Construction delay worries DLF investors

Buyers are worried after the news spread that DLF has stalled construction of its much-hyped project DLF New Town Heights in Sector 90. However, a statement issued by DLF says, “DLF has not stalled, deferred or put on hold any project where we have made commitments with our customers, including DLF New Town Heights and Express Greens in New Gurgaon. Commitment of DLF remains unchanged and we will put all required resources to deliver the projects on time.”
Naveen Chaudhary, a resident of Princeton Estate in DLF Phase V, says, “I have made 50 per cent payment for my flat. DLF had promised us possession within three years. One year has already passed, but only basic excavation work is done on the site. There is no way that DLF can build this in two years now. Last week I went to the site I saw only a few machines and no workers.”
Delhi resident Sachin Jain, a CA by profession, bought a flat in New Town Heights for Rs 44 lakh. After two months he received a call from DLF that he had been allotted a flat in Sector 86. “I gave them the allotment amount and submitted three installments. When I was supposed to sign the buyer’s agreement I was told that the price was raised by Rs 5.78 lakh. When I protested, DLF officials told me they will reimburse the money but will deduct Rs 7 lakh,” Sachin says.
Sachin Jain has paid 35 per cent of the money. Now the company has asked him to deposit the rest of the amount. “Only a board stands at that place. Construction hasn’t started on the plot in Sector 86. The DLF is asking me to pay installments in time and if I don’t they will charge 18 per cent interest,” he says.
“DLF New Town Heights was launched in Q4 of last fiscal. It took us a few months to get necessary approvals to commence work, and since then we have already completed the excavation/foundation work. It should be noted that 24-storey buildings require a significant work below the ground, which takes time,” Sanjey Roy, Sr General Manager, Corporate Communications, DLF Ltd, says.
However, a few of the investors hope the construction giant completes the project in the remaining two years. A group of investors are meeting DLF officials in Delhi on Saturday.

No slowin’ down, house that!

The unending euphoria of realty sector witnessed during the last few years is finally showing signs of recession. But even in times of downturn, Tata Housing, which launched a project in Gurgaon last year, assured its investors that the company was committed to the construction, execution and delivery of its project, Raisina Residency.
Reaching out to its customers, Tata Housing Development Company, Managing Director, Brotin Banerjee, said, “With the slowdown impacting industries across, the realty sector is going through a bad phase with nervous consumers avoiding high value purchases. The biggest concern for any buyer is the transparency in dealings, credibility and reliability of the developer and the deadline.
“We, at Tata Housing, are committed to make landmark projects in terms of quality with timely construction, execution and delivery, even in these difficult times. Our entire team is dedicated to safeguard the trust of our customers and we will deliver the product as scheduled,” he said.
Raisina Residency is a premium and exclusive residential complex in Gurgaon inspired by the theme of ‘art and culture’. It is scheduled to be completed by June 2011. Last year, Tata Housing signed Kapil Dev as its brand ambassador. The premium apartments are priced over Rs 1 crore and are being built in Sector-59 on Golf Course Road.