LOSS OF REBATE LODHA HI RISE BUILDERS PVT. LTD.

Sir,

Lodha Hi Rise Builders Pvt.Ltd.,Lodha Excelus,N.M. Joshi Marg, Mahalaxmi, Mumbai- 400011,offered MYGAIN Scheme to its customer wherein 12% PA rebates offered to the customer on the Advances given by the customers. Accordingly, I made advance payments of Rs.3,80,000/- on 22/11/2014, Rs.2,00,000/0 on 29/12/2014, Rs.2,00,000/- on 02/01/2015 and Rs.2,00,000/- on 09/02/2015. There was a total Rs.5,94,932/- credit balance in my MYGAIN A/c. on 09/02/2015.

Lateron, Builder came out with another scheme called EASYGAIN Scheme wherein, if the advance disbursal of Loan for level 5,7,9,10,12 & blockwork is taken and paid to the Builder, then the Builder would pay as CASHBACK the differential amount of interest payable to the bank. Accordingly I opted for the EASYGAIN Scheme and took Advance Disbursal for Level5,7,9,10,12 & blockwork from my loan provider HDFC amounting to Rs.10,14,135/- and paid to the Builder on 17/02/2015. I received CASHBACK calculated with reference to Level5,7,9,10,12 & blockwork amounting to Rs.16541/-.

Builder provided me the Demand -cum- Invoice dated 21.02.2015 clearly showing the balances in my MYGAIN & EASYGAIN A/c, amt adjusted for Block work and rebate given. But from level 5 onwards builder stopped giving all details i.e. balance in MYGAIN &EASYGAIN a/c, amount adjusted & rebate given but only gave demands in DEmand -cum Invoice letters. I raised objections to it but builder continued to give vague and incomprehensible calculations and invoices and letters for interest for delayed payment etc..

Lateron,after a lot of communications, I came to know that there were credit balance amounting to Rs.1,41,243/- as on 19/04/2015 in my a/c. which differed immensely from the amount Rs.1,91,714/- calculated by me. The difference was Rs.50,471/-. When enquired to the builder, It was noticed that the Builder had adjusted the dues of Level5 onwards from my MYGAIN A/c till the balance in my MYGAIN a/c exhusted and then from EASYGAIN A/c. thereby depriving me of the rebates which I would otherwise have got under my MYGAIN Schme. This action of Builder amounts to cheating & Unfare Trade Practices.

By doing so, the Builder has ensured for itself the access to interest free fund amounting to Rs.10,14,135/- at the cost of interest to me and thereby violating the principles of mutual benefits.

I drew the attention of the Highest Management level of the Builder specifying that the action as stated above amounts to cheating and Unfare Trade Practices and does not stand to the principles of Mutual Benefits but their responses continued to be vague, contradictory and non reconciliatory.

I therefore request you to advise Builder to adjust the dues for Level 5,7,9,10,12, & block work from my EASYGAIN a/c. and allow the rebates on the credit balances in my MYGAIN a/c.

Thanking you

Yours Faithfully,

PARESH SHAH