In an interesting news article published a few days back, a newspaper has listed four instances where buyers have taken matters in their own hands to complete the construction of their homes.
1. 83 investors in Media Majestic Towers in NCR region brought in a third party to finish construction of the two towers. Unfortunately, they waited about 10 years to take this drastic step
2. 9 investors in Bengaluru’s Gold Improse project pooled in Rs. 45 lacs to complete the construction of the luxury project. This project had been under construction for at least 8 years
3. 30 investors in Shree Shubh Builders’ project have roped in a new developer to complete the project and helped settle a financing dispute between landlord and lender. This project has been under construction for at least 7 years
4. Buyers pooled in money to help restart construction for the Aloha project in Gurgaon. The buyers are overseeing the work now. This project has been under construction for the last 11 years
As part of the cheks conducted by the PropertyChek service, we also review (1) Development Agreement, which is a contract between land owner and builder authorizing the builder to develop property and (2) Power of Attorney provided by land owner to builder for developing property. Both these documents are required in case builder does not own land but, has entered into an agreement with land owner to develop the property. Check our sample reports to find out content of our reports
Read the entire newspaper story here