Saturday, February 25, 2012

Projects Era has never owned but being sold

Yes, it happens only in the land of the Ganges. Residential projects sold by property dealers/brokers/consultants in sector-1 t03 and sector-86 dwarka ( express road) for the last one year, have still not been owned by the Builder " Era Landmarks Ltd", as there website still does not show these projects as projects launched by them or approved by the DTCP. Yet, unhindered the sale goes on with property consultants listing these projects on every property portal, their own websites etc.
what is peculiar about these advertisements by these property dealers is that they all talk of the great price at which the project is being offered, and the fact that the price are going to revised soon. Features like acreage of the project, apartment categories/types etc are all being flashed to convince the prospective buyer that the project has been approved and the plans ready, plus the construction would start shortly within a month or so.....all false and fraudulent claims. Why False??? mentioned in our previous column on the same subject on June,2011....That it's mandatory for any Builder in the State of Haryana to get licence of its project approved by the DTCP and only thereafter advertise for its subsequent sale to public at large with clearly mentioning the licence number of the project. So in this case  , ERA LANDMARKS is not advertising directly but through its chain of property dealers etc is propagating the salient features of its residential projects as well as accepting bookings for the same. The builder through this channel is generating huge cash flows which is partly consumed by the builder to pay commissions to these brokers and also to further augment advertising campaigns, leaving the home buyers in lurch as they have committed their hard earned lives saving in a project which in sales brochure is totally different from what the sanctioned plan of the same would be in coming time....perhaps it would be approved after all..or perhaps like DIVINE-COURT, SECTOR-76,FARIDABAD.....which was launched in 2008 and also sold completely, absolutely and fully in the same month of 2008....has still not received the mandatory licence and the period in which Era had committed it would give possession of the independent floors in this project has also elapsed.....similarly in 2006 Era sold the Redwood Residency and it was only in 2007 that Era formally got its licence which since 2009 has not been renewed Era has not paid the EDC it had collected in 2009 from all its customers in this project, so though the company has licence but it is not valid since 2009, and the possession has been delayed more than 3 years.....and as the project is still no where near completion maybe it would be 4 or 5 years delayed...Above all these are just two examples Era Landmarks has a history of Delayed projects...some which have not seen any construction since its launch in 2007, God Help all the home buyers of these projects. Hope Mr. T.C. Gupta is aware of what is going on in his territory and takes the strictest action so that the interest of Indian public is not compromised by the greed of corrupt builders.

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