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Investors move HC against flat builders

Published: 10th October 2013 09:08 AM  |   Last Updated: 10th October 2013 09:08 AM   |  A+A-

A group of residents who bought flats from an Ernakulam-based builder are planning legal action alleging that the builder has failed to hand over the apartments even after receiving almost full payment from nearly 120 buyers.

The society of buyers alleged that Pranava Promoters, which owns the ‘Pranava Le Royal Apartment Project’ in Thrikkakkara had cheated them by dropping the construction of flats halfway.

According to the buyers, represented by ‘Pranava Le Royal Investors Welfare Society’, the promoters did not complete even fifty per cent of the project though all of them had paid the full amount for the apartments. The society also alleged that the company cheated buyers by selling one apartment to more than one person.

The society has moved the High Court raising the allegations by which the High Court ordered both buyers and promoters to sign a mediation agreement. The society said that the company failed to deliver the seven milestones proposed in the mediation agreement which had forced the buyers to file a case against the promoters.“A number of buyers are NRIs. Many of them had taken loan from banks to invest in the flats. With the promoters simply refusing to pay heed to our grievances, we are left with no option but to move court to settle the matter,” said president of the society R Madhav Menon.

Attempts to contact Pranava Promoters did not yield any result.



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