Builders should file complaints with regulatory authorities if customers do not pay due amount payable on residential or commercial properties purchased by them, Delhi-RERA Chairman Anand Kumar said.
Addressing an event on the real estate sector, Kumar, who is the chairman of Real Estate Regulatory Authority, Delhi, cautioned real estate developers against falling in "trap of investors" as this could affect their cash flow and result into projects getting stalled.
"There is a trap of investors, which happens," he said, adding that there are many high net worth individuals who purchase many flats in hope of abnormal profit. These investors pay at most 30 per cent of the total cost of the apartments and after that they stop paying their instalments, Kumar said, adding that such investors do not respond to reminders given by builders. Real estate developers are then forced to cancel the units, which leads to disputes with customers, he said. "In case, you (builder) find any problem that somebody is not paying on time, you go to RERA first, before he comes to RERA."
