We are cheated by Assotech Ltd. and HDFC Bank
Sir, firstly I would like to introduce ourselves as a group of 25 to 30 people who all into the trap of real estate builder “Assotech Limited” own by Rajeev Srivastava and Sanjeev Srivastava and HDFC Ltd.
We have purchased property in Assotech the Nest, Crossing Republik, Ghaziabad in Tower F & G, in pre-launch in 2011-2012 and builder has promised us in written that we will get possession by March 2015. HDFC is the only bank who had approved the property in 2013 and sanctioned loan to us. Builder has changed the construction plan and has taken 80% to 90% of the amount from us by constructing 16 floors structure in tower F. We were told that all the approvals from the Ghaziabad Development Authority(GDA hereafter) has come and HDFC being a reputed bank approved the property so most of us decided to go for loan assuming they have verified the property papers.
Now it’s being 4 to 5 years and there is no construction at all. Also Assotech has no full and final approval from GDA. HDFC Ltd has approved the project without due diligence of records/approvals of the builder. (GDA Sanction Plan/Map Approval are still pending).
When we asked HDFC about it they say that Assotech had partial approval from GDA and based on that they approved the loan.
Few days back we get to know that company is going into liquidation and an official liquidator has been assigned as per Delhi High Court orders because there is already case filed against Assotech by few investors (Attaching the liquidation notice copy for your ref.).
There is a case going in high court between Assotech and Investors. Details can be found here: http://delhihighcourt.nic.in/dhc_case_status_oj_list.asp?pno=757553
We as buyers are left nowhere. We do not have flat which anyways we will not get surely in future as well. Along with that we are paying hefty EMIs to HDFC bank and HDFC are saying that you cannot stop EMIs or legal action will be taken against all the buyers who stop the EMIs.
Need your help in knowing:
1. What shall we do to get our money back and how can we sought some relief in our current situation.
2. How the authorities and government protect the consumer interest?
3. How can we get rid of EMIs or interim relief?