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Our Bureau

Chennai, March 23 DLF Homes is committed to refunding the advance payments to those buyers who wish to exit the Gardencity residential project, according to Mr K.K. Raman, Executive Vice-President and Zonal Head, DLF Home Developers Ltd.

Addressing over 75 buyers who had gathered in the company’s office on Monday demanding this commitment in writing, Mr Raman said that the process of reimbursement had started last week. The company does not want to deny any one their payment, but a system has to be followed, he said.

Mr Raman said that the company has in place all the statutory approvals for the township project as of March 9 and the buyers were bound by the existing agreement between the buyers and DLF. However, DLF was willing to refund the advance in line with the buyers’ demand through a process of ‘re-trading.’

As and when the apartments are sold to other buyers through DLF’s direct selling agents, the buyers who wish to exit the project would be paid off in full, a process that could take place over the next two weeks to four months. However, he would consult with the corporate headquarters before communicating this to the buyers by the week-end, he said.

The buyers were part of an online group, which claims a membership of nearly 1,000 who have come together online expressing dissatisfaction over the progress of the project, and a range of issues including the quality of the approach road and a 5-acre patch of land within the project site that they said was yet to be acquired by DLF.

According to the members coordinating the group, at least 600 of the buyers have written to DLF wanting to exit the project. At the meeting with DLF on Monday, over 100 members have handed over a letter to this effect.

DLF officials said that the issues were being addressed. DLF also has a written agreement with the owner of the 5-acre parcel of land within the project to buy the land. The legal process was on and the deal would be finalised soon.

According to DLF, the number of buyers wanting to exit the project was less than 200. The company has sold over 1,800 apartments in the project where over 2,100 units are to come up in the first phase. Bookings were happening on a daily basis. The downturn in the market was the primary reason for some of the buyers wanting to exit the project. Among them were over 50 buyers who had lost their jobs and DLF was considering their refund on a priority basis, Mr Raman said.

The DLF Gardencity, DLF’s first residential project in Chennai, is a 53-acre township with 3,493 apartments coming up about 20 km south of Chennai, and 3 km off the Old Mahabalipuram Road (OMR). In February DLF brought down the prices for its existing customers to Rs 2,500 to Rs 2,600 a sq.ft against last year’s launch price of Rs 2,800 to Rs 3,200. For new customers, it has announced a basic price of Rs 2,750.

More Stories on : Announcements | Real Estate & Construction | DLF Ltd | Tamil Nadu

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