Noida- Panchsheel issues Penalty Notices to Buyers who delayed in Payments



2020-09-18 15:38:59

For not paying dues on time, a group of 20 buyers in Panchsheel Pinnacle, a tower in Panchsheel Greens have been issued penalty notices.

The developers have asked the buyers to pay 18% interest on their settlement amounts. This has left the buyers with additional bills to the tune of nearly Rs.1 Lakh each (including 18% GST).

The buyers, to raise their concerns, have taken this issue over to the social media but the developers have said that they can’t do anything about this as the flat-handover letters were issued before the lockdown.

Panchsheel Director Anuj Choudhury told that they had issued the offer letters before the lockdown had started and that out of 196 buyers, 100 have settled their accounts. He informed that they had given an extra month for payment after the unlock in May for the buyers who hadn’t paid and had also told them that if they don’t pay up, they will have to pay a penalty. Hence, he said that the penalty is applicable to buyers.

The buyers, however, state that the project has been delayed and that the builder has not met other commitments as well. Aditya Jha, one of the buyers informed that the project was supposed to be handed over in 2019 itself. He said that the builder had promised them consumer durables along with the flat but backed out on it later. He said that they had no scope to make payments during the lockdown period and had appealed to the builder about the same but they are now saddled with this hefty penalty imposed on them.

-Bhakti Nikalje