Faridabad builders begin to default

by Shabana Hussain, livemint.com

It is more than two years since Kamal Sachdeva and brother Harish booked villas in Faridabad, an industrial area south of New Delhi that is fast becoming a housing destination, with Pal Infrastructure and Developers Pvt. Ltd.

Sachadeva made a down payment of Rs3.5 lakh and was promised possession of a 1,200 sq. ft house built on a 1,350 sq. ft plot by the end of 2007. He says not only has he not yet received possession of the property, construction has not started since he made his booking in February 2007.

Some four months ago, Sachdeva, a finance professional with a New Delhi automobile company, asked Pal about the progress at the project. Pal informed him, he says, that it did not have the land for the project proposed to come up at Sector 78 of Faridabad.

“I want my investment back but the company says it will only give me a six-month post-dated cheque at an 8% rate of interest. Earlier, they had said they will give a 12% rate of interest,” says he. “I don’t want post-dated cheques because I have heard the company’s cheques are bouncing.” Read more in livemint.com...