PM Senthil Kumar, a Delhi-based executive, booked a flat in Omaxes project called Galaxy in Sector 112, Noida. Since 2007, he has already paid over Rs 10 lakh to the developer. However, when work on the project did not start even two years after its launch, Kumar applied for a refund. He says he had booked the flat not because he wanted to speculate in property, but because he needed a place to live in.
Kumar says Omaxe has shattered his dream of owning a house. I have visited their office and requested for refund with interest. They are not agreeing to this. They also say that they will not refund the money before December 2009. And even then they will only refund the principal. It means that my money is stuck with them for more that two-and-a-half years. He said when he enquired with the developer about the project, he was informed that the New Okhla Industrial Development Authority (Noida) had not given them possession of the land for this project till date because of a compensation-related issue with farmers. How can a developer book flats without even owning the land? Isnt this a fraud? asks Kumar.
Hemanta Bhatt, another aggrieved buyer, has also cancelled his booking in the same project. He says that despite multiple follow-ups, Omaxe hasnt refunded his booking amount with interest. I had paid 25 per cent of basic selling price for buying a flat in Galaxy, Noida. As this project was not approved by any bank, I was unable to arrange a loan. The builder had promised me that they would soon get the project approved. But till date there has been no news from them on this count.
More : expressestates.in
Send an E-Mail for Noida Property Enquiry!
Related News from Noida
Worker killed at Delhi Metro construction site
A crane driver died on Tuesday after a cement concrete block fell on him due to a "technical failure" at a Delhi Metro construction site. The victim, B Singh, was an employee of Navyug Construction Company that is building the metro line on the Mayur Vihar-Noida stretch. Delhi Metro chief communication officer Anuj Dayal said the accident occurred near Mayur Vihar in east Delhi at around 4.30 pm. More : hindustantimes.com
Worker killed to the Delhi Metro construction site
A crane driver died on Tuesday after a cement concrete block fell on him due to a "technical failure" at a Delhi Metro construction site. The victim, B Singh, was an employee of Navyug Construction Company that is building the metro line on the Mayur Vihar-Noida stretch. Delhi Metro chief communication officer Anuj Dayal said the accident occurred near Mayur Vihar in east Delhi at around 4.30 pm. More : hindustantimes.com
Worker killed at Delhi for Metro construction site
A crane driver died on Tuesday after a cement concrete block fell on him due to a technical failure at a Delhi Metro construction site. The victim, B Singh, was an employee of Navyug Construction Company that is building the metro line on the Mayur Vihar-Noida stretch. Delhi Metro chief communication officer Anuj Dayal said the accident occurred near Mayur Vihar in east Delhi at around 4.30 pm. More : hindustantimes.com
Worker killed Delhi Metro construction site
A crane driver died on Tuesday after a cement concrete block fell on him due to a "technical failure" at a Delhi Metro construction site. The victim, B Singh, was an employee of Navyug Construction Company that is building the metro line on the Mayur Vihar-Noida stretch. Delhi Metro chief communication officer Anuj Dayal said the accident occurred near Mayur Vihar in east Delhi at around 4.30 pm. More : hindustantimes.com
E-district project a non-starter
UP is moving at a snails pace in the implementation of the centrally sponsored Rs 18.91 crore e-district project drawn up for six districts in the first phase. Launched with great fanfare on September 1, the project for all practical purposes remains a non-starter in the districts of Ghaziabad, Gautam Buddh Nagar (NOIDA), Sitapur, Rae Bareli, Sultanpur and Gorakhpur. The projects implementation period is one year which ends on August 31, 2008. Based on this, the project would be extended to the entire state. However, the delay in the execution of the project has become a cause of concern for
Ansal Housing and Construction: Buy
Investors with a two-three year perspective can consider investing in the stock of Ansal Housing and Construction (Ansal Housing). Proven execution capabilities, a good number of ongoing projects and healthy financials suggest that the companys present earnings growth may sustain over the medium term. However, being a small player in the realty market and a small-cap stock poses higher risks than those faced by larger players. Investors willing to take these risks can consider buying the stock in small lots (as the stock is prone to sharp surges and declines). At the current market price of Rs 310 the stock
Housing Ministry unveils Model Real Estate Regulation Act
Tata Housing launches affordable housing initiative New Haven' Call of the mall 3C Company to invest Rs 500 cr on housing project in Noida MEDIA Model Real Estate Act TOPICS construction and property heavy construction house building real estate laws civil No buildings or townships meant for sale, in the near future, can be undertaken without registering them with the Real Estate Regulatory Authority to be set up in each State. The Ministry of Housing and Urban Poverty Alleviation has published the draft Model Real Estate (Regulation of Development) Act to control and promote construction, sale, transfer and management of