BENGALURU: The under-construction Mantri Webcity apartment complex has been evoking anger and frustration among buyers for a long time now, the latest being two protests staged by them this month. What adds to their bitter experience, they say, is that they usually get no response from the builder.
The project, which was started in 2012 on Hennur Main Road, was supposed to be ready five years ago. Three schemes started by the builder – pre-EMI, buy-back and Constructed Link Plan (CLP), wherein the firm had to reimburse the client for installments paid for repayment of loans taken in the buyer’s name, have failed, according to the customers.
Buyers say there are at least 283 people who are struggling with payments now. Zahera Sheikh, who had opted for the buy-back scheme in 2014 and took a loan of Rs 90 lakh, said Mantri reimbursed her installments only for four months. “I had taken a unit in a block that was incomplete, and due to delayed work, they asked me to switch to a bigger unit costing rs 1.10 crore in a different block so that they could help pay off the installments. But no payment was made and I ended up spending money from my pocket,” she said.
“Webcity has about 740 units, all sold out. They are telling us that they do not have any funds at the moment. So where did all the money that we paid go?” asked Lokesh Mariyappa, who had taken up the pre-EMI scheme in 2013. After receiving a promise that the project would be completed by April 2015, Lokesh was informed that there has been a delay.
Mariyappa approached the city civil court in 2017 but withdrew the case after a few months since it was turning out to be long-drawn affair. In 2018, he decided to approach RERA Committee, following which he received a verdict of ‘delay compensation’ of only Rs 12 per sq ft. “I want a complete refund with interest,” he said.
According to Bhagyalakshmi, a RERA activist, Mantri Webcity buyers’ protest held recently was the biggest protest launched by home-buyers since the one held at Town Hall in December last year. “In all cases, only a delay compensation has been provided to the victims. It is unfortunate because they have invested their life savings into this and a small amount as compensation is unfair,” she said, adding that 49 cases have been filed over Mantri Webcity, out of which 23 have received a verdict, which has not been honoured by the builder.
“As per norms, orders need to be passed from the office of the deputy commissioner of the revenue department to the tahsildars, following which a revenue inspector serves a notice to the builder. If the builder does not respond a third time, the tahsildar should ideally seize the property and auction it. This has never happened,” she explained. “We are a project registered under RERA act and we will comply with its deadlines,” said Snehal Mantri, director of Mantri Developers.