CREDAI asks Noida Extension developers to protect buyers’ rights
The Noida Extension home buyers are apprehensive of facing problems like cancellations and unethical demand letters from developers after the construction work has resumed.
They conveyed their fear to Confederation of Real Estate Developers Associations of India (CREDAI) in a meeting and sought its intervention on the matter.
Following the meeting, CREDAI has issued a set of instructions to all Noida Extension developers asking them to protect the interests of existing buyers. The developers’ body has asked builders to not charge any extra money from existing buyers, make changes in original layout or FAR and warned against issuing cancellation letters.
CREDAI, in response, stated that it has directed all developers to ensure that all those buyers who have paid the mandatory 10 per cent of the Basic Sale Price must not be threatened with cancellation.
Basic Sale Price, cancellation letters, Confederation of Real Estate Developers' Associations of India (CREDAI), CREDAI, home buyers in Noida Extension, Noida Extension developers, Noida Extension Real estate, protect the interests of home buyers
On the 10% amount service tax is also due. Check with your builder, if you havent already that all is well. The builders are unscrouplous, and are not willingly relaying this information. I got a shocker today, when on a routine visit to find out whats going on, was told that my booking has been cancelled, due to servce tax arrears.
No email, no call, no letter. When i go to ask about the progress, they say that my booking is cancelled.
Please be careful, and follow up with your builder. Dont trust the good intentions of the builder, they probably want to cancel your booking and sell to the newer buyers who are paying a higher price.
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