Buyers Looking To Exit DLF Project In Gurgaon

Published: April 14, 2009 at 8:45 AM | Author: Administrator
News Source: Livemint.com - April 7, 2009

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At DLF's New Town Heights project in Gurgaon, 600 buyers got together in an online group and in a recent poll 70% of them want DLF to refund payments, of up to Rs 31 lakh in some cases. The firm has not begun construction on the project yet and as real estate prices dropped in the past six months, it has left people dissatisfied with the value proposition. Launched in March last year, the project is based in sectors 90, 91 and 86 of Gurgaon, with apartments selling in the Rs 45-75 lakh range. The project has around 3,000 apartments, of which around 85% have been sold, as per the company claims. DLF has already announced a price cut of 20% for apartments in the New Town Heights project for both existing as well as new customers. However, the catch is that the price cuts are subject to certain complicated terms and conditions that forbid the customers to exit at a future date.