Refund Rs53 lakh to two Home Buyers, NCDRC asks Unitech

The National Consumer Disputes Redressal Commission has asked real estate firm Unitech to refund within three months Rs 53,73,561 to Gurgaon residents Abhishek and Mani Agarwal for a delay of over seven years in handing over the possession of the apartment, as reported by The Economic Times. The commission has also asked Unitech to pay compensation in the form of simple interest at 10% per annum with effect from the date of each payment till the date of full refund.
 
Additionally, Unitech is also asked to pay Rs25,000 as litigation cost to the home buyers. The Agarwals had booked a residential apartment with Unitech Reliable Projects Limited in a project namely 'Capella' in Uniworld City, which was to be developed in Greater Noida.
 
According to the allotment letter, the apartment was to be delivered to them by November 30, 2011. However, their allotment was shifted to another project, namely, 'Unitech Verve', the possession of which was to be delivered within 15 months, that is, June 29, 2012.
 
Though the real estate giant assured the home buyers of the possession of the apartment, the Agarwals failed to get their house even after a lapse of more than seven years after which they filed a complaint.

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
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  • We will have to suspend the restructuring tool.
 
What changes:
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Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
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Debashis Basu
Founder