Unjustified interest imposed by the Builder (Sikka Group)

Location/place: New Delhi

Name of company/service: Sikka Group

I have bought a flat in Sikka Karnam Greens Sec-143B Noida. The property is under construction and my loan has been financed by Axis Bank through single window arrangement by the Builder (Sikka). The first installment of the loan was disbursed late due to to the late processing by the Builder’s staff and subsequent delay in disbursal by the bank. Now the builder has imposed interest on the delayed payment, and did’nt bother to inform me in time, and thus allowing the interest to grow, till the second disbursal demand note was issued (around 11 months later). Now when I asked them to waive of this interest as I have no role in the delayed disbursal of the loan, they refused to do so, and asked to send mail to their customer care. After sending mail to the builder’s customer care, still no action has been taken and builder is allowing the interest to grow further. Strict action needs to be taken against this builder as this is a gross malpractice on part of the builder to raise the funds from consumers by way of imposing fake interests.

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