Vimal Oberoi, a 76 year old lady, had invested to book a flat in 2010 in a Reputed Realty Firm, owing to its brand name. She had shown a great amount of trust in the brand name as the 15 out of 17 buildings had been already built. Presently, in 2017, she is 83 years old and yet to get the booked 2BHK flat.
The old lady had saved everything she had to invest in this flat. Her plan was to get give out that residential property on rent so that she doesn’t face any kind of financial trouble in her old age. But now, unfortunately, she has got nothing out of that investment and is living with her son in Gurgaon.
Vimal, who had a family property in east Delhi, had sold off that property to buy this flat. But now she lost the single source of income which she had expected in her old age.
The last installment paid by Vimal was in October 2015, after which she was given the guarantee of the delivery of the flat within 45 days. But, it became very common for various real estate firms in NCR to delay the deliveries of flats owing to the unavoidable circumstances. The real estate firms witnessed very dull response which could not keep pace with the high investments made in the initial years.
The downfall in the real estate market increased even further after the act of demonetization. The flat which Vimal had booked, still doesn’t have its electric wiring in place. When she pointed this out, she was asked to pay an amount of Rs.7 lakhs to get the flat completed.
Worried with the insights of financial troubles, Vimal recently visited the developer’s office where she was asked to mail the owners of the real estate firm. She hasn’t got any revert on that mail yet. She was even advised to file a case but that won’t be of any use as it will get pushed between various other pending cases.
According to the sources, the developer is working towards the completion of the Vimal Oberoi’s flat which will be handed over to her in a couple of months, that is, likely in June 2017.
There are so many people like Mrs. Vimal Oberoi, who had invested all they had in a wish to buy a house of their own. But sadly, due to the slump in the realty market, both- the developers and homebuyers are suffering and are helpless.
However, as the experts predict an improvement in the real estate sector in a few months, we hope for the best for these people.