ATM ESTATES PRIVATE LIMITED

Introduction

In the competitive world of real estate, buyers often seek reliable builders who can deliver on their promises. Unfortunately, not all builders maintain a good reputation, and potential buyers must conduct thorough research before making a property investment. This blog focuses on ATM Estates Private Limited, a builder with projects in Punjab, analyzing the complaints and legal cases associated with their operations.

Key Issues Faced by ATM Estates Private Limited

ATM Estates Private Limited has encountered significant legal challenges, registering a total of four complaints. All four cases filed against the builder resulted in losses for ATM Estates, revealing some concerning trends in their business practices. Each of these cases involved claims from complainants seeking refunds for flats in the Amritsar One project. The common accusations centered on delays in possession and non-compliance with the Real Estate (Regulation and Development) Act (RERA) regulations.

Common Factors in Lost Cases

The following are the essential patterns observed in the cases ATM Estates Private Limited has lost:

1. Delay in Possession: Complainants consistently reported delays in receiving their flats, which is a significant complaint in all four cases.
2. Non-Compliance with RERA: Each complaint included allegations that the builder did not comply with RERA regulations, which are designed to protect homebuyers and ensure transparency.
3. Claim for Refunds: All appellants sought refunds for their flats, indicating a complete loss of trust and dissatisfaction with the builder's commitments.

Summary of Won Cases

Interestingly, while the data indicates that ATM Estates has lost all four cases, a summary under 'Cases Won' appears misleading, as these are explicitly claims where the authority ordered refunds rather than victories for the builder. The verdicts were consistent:

• Refund Ordered: In each case, the authority ruled that the builder must refund the purchasers with an interest rate of 9.3%, deducting a portion of the basic sale price (10%) as well.

Conclusion

Based on the data provided, ATM Estates Private Limited has struggled with compliance and customer satisfaction. Buyers looking into properties constructed by this builder should approach with caution. The consistent pattern of lost legal cases indicates fundamental issues that may affect potential homeowners' experiences.

Tips for Potential Buyers

If you are considering purchasing from ATM Estates Private Limited, here are some tips to keep in mind:

1. Conduct Thorough Research: Look into reviews, testimonials, and any legal disputes related to the builder.
2. Request Documentation: Ensure that you receive all necessary project documentation, including timelines, construction progress, and compliance certificates.
3. Understand Your Rights: Familiarize yourself with RERA regulations and your rights as a buyer to ensure you are protected in case of disputes.
4. Engage a Real Estate Expert: Consulting with a real estate advisor can provide you with insights into the builder’s reputation and project feasibility.

General Tips for Selecting Any Builder

1. Check Their Track Record: Investigate past projects and customer reviews.
2. Verify Legal Compliance: Ensure the builder complies with local laws and regulations.
3. Visit Completed Projects: Touring completed developments gives you a firsthand look at their work quality.
4. Ask for References: Don’t hesitate to ask for contact information of previous clients to gather feedback.
5. Look for Warranty Offers: A reliable builder often provides warranties on their work, showcasing confidence in quality and workmanship.

By understanding the nuances of ATM Estates Private Limited's legal issues, potential buyers can make informed decisions that protect their interests in the real estate market.

Analysis of the cases filed against ATM Estates Private Limited, where the builder lost, revealed significant insights into the recurring themes surrounding their legal disputes.

The cases primarily revolved around two critical themes: Delayed Possession Claims and Non-compliance with RERA Regulations. The majority of the claims were lodged by complainants seeking refunds due to an alleged delay in possession of flats in the Amritsar One project. They often cited the builder’s failure to adhere to the Real Estate Regulatory Authority (RERA) regulations as a grounds for their claims. The builder consistently defended its position by asserting that the project completion date was 30.12.2023, thus arguing that the complainants were not entitled to refunds. However, the authority presiding over these cases ruled in favor of the complainants, mandating refunds accompanied by 9.3% interest, albeit after deducting 10% from the basic sale price.

A pattern emerges from these summaries: the common trigger for litigation was the builder's inability to deliver properties on time, which directly relates to their obligations under RERA. People brought cases to court primarily because they felt cheated out of timely possession and suspected malfeasance in the builder's compliance with regulatory standards.

The builder lost these cases predominantly due to their failure to meet the promised deadlines and comply with RERA regulations. The repeated rulings against them highlight a systemic issue within their operational framework, which has evidently failed to prioritize adherence to legal standards and timelines.