Bouncing of cheques

Hi All,

As Shreya developwell for the Hindo heights project on NH 58, has offered EMI sharing scheme to its customers, where the builder will pay a fixed amount cheques to share the interest part of the EMI for the 18 months (some were also offered EMI sharing till possesion) of Rs. 23K . Now the interesting part is that these EMI cheques have started bouncing. For own flat, three cheques have bounced in row (Nov, Dec 08 and Ja 09). Also I have come to know that this is not only this situation with my cheques but with all the other customers under the same scheme. When Mr. Sareen is contacted for this, he mentions they had temporary problem with their bank and it is sorted, however the problem resurfaces evey month. So I am wondering what the financial situation of the company is. When the company can not have the cheques cleared from the bank, we imagine do they have money for building the whole project which require money in Crores. In this scenario this EMI sharing scheme is nothing but a Joke to all the people who showed confidence in this new builder and purchased the flat. I request my friends who have purchased flat to unite so that we can press these guys to do what they are suppose to do.

Hope to hear from you all!