I work with a South Delhi-based company. Two years ago I invested in a large group housing project in Noida through a local broker. The broker promised that the deal would be lucrative only if I could pay the whole amount in four instalments within two months from the date of handing over the booking amount.
He informed me that the developer would give me a 30% discount on the total cost of the flat. So, a flat which would have cost ₹ 50 lakh in a construction-linked plan, would cost me only ₹ 35 lakh.
Lured by the offer, I made the payment but the problem arose at the time of making the last instalment. The developer was supposed to give me 30% discount but he refused. I was told that I could avail only 15% discount as he had to change the plan midway.
I contacted my broker but he washed his hands off the entire affair. He claimed the matter was between me and the developer to sort out.
Later, I realised that it was just a marketing gimmick on the part of the developer to attract buyers.
I can understand small time builders resorting to these means to make quick profits but it’s disturbing to see even well-known players duping potential homebuyers.