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Penalty imposed on account No. 63016264232 Jitendra-Mishra | Loans and Credit Cards | 1 Reply


I have taken plot loan to construct house only but due to delay in project timelines and relocation of actual plot position later by OMAXE authorities, I could not start the construction of plot. To prove that attaching letter received from OMAXE city recently on 16-Mar-2013 stating that registration of plot has started now only. RACPC SBI indore branch has imposed a penalty of Rs. 119036 on account No. 63016264232 harassing your valued customer.

By IndianMoney Experts - 2013-Jun-24
Dear Jitendra, It is very sad that the developers have gone back on their word and promise.There is a bill that has been passed by the government which would help you to get an insight of your problem.With the Union Cabinet approving the Real Estate (Regulation and Development) Bill, the country\'s highly unregulated and unorganized real estate sector moves a step closer towards greater transparency and compliance. The Bill, which looks at the residential market, seeks to create a central regulatory authority at various state levels authorities for the real estate market in a bid to protect buyer interests by providing a uniform regulatory framework. The Bill seeks to prevent developers from putting out misleading advertisements; ensure that they don\'t market projects unless necessary approvals are in place; and direct developers to declare a time frame for developing projects. The Bill also seeks to impose monetary penalties on the developer for project delays, with repeat offences liable for a jail term.It is a pro-buyer bill. You go to any house and you will get some complaints against the developer. There is lot of difference in what they promise and what they deliver. But monetary penalties on the developer for delays, with repeat offences liable for a jail term is a welcome step and will bring control over builders lobby.You can always look up the website for your real estate needs. This is India\'s only free on call money adviser.
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