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Builders are collecting the Late Payment Penalty from Buyers

Noida Extension Under Construction Project

Greater Noida West (Formerly known as Noida Extension) Flat buyers are frustrated from the builders and developers. Property Builders try to different methods and tricks to collecting the money from the existing buyers.

Noida Extension Under Construction Project

Many Customers booked their flats in Construction Linked Plan and Flexi Payment Plan. Customers get the Demand Letter before the payment due date but bank take time to process this payment and payment due date is lost to reach the builders. According to the clause in the agreement document, flat buyers have to pay the penalty to the Builders, before the flat registry. 2 BHK flat buyers may seem like a shock to Rs 50,000 before the flat registry.

Builders are late in sending a Demand Letter to buyers and after that bank takes 2-3 days to make the payment Disburse.. After generating a demand letter and send it to the bank then collecting the cheque from bank is one of reason for delayed payment. One of the buyer from Noida Extension Said – they get the Demand Letter from the builder which is issued on March 17, 2013 however letter had been dispatched on March 21, 2013.

On the other side, builders said there is no case so far, where you can prove, builder deliberately delayed in sending demand letter to the customers. Several times, changes in customer’s address or mobile phone number is one of the reason to delays the delivery of demand note, but this can be happen only once or twice, not again and again.

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