Press release from CP2 – will be useful later

This press release appeared on 10th Dec 2010. Instead of giving owners a detailed explanation of how the escalation is being calculated, a simple certificate showing the amount of escalation is being given. Similarly, the aluminum windows have large gaps between the walls and frames, yet the claim to be certifying it.

Central Park India to issue quality certificates from leading consultants to its flat owners at the time of possession

New Delhi, December 10, 2010: Central Park India, developers of luxurious and upscale Central Park I & Central Park II projects in Gurgaon, will handover to all the customers, quality certificates from leading independent auditors and technical consultants like Grant Thornton and Jones Lang LaSalle, India. These independent consultants have certified area of each apartment, specifications, cost escalation, construction quality & structural integrity.

Bellevue, the Phase 1 condominium towers of Central Park II, is now being handed over to its delighted owners for possession. And with this latest project, Central Park is not only delivering homes but also on its promise of quality. Along with possession, home-owners are also getting certificates validating all specifications from leading auditors and technical consultants. The company is issuing six quality certificates that comply with the Buyer’s Agreement. The certificates carry a seal of approval from the consultants on specifications relating to the construction quality and the structural integrity of Bellevue.

Having firmly established itself as a leader in the market for upscale condominiums, Central Park is now safeguarding the interest of its customers by bringing transparency in all its dealings.

Details of the certificates are as under:

a. Super Area and cost escalation Certificate by Grant Thornton Advisory Pvt. Ltd., an international organization specializing in providing compliance and advisory services

ü Inspection report for Central Park property’s specifications to be in accordance with Buyer’s Agreement by Jones Lang LaSalle

b. Design and Safety Certificate by Dema Consulting (Member of Consulting Engineers Association of India). This would certify that Aluminium Glazings has been designed as per the provisions prescribed in the National Building Code and relevant Indian Standard Code IS:875 (Part 3) for wind pressure and safety from earthquake of the intensity anticipated under Zone IV

c. Certificate for the Safety of Mechanical, Electrical and Plumbing by KCB Associates Pvt. Ltd. ensures that the residence is safe for occupancy with respect to fire and electrical safety norms. Moreover, sufficient water storage and Sewage Treatment Plant has been provided.

d. Certificate of Non Encumbrance by a renowned Advocate

Promising transparency & safety to its customers, Central Park’s Vice President – Business Development, Mr. Vineet Nanda states, “We at Central Park believe that the relation of trust is central to our philosophy; this must be demonstrated more than mere words through actual on-ground implementation. Central Park is the first ever company in India to attain six quality certificates. Individual certificates are being handed over to each apartment owner at the time of possession. We are not just in the business of building apartments, we believe in building trust.”

About Sweta Estates Private Limited:

Sweta Estates Private Limited is a leading Real Estate Developer in India. It has a significant presence in the NCR region with various projects either already present in the market, or in various stages of development. Ashmore Associates LLC, a leading UK-based investment firm, has taken a significant equity stake in Sweta Estates. Sweta Estate is a zero-debt company & has bank balance in excess of Rs.3250 million and net worth of Rs.5200 million.

The company’s first project, Central Park I, a pioneering upscale condominium initiative located in Gurgaon, was an unprecedented success. Numerous projects are being planned across several states and scheduled to be executed in the near future. Sweta Estates has over 10.9 million sq ft of existing development and another 65 million sq ft planned in projects spanning sectors like hospitality, leisure, recreation, commercial and upscale residential developments.

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