ATM :: 7 ways builders can make your life miserable

23 Jan, 2016 | Times of India


Here are the seven ways in which builders can make your life miserable.

1.Compensation too little

Builders deliver late, and all they have to pay as penalty is Rs 5 per sq ft per month.

2.Exorbitant late fee

And if you are late in making a payment, you will have to pay interest at 24% per month, which works out to Rs 50-100 per sq feet per month. That’s 10 to 20 times higher than what builders pay you for late delivery.

3.No justice in this

You will still have to pay @24% even if the late payment is on account of something the builder has not done right, for which the bank from which took a loan has not paid him. The builder will still penalise you.

4.Bigger & pricier

Sometimes, builders just increase the size of the fl at. Say, you bought a 1,200 sq ft fl at, but at the time of possession, you get a letter saying the flat size has gone up to 1,400 sq ft. You are forced to pay extra for the additional 200 sq ft.

5.Where’s the view?

Builders often promise fantastic views from every flat, and then you realise that a new construction is coming up right in front of your balcony.

6.Garden as golf course

A golf course is something many builders promise, but what you sometimes get is just a green patch, way too small for a game of golf.

7.Finishing sucks

You are promised world-class interiors with state-of-the-art fittings. Instead, what you often find are seepages on walls, bathroom tiles that are coming loose, and sliding doors that refuse to slide.

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