Location/place: New Delhi
Name of company/service: Alka India Pvt Ltd
I’d bought a plot in Haridwar from a Real Estate developer called Alka India Pvt Limited in Jan 2007. The 1st payment for the same was made in Feb 2007 and a subsequent payment in March 07 i.e 1 month later. The possession of the land had to be given within one year of the receipt of 2nd payment which is 28/03/08. It has been 4.3 years and we have not yet received the possession.
Every time we follow up the developer tells us the same thing that it will be allotted in the next few days. This has been happening for last 4+ years now and they’ve been harassing the customers.
The contract clauses are heavily stacked up in favor of the developer where it states that if the customer makes any delay in payment he/she would be liable to pay an interest at rate of 21 % Compounded while if Alka India commits a delay they would pay Simple interest at the rate of 9%- Simple interest. Now that the land has already appreciated considerably in the last 4 years they’ve offered some customers to take money back the initial payment (with Simple Interset of 9%) which is absolutely unfair. It looks like a very well thought gameplan.
The first payment was made to them in March 2007 and its 5 years now since the land has not been allotted. I would request to intervene and help me get this settled in a justifiable manner by getting me the plot or my money at 21% Compounded interest so that such developers think twice before duping the customers of their hard earned money.
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