Project snapshot in 2008 for the sector-103 project in Gurgaon, (Haryana) by Era Landmarks, states that the project is of 17.29 Acres & the estimated date of completion of the said project is January 2012. On 16/10/2010 vide Licence No. 79 ( LC-1585 A) got a licence from DTCP in the name of M/s Desert Moon Realtech Pvt Ltd for an area of 10.44 Acres. Pertinent point is what happened of the rest of the approx 7 acres? What about the false information spread through the property consultants about the 100 Acres land bank on which Era was launching the Mega residential project on sec-103 Gurgaon, was it just the consultants mis-doing or was it planted deliberately by Era to mis-represent facts for its mala-fide intentions. Should we doubt the figures laid down in 2008 presentation made so elaborately by the experts at Era Landmarks, maybe area was always 10.44 acres and Era exaggerated it to be 17.29 acres...even then how did they climb up to 100acres? The difference between what is there on the ground & floated around as propaganda is to large to believe, maybe that's why the slogan of Live the Difference.
In this interim period since obtaining the licence of this project, Era has sold Phase-1, Phase-2, Phase-3 & Plots to thousands of citizens of India. It has also allotted flats to buyers of Phase-1. To some buyers of Phase-2 allotment has been made but no agreement has taken place. remaining Phase-2 & phase-3 buyers are being asked to wait patiently as it would definitely be worth the wait. It is a fact that no bank has started to finance this project. We still do not know what the actual reasons might be, since we do not want to speculate, we would rather not say much about it. But, the banks must have some valid reasons not to finance a residential project with all necessary approvals at hand of the developer, maybe there is more than what meets the eye?
On the ground there is 100% standstill. The construction is not moving an inch any where. This construction that we are talking here about is only of the Phase-1 on sec-103 Gurgaon. The whole of 2012 has went by on the promise of construction to begin. Here is are some pictures taken recently that suggest what is happening at the construction front on the site, take a look
This batching plant & construction material has been there for almost an year now at the site, lying mostly idle
View of the sales office constructed on the site and the high tension wires passing just near it. From the above photos of the construction site, it is clear that work is practically on hold.
What does the customer lose by delay in construction, well many things. First the customer does not get the possession of his/her flats on time, sometime delays can be really heartbreaking, as a lot of money is at stake and the customer has made his arrangements based on the knowledge that the possession would happen in that particular year. So if the construction does not begin on time, naturally it would mean bearing higher cost in the way of paying High EMI's plus the Rents for longer periods of time than planned for by the home-buyer. Next comes the Higher taxes, Higher EDC, Higher registry charges etc, this could raise the cost of the apartment by no less than 20%, which was never envisaged by the buyer but the developer has taken adequate cushion against bearing these extra charges by the cleverly worded Buyer- seller agreement's, which are made available to the buyer not at the point of sale but many times after a delay of an year/ one & half year of the original sale and receipt of almost 25% of the booking amount, leaving the buyer with no choice but to accept such ridiculous terms & conditions. I would advise you make sure that the agreement you sign does not have such unilateral clauses that do not keep your interests in mind. Lastly it is the mental trauma & harassment that the Buyers of such delayed projects undergo for no faults of theirs, running from pillar to post trying to find when he/she can get possession of their properties after paying almost the entire promised amounts plus the extra charges that invariably will heap up, due to deficiency in service of the developer.
Therefore please do not believe in what is orally promised to you, write repeatedly and get written answers for everything from the developer. Ask him to tell you why is construction being delayed when the project was approved with all necessary sanctions from the point of sale. Ask him for written information of the Sanctioned layout of the project, ask him for the copy of the licence( LC-V) with land details. Ask him relevant documents of his Building plan approvals (BR-III). The clearance from the ministry of environment & forests. These approvals are necessary and its mandatory that the colonizer share the same with the customers.