C Shivakumar
Chennai:
The dream of owning a flat in the city has been nearly shattered for
more than 300 buyers, who were left high and dry as the developer
stalled work on a massive multi-crore residential project for more
than two years.
The buyers mostly from middle class, who have pledged their jewels or
invested their pension funds or have been paying half their salaries
as EMIs had been running from pillar to post to get the project
revived after more paying more than 90 per cent of the cost.
“As per the Builders Agreement they have to complete the project by
September 2011. But the work was suspended from July 2011 as the
contractor demanded higher rates. They made several promises to honour
their commitment, which was never complied with,” said retired
principal of ASP College of Commerce, Bijapur, V Gopalan.
Interestingly, Gopalan has invested his whole pension on a single
bedroom flat. “My whole savings have gone. I just want them to provide
me with my flat,” he says. The project was launched by Sabari Realtors
Private Limited with much fanfare on April 2009.
The group chairman and managing director K R V Ramani had announced
that Sabari Serenity would have 936 apartments in a range of one, two
and three bedroom apartments spread over nine acres off Old
Mahabalipuram Road. It was to have 13 floors and the cost was kept at
1,899 per square feet.
A retired professor of Tamil Nadu Agriculture university G
Arunachalam, who also put in his savings into the project, says that
the developer abruptly stopped the project and urged the investors,
who formed Flat Owners Association to pay Rs 150 extra per square feet
as the costs of raw materials have shot up.
He says how could a pensioner or a government employee pay such huge
addition to the cost when they are already in debt. “Isn’t it
in-human. First they failed to honour the contract and now they ask us
to pay more. From where will we get the money,” he reasons.
K P Selvakumari, who is working as a Pioneer Cadre Review Postal
Assistant in Chief Post Master General’s office says it is totally
illegal to demand such an amount. “We are from a middle class family,”
she says.
Sam Christopher, who is working as a production engineer, says he has
now lost peace in his domestic life as he has pledged his wife’s
jewelry for getting the loan for availing the flat. “We have quarrels
every night,” he says.
When Express sought the reaction from the president of the project V A
Ramash, he said that only two to three weeks of work is left. “Since
the cost of raw materials have gone up, we asked the flat investors to
pay an additional amount of Rs 150 extra per square feet. Most of them
have paid the amount as such the project is pending. It is not
stalled,” he said.
He said the new rate of paying Rs 150 extra per square feet was agreed
by Sabari Serenity Flat Owners Association. However, to a query as it
is the individual buyer who signs the agreement and not the
association, the official refused to comment.
Meanwhile, the buyers have also complained to Confederation of Real
Estate Developers' Associations of India (CREDAI) who are looking into
the issue.
Chennai:
The dream of owning a flat in the city has been nearly shattered for
more than 300 buyers, who were left high and dry as the developer
stalled work on a massive multi-crore residential project for more
than two years.
The buyers mostly from middle class, who have pledged their jewels or
invested their pension funds or have been paying half their salaries
as EMIs had been running from pillar to post to get the project
revived after more paying more than 90 per cent of the cost.
“As per the Builders Agreement they have to complete the project by
September 2011. But the work was suspended from July 2011 as the
contractor demanded higher rates. They made several promises to honour
their commitment, which was never complied with,” said retired
principal of ASP College of Commerce, Bijapur, V Gopalan.
Interestingly, Gopalan has invested his whole pension on a single
bedroom flat. “My whole savings have gone. I just want them to provide
me with my flat,” he says. The project was launched by Sabari Realtors
Private Limited with much fanfare on April 2009.
The group chairman and managing director K R V Ramani had announced
that Sabari Serenity would have 936 apartments in a range of one, two
and three bedroom apartments spread over nine acres off Old
Mahabalipuram Road. It was to have 13 floors and the cost was kept at
1,899 per square feet.
A retired professor of Tamil Nadu Agriculture university G
Arunachalam, who also put in his savings into the project, says that
the developer abruptly stopped the project and urged the investors,
who formed Flat Owners Association to pay Rs 150 extra per square feet
as the costs of raw materials have shot up.
He says how could a pensioner or a government employee pay such huge
addition to the cost when they are already in debt. “Isn’t it
in-human. First they failed to honour the contract and now they ask us
to pay more. From where will we get the money,” he reasons.
K P Selvakumari, who is working as a Pioneer Cadre Review Postal
Assistant in Chief Post Master General’s office says it is totally
illegal to demand such an amount. “We are from a middle class family,”
she says.
Sam Christopher, who is working as a production engineer, says he has
now lost peace in his domestic life as he has pledged his wife’s
jewelry for getting the loan for availing the flat. “We have quarrels
every night,” he says.
When Express sought the reaction from the president of the project V A
Ramash, he said that only two to three weeks of work is left. “Since
the cost of raw materials have gone up, we asked the flat investors to
pay an additional amount of Rs 150 extra per square feet. Most of them
have paid the amount as such the project is pending. It is not
stalled,” he said.
He said the new rate of paying Rs 150 extra per square feet was agreed
by Sabari Serenity Flat Owners Association. However, to a query as it
is the individual buyer who signs the agreement and not the
association, the official refused to comment.
Meanwhile, the buyers have also complained to Confederation of Real
Estate Developers' Associations of India (CREDAI) who are looking into
the issue.
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