Bangalore’s Pashmina Developers Leaves 700 Homebuyers In Distress

Bangalore has had a rather good track record and wouldn’t be considered on the list of cities with defaulting builders and delayed projects. But hundreds of homebuyers who had invested in the Pashmina Brookwoods project beg to differ and are angrily accusing builder Pashmina Developers of delaying the project.

Homebuyers complain of project delays

Huge hoardings, glossy advertisements and newspaper ads, these were just some of the ways in which Pashmina Developers marketed their project – Pashmina Brookwoods in Bangalore. Offering a slew of offers and discounts, including a ‘No EMI till possession’ scheme – the project quickly drew in hundreds of homebuyers who were ready and willing to invest their money here. Pashmina Brookwoods was launched in early 2013 and possession of towers 1, 2 and 3 of the 5-tower complex were promised in August of 2016. But as things stand, barely 5% of the project has been completed and as a result, nearly 700 homebuyers are now homeless.

“Names like Hafeez Contractor, Asit Kotecha are well known in the industry. If we can’t trust them who can we trust? We never thought we would be fooled like this.” says Colonel Narasimha Mudakatte, an investor in the Pashmina Brookwoods project.

Homebuyers who have invested in the project are now up in arms. They have made a string of allegations against the company, claiming that it has not started construction of the project, in spite of promising to do so once the monsoons were over.

Customers to file legal suits against Pashmina Developers

When NDTV contacted Harish Kumar, CEO of Pashmina Developers, he stated that he was in the process of investing substantial funds into the project and that he was working with his senior management team to put in place a concrete plan to put the project on fast-track by December 2016. He also stated that all efforts would be made to complete the project in 15 months and that a letter to that effect had been sent to the company’s customers.

But these promises seem to have had little effect on homebuyers, many of whom have decided to cancel their investments in the project. But even here, there have been delays. Gaurav Agarwal purchased his flat in September of 2014 and decided to cancel his booking in December of 2015 once he realized that there was no construction on ground. “They told me that the cancellation process would take 120 days post which I would receive the refund. It has been more than 180 days now.”

Jigyasa Kochhar, another homebuyer who invested in the project claims that the cancellation clause in the agreement is pro-developer and one-sided. “Even if we forfeit the Rs 2 to Rs 3 lakhs that we had paid up, we still have the loan on our head. The builder says he can cancel the unit only once he sells it off. When there is no sign of a flat on the ground, how will he sell it off?”

These homebuyers have now taken their protests to social media and have even written to the Prime Minister’s office. Many of them are coming together to file a legal suit in the criminal and civil courts and are also planning to approach the consumer forums.

– Project was to be completed in August 2016
– Buyers claim only 5% of the project has been completed
– Pashmina Developers say they will try to finish project in 15 months
– Homebuyers unconvinced, to file legal suit against the company

Reporter- Stacy Linera Pereira
Edited by- Nikhil Narayan Sivadas

TwitterLinkedInGoogle+FacebookShare on WhatsApp