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News18 » India
2-min read

Not Just Jaypee, Mumbai's DB Realty Too Has Duped Home Buyers

The unacceptable rider that came along with the offer has indeed shocked the families who are now planning to file an FIR against DB Realty.

Radhika Ramaswamy | CNN-News18

Updated:May 31, 2016, 10:43 AM IST
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Quick Read

  • DB Realty from Mumbai's Dahisar has left 3600 families in the lurch due to delayed projects
  • The 2&3 BHK flats that were to be delivered in 2012 hasn't seen the light of the day till date
  • Home buyers are now planning to file an FIR against the company

Mumbai: It is not just Jaypee Klassic in Uttar Pradesh’s Noida which has not been able to adhere to the timeline and deliver flats. Mumbai’s DB Realty, too, has failed to keep its promise of delivering dream homes to at least 3600 families in Mumbai’s Dahisar.

DB Realty's project DB Ozone was to be delivered in 2012 but has failed to see the light of the day even four years later.

Nazia Khan, one of the home buyers who was promised a flat in two years, is in tears. The Mira Road resident had sold her house and gold jewelry to invest in a DB Realty project almost eight years ago.

We were told that we would get our houses within two years. They even took the entire payment by showing us the basic structure of the property. Now they keep asking us for more time and we are fed up of their lies and false promises”, says the distraught Nazia.

Reportedly, DB Realty has shifted its attention from the mid-sized 2&3 BHK flats to super premium flats costing more than Rs 6 crore, complete with a helipad at the top for prospective riders to get a close view of the property.

But there is no end to the woes of those home buyers for whom a flat was their first dream home or their last hope.

While some home buyers say that they find it difficult to survive in a tiny rented flat, others who had been living abroad add that a new house was their dream as they had moved to India hoping that DB Ozone project would be completed on time.

Buyers from Dahisar, who have been protesting against the delay for the past few weeks, say that after multiple email reminders and phone calls to the company authorities, they got an email offer to cancel their agreement.

They accepted their mistake and said they were ready to terminate the agreement and return the money but with a cancellation fee of 9% p.a," explains a home buyer.

The unacceptable rider that came along with the offer has indeed shocked the families who are now planning to file an FIR against DB Realty.

CNN News 18 tried to get in touch with DB Realty CEO Vipul Bansal but the calls went unanswered. After two visits to the company office, we were told that Bansal was out of town. Nobody from the company agreed to speak about the case on his behalf.

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