negotiate the matter with the help of a journalist, a relative of mine. At that time, one director of that company approached to assure that I would get the flat in time if I pay the remaining money to help them complete the flat before the scheduled. The director also told me that in case the company failed to hand over the flat in time, I would be compensated. After receiving the balance, the developer took six months more to handover the flat. But they did not pay a penny in compensation. I spoke to the sales executive and the director, several times, but they remained silent on the issue. After getting the flat, I tried in vain to recover the compensation money.
This is a common experience for many buyers. Almost all real estate companies do it to buyers. They often violate agreements as the buyers have nowhere to go to get justice.
Thousands of complaints from the buyers are regularly being lodged against developers. The property developers also have their complaints against their clients. Considering the above, the FE introduces a ‘Complaint Board’ for both groups giving scope for responding to the complaints by the parties concerned as well as readers. The language of the complaints and their responses must be courteous and respectful of both the
complainants and the defendants.