Monday March 25, 2019
Home India Runwal Greens...

Runwal Greens: Luxury builders or unethical extortionists?

1
//
Photo: www.rbrealty.in

Mumbai: Customers of Runwal Greens, Mulund, have started an online petition highlighting their grievances against the builder Runwal brothers. The customers have alleged the builders of extorting money and delaying final handover of the flats.

Dr. KS Vasu Rao, a Paediatric Orthopaedician working in Oman, and one of the clients of Runwal Greens, has shared with NewsGram, details of the matter.

The luxurious Runwal Greens project was launched in 2010, consisting of 8 towers with more than 200 flats each. Many buyers had booked the under- construction flats and were promised possession by the end of 2013.

Also Read: How Real Estate Regulatory Bill can help ailing Real Estate sector

A one sided agreement favoring the builder was forced upon the buyers with changed possession date of 2015 (varies from agreement to agreement). Buyers had already paid 97% of the flat cost as per the demands made by the builder by 2014. Instead of giving the possession in mid 2015, a fresh demand for extra charges against fungible FSI (Floor Space Index) was made, along with the demand payment of the remaining 3% at the behest of permission to carry out fit-out works.

Customers are alleging that the builder is:

1) Demanding extra money against FSI when there was no change made to the structure or to the flat plan. Moreover the flat cost was calculated on the super built up area and not the carpet area. The customers were even charged for the car parking area, which is against the law.

2) Delaying the handing over of the flats for customer possession and citing the delays to be due to MCGM delays.

3) Asking the buyers to payoff the final 3% amount which is due on receipt of OC even before the application for the OC is made by the builder.

4) Demanding for the club charges to be paid, though luxurious amenities promised are nowhere to be seen.

Many customers have now taken to social media to express their anguish and are urging the state government to take action against the builders. Here are some of the tweets of the angry customers:

NewsGram view: Unscrupulous and unethical builders have become a menace in Indian urban centers. In extreme cases, they even build apartments on illegal lands, without proper permissions, using improper building materials, and extort exorbitant money from the common people in the name of providing luxury apartments. The state governments must implement a mechanism by which people’s grievances are immediately addressed and strict actions are taken against unethical builders. Rule of law must prevail.

Also Read: How Real Estate Regulatory Bill can help ailing Real Estate sector

  • Tushar Hande

    What do you think Runwal is? Options: 1) Fraud 2) Extortionist 3) Goon 4) Thief 5) All of the above?
    My answer is option 5. What is your answer?

Next Story

Ultimate Real Estate Guide For First-Time Homebuyers In India

An increasing number of people today are looking to buy their dream homes. The current Indian real estate market is flourishing, making it the best time to invest in the real estate industry.

0
houses
Homebuyers have multiple choices available to choose from -- apartments and flats to villas and villaments. Pixabay

 

In India, owning a home gives people a sense of pride, security and stability. A host of first-time homebuyer benefits and a slew of economic policies are making house ownership accessible to all. An increasing number of people today are looking to buy their dream homes. The current Indian real estate market is flourishing, making it the best time to invest in the real estate industry.

If you are looking for real estate in Pune, Kolte Patil Three Jewels is an integrated township spanning 35 acres offering well-spaced apartments amidst wide expanses of nature.

The home buying process can seem confusing if you are a first-time homebuyer. This article presents the ultimate real estate guide to help you understand the various steps involved in a home buying process:

Houses
If you are a first-time homebuyer, you may take the help of the above real estate guide to walk you through the critical areas of the home buying process. Investing in real estate is a huge commitment. VOA

Assess your needs

Homebuyers have multiple choices available to choose from — apartments and flats to villas and villaments. You can assess your needs by asking questions such as what kinds of accommodation would suit your family size. Does it have all the amenities you are looking for? Is it something you can accommodate in the current budget?

Check your credit score

Most first-time homebuyers opt for a home loan as funding a new home entirely from one’s savings can become burdensome. To know your status of being approved for a home loan, you may want to check your CIBIL score. A low CIBIL score could mar one’s chances to obtain credit.

Check the builder’s credibility

Once you have finalised the location and the type of residential building, look at projects managed by reputed builders in the area. Read more about their past projects, whether they complete housing plans on time, quality of construction, etc. before finalising on a property. You can also read homebuyers’ reviews that have purchased properties from a particular builder.

Buyer-builder agreement

This is a three-way contract between the bank, builder and you to be signed when booking a house. This contract is finalised with a token fee that seals the agreement. Ensure you read all the terms, conditions and understand them well. You could also seek the services of a property lawyer to help you understand the clauses.

houses
Once you have finalised the location and the property type, seek top builders offering projects in the area and verify their background. Pixabay

Approvals and licenses

You can save yourself from unwanted hassles by ensuring a builder has the necessary legal approvals and certifications in place. Some documents that to need to be checked include title deeds, RERA certificate, encumbrance certificate, NOC by relevant bodies, environmental clearances and so on.  

If you are looking for financial assistance to purchase a property in Pune, you can avail a home loan from Bajaj Finserv Homes & Loans with credit up to Rs. 3.5 crore. Avail an easy loan with minimal documentation and features like property search assistance, flexible tenors, and easy part-prepayment and foreclosure facility.

Summary

If you are a first-time homebuyer, you may take the help of the above real estate guide to walk you through the critical areas of the home buying process. Investing in real estate is a huge commitment. So, it is essential to assess your needs before you take the plunge. For example, if you are a family of four with kids, a property with necessary amenities like schools and nearby kids’ play areas can be an advantage. It is equally vital to check your CIBIL score to ensure you qualify for a home loan. Once you have finalised the location and the property type, seek top builders offering projects in the area and verify their background. Book the property after ensuring all legal documentation is in place and you have fully understood the terms and conditions of the builder-buyer agreement.    

Three Jewels in Pune is a magnificent township located at Kondhwa. The housing project offers 1 BHK, 2 BHK and 3 BHK flats that are well-designed, spacious and cater to people of different income groups. Three Jewels provides its residents with excellent amenities that include a swimming pool, flower garden, library, event space, multipurpose courts, conference room, reserved parking, kids play area, gymnasium, indoor games room and much more.

Also Read: Microsoft to Increase Skype Group Members to 50

Get the best financial assistance to buy a property in Pune, by availing a home loan from Bajaj Finserv Homes & Loans. Avail an easy loan up to Rs. 3.5 crore with minimal documentation and other features such as property assistance, easy tenors, and simple foreclosure and part-prepayment facility.