Tuesday, July 12, 2011

Entitled to full refund

The Supreme Court yesterday, finally took view of the sorry state in which the home buyers in Noida Extn were pushed after its verdict of returning the land back to the farmer.
Has said now, that the builders should return the amount deposited by home buyers with interest. but amazingly has been silent as to what should be rate of inerest and within what time frame does the court feel the same should be paid back to the home buyer. what would be a justifiable time frame and justified rate of interest....no mention.
The builders have started telling buyers (orally) that they would refund within a weeks time...But will they...the builders would first try to negotiate the home buyers to shift to other project and would definately bring in the clauses in the agreement to forth for such negotiation to come through...I do not see builders refunding money so easily...but I have been a long time fool...proven without fault ...many a times.
Now, our dear farmers, have had a meeting recently and are grouping to re-negotiate the land prices with the Noida authority...have emphatically said that their younger generation does not want to go back to farming and if we get 80% of the market value we will be happy to sell our land back...Now, this fact twists everything again in favour of the builder and authorities....see how..
The builder will tell customers....do not worry we are re-negotiating with the farmer...the project could be a little delayed but would definately come on this site only...after all we are a trusted company and we would never let your investment fail...
The authorities, will play around with farmers and flirt with the builders...would definately get more than 80% land back after shelling out a higher compensation to the farmers...this effort would definately take some time...giving the builders chance to breathe easy and the home buyers more perplexed with what to do in the interim...finally till we have effective and efficient association of the home buyers...we will always be on the losing side.

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