Issues Regarding Olive Cresida , Trivandrum

Review On Olive Builders and Developers, Kochi

I have paid an advance amount of 12.74 lacs in total for Olive Builders' Cressida project Flat no: 13A in tower II .

While introducing me to the flat the builder had promised me that the flat is ready for handover and is completed. However after payment of advance the builder sent me a draft of the sale and construction agreement in which they have mentioned that the flat construction is ongoing.

In addition, I have come to know that the completion status of the apartment is pending as they have not received the necessary approvals from the government authorities .

Since this was a deviation in the information that was shared with me during the sales process and also considering the risk involved in investing on a property which has not received a government approval, I have decided to move out of the deal at the earliest.

I have sent an email to the point of contact on 26th March informing that I am no more interested in the deal and asked them to refund my full payment at the earliest so as to avoid losses from my end.

After a really long follow-up process the builder responded to me on 21st April saying that my cancellation is accepted and the amount will be refunded after the apartment has been sold to a third party and after deduction of taxes and other charges.

I am extremely dissatisfied and affected by   the builder due to the following reasons

1) I was misled by the Builder’s representative telling me that the Apartment is completed and ready to occupy considering the fact that the builder has not received the completion certificate from corporation and other related approvals from the government agencies.

2) I have not signed any agreement with the Builder regarding the purchase of the apartment as the terms and conditions in the document were not applicable to a completed apartment.

The money that I have paid is handled by the builder for the last two months for which I have zero returns

3) The date of repayment is being kept indefinite which maximizes my loss in terms of bank interest.

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