[T.S.R:11664] Another DLF project runs into rough weather

Another DLF project runs into rough weather

TNN 22 November 2009, 06:17am IST

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KOLKATA: First, DLF's ambitious township project in Dankuni 20 km to the west of Kolkata was put in the backburner. The DLF Hilton hotel project

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along EM Bypass followed suit. Now, the group's biggest commercial project in the region at New Town has run into rough weather. Of the 223 customers who had booked office and retail space in Galleria, 100 want to log out and are demanding a refund. With more customers bracing to join the exit army, the project is in serious threat of getting derailed.

DLF Galleria is a 300,000-sqft project proposed on a 3-acre plot in Action Area-I of New Town. The 13-storey mixed development comprised of retail on the ground and first floor, food court on the second and office space in the remaining 10 floors.

"Though the project commanded a very high premium, we booked into it because of DLF's name. The project was to be completed in two and a half years, but construction has only just begun. We don't want to be a part of the project any longer as there are several other irregularities that have come to our notice. Hence, we are demanding a full refund of the money that we have advanced," said Rajarhat Welfare Association (RWA) president Rajendra Kapoor.

The RWA was formed by individual shop and office owners who wanted to exit the DLF project but were not permitted without forfeiting a major chunk of the money invested in the project. RWA has reported the matter to the Barasat SDO and 78 investors have filed complaints. The remaining 22 will register their complaints on Monday. The matter will come up for hearing on November 24.

DLF, on its part, has refused to entertain the exit demand, stating that the project was not a current bank account where money can be deposited and withdrawn at will. "The global meltdown that led to the slowdown in India battered the real estate sector. We got hit like everyone else. Now, residential projects are taking off again. But commercial and retail projects are still lying cold. Still, we have begun construction in New Town. All approvals are in place and we are committed to deliver the project on schedule as promised," a DLF official said, adding that should the project get delayed, customers will be compensated.

The investors though, are not willing to listen. They alleged that the company had accepted booking amount before registering under West Bengal Apartment Ownership Act, 1977 and under the West Bengal Building (Regulation of Promotion etc) Act, 1993.

"Most of us have paid the initial booking amount and the first deposit. Thereafter, we have stopped paying the instalments and did not sign the agreement. We want the company to return our money," RWA secretary Anirudh Jhajharia said.

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