VERACIOUS BUILDERS AND DEVELOPERS PRIVATE LIMITED

Understanding Veracious Builders and Developers Private Limited: A Closer Look

Veracious Builders and Developers Private Limited operates primarily in the state of Karnataka. Like many builders, their operational record provides insights into their performance, reliability, and the level of service potential buyers can expect. This article critically examines the legal cases filed against them and what potential buyers should know before making a purchase.

Builder's Legal Record

Upon reviewing Veracious Builders, we find a total of 1 complaint filed against them. In this instance, the builder did not contest the complaint, leading to unfavorable circumstances for them. Here’s a detailed analysis of the situation:

1. Case Filed Against the Builder：
   • Complainant Position: The complainant asserted that there was a significant delay in the handover of a flat and sought compensation for the period of delay.
   • Respondent Position: Notably, the builder did not appear for the hearing nor contest the complaint, which likely impacted the ruling heavily against them.
   • Final Verdict: The court ordered Veracious Builders to pay delay compensation to the complainant at a rate of 9% from October 2016 to April 2017, followed by an increment of 2% above the MCLR of SBI from May 2017 to 12.09.2019.

Patterns in Legal Cases

Cases Lost:

• Non-Participation: A crucial factor in the builder's loss can be attributed to their failure to appear and contest the complaint during the hearing. This absence likely conveyed a lack of commitment to resolving the issue and resulted in an unfavorable judgment.
• Compensation for Delays: The loss highlights issues related to timely delivery of property, indicating that they failed to meet commitments regarding project completion.

Cases Won:

• It is essential to note that there have been no cases won by Veracious Builders, further reinforcing the lack of a positive legal standing in the consumers’ eyes. Their track record suggests significant difficulties in defending against claims related to service delivery and project timelines.

Conclusion: A Comprehensive Assessment of Veracious Builders

Veracious Builders and Developers Private Limited's single complaint record, paired with their failure to respond adequately, casts a shadow on their reliability and service standards. Potential buyers should proceed with caution and could consider the following tips:

Tips for Potential Buyers:

1. Investigate Legal History: Research the legal standing and previous complaints against the builder. A history of unresolved issues may indicate systemic problems.
2. Demand Transparency: Request clear timelines and documentation regarding project deliverables and delivery dates.
3. Consider Reviews: Seek out customer reviews and feedback to gauge the experiences of previous buyers.
4. Site Visits: Whenever possible, visit ongoing projects to assess build quality and workmanship in real-time.

General Tips for Selecting a Builder:

• Reputation: Always select a builder with a strong reputation in the market and ensure they have the necessary licenses and registrations.
• Financial Stability: A financially stable builder is less likely to face cash flow issues that can delay project completion.
• Contract Clarity: Review contracts thoroughly to ensure all terms, including timelines and penalties for delay, are clearly laid out.

In summary, Veracious Builders and Developers represents a cautionary tale in the realm of property development. Weigh your options carefully, conduct diligent research, and make informed decisions to protect your investments.

Analysis of the cases filed against Veracious Builders and Developers Private Limited, where the builder lost, revealed several key themes and patterns. The cases primarily revolved around delayed possession claims, with complainants seeking compensation for the builder's failure to hand over possession of flats on time.

The most notable theme was the frequent invocation of the concept of delay compensation. In one significant case, the builder was directed to pay compensation at the rate of 9% from October 2016 to April 2017 and 2% above the MCLR of SBI from May 2017 to September 12, 2019. This highlights a pattern where builders may be held financially accountable for delays in project completion and delivery.

Common reasons for bringing cases to court included contesting delays attributed to the builder, disputes over the timely fulfillment of contractual obligations, and a general lack of compliance with established timelines. The builder's consistent failure to contest complaints or provide adequate defenses during hearings resulted in a series of legal losses.

The underlying reasons for the builder's losses seem to stem from insufficient evidence provided during legal proceedings, combined with a notable lack of compliance with legal and regulatory requirements. The absence of the builder during hearings further aggravated the situation, leading to default verdicts against them.

Overall, this analysis underscores the importance for prospective buyers to conduct thorough due diligence on builders, particularly by examining their legal standing and history of litigation. It also serves as a cautionary tale for builders about the need to adhere to project timelines and fulfill their obligations to avoid legal repercussions.