Triplanet Elite Development Fiasco
I have invested in Elite 2 and paid just over 60%. Triplanet are insisting on more money as the Approved payment plan approved by RERA is very much in Triplanet's favour.
I have spoken to Engineers and Architect and Project Manager friends who all say the same. The building constructed up to full height only makes up approx 30% of the total cost. The other 70% for the glass cladding, and finished completely internally makes up the rest.
As I see it, Triplanet have completed 12 floors which makes up 80% of the total height of the building including basement. This times by 30% makes their total cost outlay so far as being approx 24%. Why is it that RERA having given them the right to ask for 90% of our money when they have reached this level.
RERA are therefore breaking the Lands Department own laws which states that payment should be in sync with construction achieved.
Triplanet are in breach of Contract in not handing over the building in the date stated (Dec 2009); and have not informed me of the right to extend the project by another 9 months (Sept 2010) which they were obligated by Contract to do. The RERA approved payment/construction schedule is therefore nulll and void as it only would be void if Triplanet had adhered to their own Contractural obligations. As they have not done so, the RERA payment schedule is irrelevant.
So far Triplanet have not been willing to meet with me or discuss any compromise.
I don't know what the next course of action is for me. On the one side, I wouldn't mind getting a full refund of monies paid or even 75% (if it was cancelled) as the market value is probably closer to 60% (if it were completed).
But what worries me is that Triplanet would have it cancelled, sell it very cheaply to someone else and still not pay me the money they owe me.
There doesn't appear to be information in black and white to say how RERA would audit or control the sale of the unit or control the money received by Triplanet in order for me to be paid back. There is no Trust Account as far as I know and Triplanet still controls the sale of the property to someone else.
To take Triplanet to court would be very costly (in excess of 100k) and there is a likelihood that one would not win as Triplanet is building.
Triplanet are not acting like a responsible and concerned Developer who cares about the investor; but as a Developer who is wishing to cream as much money out of the investor regardless of their own shortcomings. If they can take back a contract and have possession of it to sell to someone else, I think they will. They have zero goodwill in my eyes.
One also has to ask, that if they had 90% of your money for approx 25% cost outlay, would they complete the rest at 75% with only 10% money left to collect. This is only my view and opinion and I am not suggesting that Triplanet would do this only that they have shown no goodwill or fair play so far.
So far Triplanet have not acted fairly or in good faith and I don't think there is much chance they will do so now. If they did, they would not be asking for more money and would not be trying to cancel peoples contracts.
One also has to ask is why has RERA bent over backwards to side with a Developer so blantantly as this and not adhered to the Lands Department's Law.
I wish I had never invested.
Fairplay
