Hi
I have emailed RERA to try and get some information on how to try and get some or all of my 30% deposit back with GPD Investments. Have not heard anything. Have I done the right thing or do you think I should contact GPD direct. Bought in International City in February 2007 and now it's due for completion June 2010.
Can anybody please advise me? Has anyone else bought at Park Lane Residence in International City who is feeling the same? Thanks.
Hi there
Firstly i would say your probably one of the lucky ones where at least your developer is actually building something in International City Phase 3. I have not purchased anything from GPD Investments but when I spoke to them concerning my own problems with my developer in IC Phase 3 they seemed to be very helpful and friendly.
In regards to your refund or the history of getting a refund from off plan purchases. Don't expect RERA to get a refund for you, don't even expect a response from RERA if you contacted them via email. Your better off speaking to someone over the phone who can advise. You really have 3 options for a refund speak to GPD direct or obtain a refund through a solicitor which won't be cheap. Do not expect to get your full deposit returned. According to the laws out there especially Law 9 which says the developer has the right to keep a certain percentage depending how far down the line construction has progressed. If GPD has actually started and there are positive signs of construction then you are one of the lucky ones, at least your unit is actually getting built. The third and last option is litigation which is something you really want to avoid unless you can get a consortium of other purchasers together, if you suspect your developer of fowl play and the misuse of funds and have not built anything then this is your last and only option. The cost of taking your developer to court would be sky high and not something you should do by yourself.
As I said your best bet is to speak to and attempt a negotiated refund with GPD or hire a solicitor who knows the laws of the land and who can advise.
Kind regards
