Chennai based flat buyers protest against builders

Last week, the jurisdictional Tiruporur panchayat officials had sealed the property for procedural lapses creating panic among the buyers. Though, the company has assured that it would resolve the problem and complete the project, a section of investors see the assurance as just as an eyewash and calling the company fraudulent.

One of the protesters C. Jayadas, an IT professional, said Marg Properties Ltd was supposed to give possession of the flats in 2013 for around 270 buyers who invested in Phase 1 that comprises three blocks each 16 storeyed. However, so far, only 40 per cent of the work has been completed.

“I have already invested close to Rs 35 lakh for 2BHK home. Many of us are paying EMI of

Rs 40,000 and the rent. There is no hope that the builder will complete the project. We have already petitioned CM’s cell and the police Commissioner.”

Another buyer Sudhir N. Shenoy also raised concern over the manner in which the company was carrying on with the project construction. Customers along with their family members have staged a dharna near Valluvar Kottam demanding the company to pay back their money or finish the project at the earliest.

Meanwhile, when contacted, Vinil Reddy, head, residential business and operation, Marg Properties, has categorically refuted the allegation that the company was trying to cheat investors.

“Ours is a reputed construction company. Yes, there was a delay in completion of the project due to multiple factors like economic crunch, market downtrend, unsold inventory and delay in getting the approvals. But, we have been in constant dialogue with the customers sending emails and calling for personnel meetings periodically.

“Meantime, some people with vested interest are instigating a couple of customers to create panic and cause disrepute to the company,” he told DC. He charged that the local panchayat has implemented lock and seal arbitrarily despite filing for renewal within the stipulated period. “We are working on it and hopeful of resolving the situation within a week and restart the construction. The important aspect is there is a registered Buyers’ Association, which hasn’t supported the protest. If we were doing anything unlawful, the association should have participated in the protest. I request all investors to maintain calm and cooperate”.

S. Eshwaran, president of Savithanjali Buyers Association, told this correspondent the association has around 160 members, who are all buyers. “We are also equally pained over the delay, but by protesting and dragging the builder to court we won’t achieve anything. The Marg Properties on its part is in consultation with us. The company has promised to hand over possession in a phased manner and we should give it a try instead of pressing the panic button.”