What is your view about Central Park 2?
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It is very dissatisfying indeed to see a beautiful project like Central Park 2 completely modified and mismanaged during construction. When such projects are made here in Dubai, they are allowed to be sold only when completed. Its not surprising then that so many customers in India face the same issues that are being faced by owners of Central Park 2.
This article highlights the plight of customers : http://economictimes.indiatimes.com/markets/real-estate/realty-trends/8/10-home-buyers-are-unhappy-with-their-purchase-survey/articleshow/7204708.cms
Having invested in the project since 2004 not only have most of us lost money by the delay but have also paid a big opportunity cost for having blocked our money for so long and not been able to invest elsewhere. To think that we now have to pay escalation for the builders fault is appalling. Its even more frustrating to see a dividing wall that has been built between the first and second phase. Its cheating and we should join hands and take the builder to the cleaners. Sue them to the full extent of the law and show them no mercy.
Hi,
I am back in town.
Did you folks see the full page add released by CP2 management regarding Bellevue villas.
It just struck me that they are trying to release stock in the market. The villas were sold “escalation free” and now command a higher price too. Secondly, CP2 management, their relatives and investor friends have stock in phase 1 and it would be ideal for them to trade this at Rs. 4700 – 4900 levels as the company does not have to pay escalation to itself. So the actual value realised by the company even at Rs. 4700 levels will fetch them better gains than individual owners.
Some individual sellers are struggling to retain the property due to the escalation, high interest burden; while others are offered only below par prices if they want out because of the escalation. So, in effect we are hit both sides. If we keep the property we pay escalation and if we let go we face competition from the CP2 management and their investor friends who can offload at lower price but still realise higher gains.
EXAMPLE
CP2 Management (or Friends / Relatives) Selling Flat:
Price sold at: Rs. 4900
Net Profit (Rs. 4900 – Rs. 2050) = Rs. 2850 per sq. ft.
Individual Owner Selling Flat:
Price sold at: Rs. 4700 + Rs. 300 (escalation) = Rs. 5000
Net Profit (Rs. 4700 – Rs. 2050 – Rs. 50 (transfer charges)) = Rs. 2600 per sq. ft.
In this is why the market price of this property does not seem to be rising. JMD Garden which is 3rd rate as compared to CP2 (at least as projected) is commanding the same price as CP2 (net, if escalation is not included). Which means that the benefit of the escalation of having invested in a better project is be solely retained by the CP2 management whether we retain or sell out.
Do I make sense????????
Any idea how many flats does the CP2 management, sister concerns, the Bakshis and friendly investors have?????????
I HAD A VERY ROSY VISION ABOUT ULTIMATELY FINAL DELIVERY OF FLAT BUT I WAS SHOCKED TO SEE POOR QUALITY AND UNFINISHED FLAT DELIVERY. TOILETS UNCLEAN, OUTSIDE TEXTURE ON WALLS IS DIRTY, POOR FINISH,
That is very similar to happened at the Commonwealth games village. For the same reason, DDA enchased a bank guarantee of Emaar MGF worth Rs. 550 crores!
I would suggest that all owners should document these shortcomings by taking photos and videos. You should also email these photos and highlight your concerns to the CP2 vice president and CEO Mr Bakshi so that they are aware of the ground situation. Many members are doing so now.
Anil
Another Point worth checking:
The vitrified tiles in most of the Apertments are found to be sub standard. Please check that the tiles are not cracked, discolored, stained or unevenly fixed. Most of these tiles are a “stock-lot’ i.e. leftover stocks and were fixed atleast 12 months to 18 months before possession. There is a lot of wear and tear as a lot of construction was done while trampling on these tiles.
The “Wooden Tiles ” in the bedrooms are not actually “Wooden” but “Wood MDF Tiles” or in plain language “Wood lookalike Artificial material”.Ask for “Wooden Tiles” as in the specifications given in the Buyer-Seller Agreement.
