BUYERS' STATEMENTS
Questions raised by Victims:
There is no proper Agreement in the booking package of Green Wood Residency. It has only an Application Form, Payment Schedule and a single page Additional Agreement.
The booking package is not performance based; it is vague, it is not fair and it is intended to take as much money as possible from the buyers even before digging the ground up to 85% of total cost of the unit. So it will be very easy for a builder to claim a default when the buyer naturally stops the payment due to non performance of any construction activity for years. Builder is in a position to blackmail the buyers to charge heavy penalties or cancel the booking and deduct a percentage from the deposited money. Builder can hold the money for extended periods of time and if refunds any potion of money by any chance, will refund at the time of his own choice while the money depreciates in value to only a third of original amount. What a joke? In any case the buyer will be a loser big time.
All terms and conditions are one sided and appear to be loose with satanic intent from the very beginning. General public has no knowledge of law and can’t protect their rights in a country where the rate of literacy is so low. Even in a country like the USA where the rate of literacy is high enough, the regulatory agencies make uniform agreements for sales and purchases of real estate.
In developed countries builders have to submit the performance bond to the mortgage companies who finance the project on behalf of buyers or they have to pledge/ collateralize the land.
Why any authority like SBCA, ABAD or NAB does not order the builders of Green Wood Residency to submit a copy of all the records of buyers, all the sales records and bank transactions/ accounts to them to investigate the fraud?
What is the actual deal between Orient Builders (Orient Housing Services) and Current Owners (Chughtai Builders)? Is there a written document or are they simply 2 in 1 ?
Who is current legal owner/s of Green Wood Residency? If current owners too run away after taking more money from the buyers then who will be responsible to pay back the return of their investments to the buyers.
Who owns the land now where the project of the Green Wood Residency is under construction or not under construction?
Where all the money went which was in billions of rupees that was taken from the buyers?
Why not include the employees of the builders into the investigation like Aslam Gill, Rafaat Kazim, Naveed Ahmed, Abdullah Sheikh, Kashif Chughtai etc. because they too seem to be complicit in this racketeering?
Babar Chughtai was arrested multiple times but why came out of custody within a week???
When powerful elites and weaker majority of the general public have equal rights then a civil society is formed otherwise it is a law of the jungle where might is right?
Why does the building authority in Pakistan not require or enforce the builders to submit the details of sold units within 30 days of booking to protect the buyers?
Why are builders not required to place the public funds in escrow accounts and get paid upon performance?
Builders favored few Buyers to make them mouthpiece of the Builder. Who and who is involved in the cover-up? Is ABAD too complicit in the cover-up?
Why does any agency like ABAD, which has a strength of 1297 builders/ members, takes the responsibility to self regulate its members for the protection of the general public?
It seems that for a builder the best way of business is to become a chairman of ABAD to have access to all the bad tricks of the industry and then be ready and be prepared to rob the general innocent public.
(victims questions to the authorities)