The Hindu Business Line : DLF home buyers meet to discuss exit, price reduction

Chennai, March 2 Many of the 200 buyers who met regarding DLF’s Garden City township project expressed a wish to exit the project, while some hoped to wangle a reduction in prices.

At the meeting organised by individuals who had coordinated the group on the Internet, a majority expressed disappointment over the progress of the project coming up about 20 km south of Chennai off the Old Mahabalipuram Road.

Mr G. Shyam Sunder, a Chennai-based advocate, and coordinator for the group, summing up the nearly three-hour discussion said the buyers hoped to get a full refund on their advance that could be Rs 5-10 lakh.

Disappointment reasons

Some were for bargaining with DLF to bring down prices in the project. They were disappointed with the recent price cut announced by the company, he said.

Last week DLF brought down prices for its existing customers to Rs 2,500-2,600 a sq ft against last year’s launch price of Rs 2,800-3,200. For new customers it has announced a basic price of Rs 2,750. DLF Garden City is a 53-acre township project where over 3,493 apartments are to come up by 2011.

Dissatisfaction

The main reasons for members’ dissatisfaction relate to the condition of the approach road from the OMR, which is now only a 25-ft road against the promised 60-ft road; the company declining to register the undivided share of land in the buyers’ favour till completion of the project; and lack of clarity on the ownership of a 5-acre plot of land within the township area, and other issues relating to club membership.

Among the buyers were those like Mr S. Kumaran, a software professional, who said he has paid about Rs 33 lakh, about 95 per cent of the cost of a 1,500 sq ft apartment, with bank loan and Mr Pradeep Balakrishna, an employee of an auto component company who has borrowed from his relatives and hopes to repay once the loan is sanctioned.

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