I’m sure there are minor issues like defects inside flat which they have to rectify eventually but my concern is totally financial.
I have paid over 50 lacs and waited for 2 years more than required to get delivery. Who will bear my losses for that? I want interest on that money.
I have paid Rs. 1 Lac for club membership charges but there is no clubhouse next to the swimming pool, there is only a gym there. If i was shown a drawing with a clubhouse and charged for membership of the same, it is a fraud to not provide that to me, I want a refund of Rs. 1 Lakh with interest.
I paid Rs. 7 lacs for PLC charges to get a flat facing 20 acres of green. Instead, there is complete mess of construction. I want a refund of this money with interest. When the charges were taken almost two years ago, why has no garden and jogging track being made in this time?
Despite the delay caused by builder, they want me to pay Rs. 7.5 lakhs as escalation. There is a clear court order that a builder who delays projects cant charge any escalation. I want a stay order from the court against these charges.
Overall, I think this amounts to a large scale fraud in the name of construction and the ones who feel cheated are those who genuinely wanted to have a apartment to live in. I am willing to share the cost of litigation, we should hire the best lawyer even if it takes 2 years to get this money back.
There has been an increase in the interest rate on our home loan of almost 2% during the last 12 months. We are also paying rental at our present place of stay. Who will bear all such charges? And to top it all poor workmanship in our “Dream ” flats!
Also, the registration cost has increased. If the apartments were delivered on time, you would have to pay about Rs. 2 lacs less in registration costs.
Investing hard earned money in Central park 2 has been a disappointing experience. I have spoken to the officials of the company every month over the last two years asking them for a date of completion. Everytime they have lied through their teeth giving out dates and promising delivery by then. The authorities at CP2 are now focused on the second phase and are only concerned about completing the phase 1, without delivering those amenities that had been promised by them. One of the most upsetting issue is that while they have delayed construction of the building, we have to pay for this delay in terms of cost of escalation. The double whammy is that on one hand you pay EMI, on the other rental and on the third an escalation cost as well. As a group I think we need to take stronger action against them including either going to the press and court.
Towers 7,8 & 9 are far from complete. In fact there has been little progress in construction during last 3 months. An insider says there is a payment dispute between Simplex Construction Co. and Sweta Estates and SIMPLEX has now stopped work on project. Central Park people are trying to complete the rest of the work with inexperienced petty contractors and unskilled labour. And this is leading to problems galore! Problems such as tremendous seepages, Uneven and shoddy fixing of tiles etc. and many others.
This is the format of letter I gave at the time of receiving possession of my apartment in Cp2.
Mr. Amarjit Bakshi, CEO & Board Member
Sweta Estates Pvt. Ltd.
3rd Floor, Tower D, Global Business Park,
MG Road, Gurgaon-122002 15th January 2011
Dear Sir,
Sub: Forcible signing of illegal affidavit and payment of Escalation
Charges
I am being forced to sign an illegal affidavit under duress while taking possession of My Apartment No. XX A/B/C in Tower X in Central Park 2, saying that I have no issues with Central Park Estates Pvt. Ltd. and Sweta Estates Pvt. Ltd.and the Apartment is according to the Buyer- Seller Agreement. (Which it is not). In addition you are charging Escalation from me for the delay in construction which is totally due to your own making. I have to take possession immediately as I am paying an exhorbitant rent at my current place of stay and also paying hefty interest on my Home Loan. Although the amenities promised to me are either not ready or are not being provided and my apartment also is in a bad shape due to inferior construction and poor workmanship, I am taking possession under protest and without prejudice to my rights to pursue claims that I may have in Law or otherwise and nothing herein shall be construed as waiver there of.
(XXXX)
Owner of Apartment No. XX X Tower XX
Copy To:
Customer Relations Manager, Sweta Estates Pvt. Ltd.
Vice President, Central Park Estates Pvt. Ltd.
Those who have made payments so far should also give the same letter, changing the text a bit to reflect that payment was made under duress.