AB3 ASSET MANAGEMENT INDIA PRIVATE LIMITED

Introduction

AB3 Asset Management India Private Limited is a builder that has made its mark in the real estate sector, specifically operating within Punjab. However, the builder's track record raises some concerns among potential buyers, especially regarding complaints and legal disputes. In this blog post, we will delve into the builder's history, examining the details of the complaints filed against them and drawing conclusions for prospective buyers.

Builder Profile: AB3 Asset Management India Private Limited

AB3 Asset Management India Private Limited has received a total of 2 complaints, with a concerning record of both cases lost, signaling potential issues in their project management and customer service practices.

Legal Case Breakdown

Cases Won: 0

Cases Lost: 2

Two notable cases were filed against AB3 Asset Management India, wherein the complaints revolved around delayed possession and the failure to deliver on promised properties. In both instances, the complainants sought a refund of amounts totaling Rs. 19,89,522, alongside compensation and interest. The outcomes of the cases highlight a consistent theme:

1. Claim for Refund and Compensation: Both complainants sought refunds due to alleged delays in possession of commercial properties, pointing to a broader issue of reliability and trust.
2. Builder's Defense: The builder attempted to assert that the projects were completed or that possession had been offered. However, these claims did not hold up in court, leading to rulings against the builder.
3. Rulings Against the Builder: The RERA Authority determined that AB3 Asset Management was liable for the delays and mandated refunds along with interest, showcasing a clear pattern of customer dissatisfaction and legal repercussions.

Analysis

Patterns in Lost Cases

• Delay in Possession: The repeated claims of delayed possession indicate a systemic issue with project timelines and delivery.
• Inadequate Documentation: The builder's lack of thorough documentation and failure to substantiate their claims contributed significantly to losing the cases, suggesting poor operational practices.

Patterns in Won Cases

• Since the builder has not won any cases, it's important to note that they have not successfully defended against any claims. This lack of successful defense may indicate a broader challenge in their operations or legal strategies.

Conclusion

The overall assessment of AB3 Asset Management India Private Limited paints a concerning picture. With a zero-win record in legal disputes and two cases lost against them, potential buyers should approach with caution. The builder's challenges around timely possession and project delivery, substantiated by legal findings, suggest a need for improvement in customer relations and project management.

Tips for Potential Buyers

1. Conduct Thorough Research: Investigate the builder's reputation, track record, and history of complaints.
2. Review Legal Records: Look into any previous legal issues or complaints against the builder, as these may indicate underlying problems.
3. Seek Legal Advice: If considering a purchase from AB3 Asset Management, consult with a legal advisor to understand potential risks and legal implications.
4. Request Documentation: Ensure transparent communication concerning project timelines and obtain all necessary documents before making any payments.

General Tips for Buyers Selecting a Builder

• Assess Past Projects: Review completed projects by the builder for quality and timely delivery.
• Check For Complaints: Research on consumer forums and real estate portals for any complaints lodged against the builder.
• Understand the Terms: Don't rush through contracts. Make sure you understand the terms regarding delivery, possession, and compensation.
• Beware of Deals That Seem Too Good to Be True: If a deal appears exceptionally favorable, dig deeper to ensure it’s legitimate.

In summary, while AB3 Asset Management India Private Limited operates in the competitive real estate market in Punjab, its current track record necessitates careful consideration from prospective buyers.

Analysis of the cases filed against AB3 Asset Management India Private Limited, where the builder lost, reveals significant insights into their legal disputes. The cases can be primarily grouped into two common themes: Delayed Possession Claims and Refund and Compensation Disputes.

The Delayed Possession Claims involve situations where the builder failed to deliver properties on time, leading complainants to seek refunds and compensation for the delays. For instance, in one case, the complainant sought a refund of Rs. 19,89,522 due to the delayed possession of a commercial property. The builder's defense was that the project was complete and that the complainant had failed to provide necessary documents. However, the RERA Authority ruled in favor of the complainant, indicating a pattern where builders may not fulfill their commitments on schedule.

Refund and Compensation Disputes often overlap with delayed possession claims. Complainants who made full payments for units reported that possession was not delivered as promised. In these cases, the builder's denials of failure to deliver possession were not validated, leading to the Authority directing refunds along with interest in one instance.

A common trigger for litigation in these cases is the builder's inability to meet project timelines and fulfill their promises of delivery. People brought cases to court primarily to contest the builder's failure to provide timely possession and to seek appropriate refunds and compensation.

The builder lost these cases chiefly due to a lack of valid defenses. The builder's claims of completed projects and offered possession were not accepted by the RERA Authority, which suggests that either the builder's documentation was insufficient or their understanding of delivery timelines was flawed. Overall, these rulings highlight the need for buyers to be vigilant when engaging with builders who have a history of such legal disputes.