May offer more to Gurgaon project buyers

        DLF, the country's biggest property developer, may announce a "relief package" for customers of its second Gurgaon project, ‘Express Greens', a few days after it announced a similar package for those who had booked at its ‘New Town Heights' residential projects, also in Gurgaon.

            The KP Singh-owned developer might announce a price reduction as well as construction-linked payment for Express Greens, sources said. The company had told its customers not to pay any installments after the initial 35 percent advance payment till construction commenced, some customers told Business Standard. A DLF spokesperson declined comment.

            In the original agreement, DLF could take time-bounces payments from customers without progress on construction. The company recently introduced a "Construction Linked payment plan" for its New Town heights Customers.

            Express Greens, launched in August 2008, is one of the biggest mid-income housing projects announced by DLF around Delhi. The company so in the process of getting plan layout approvals and environmental clearance for the project.

            In a communication to customers, DLF reiterated its commitment to complete the project within three years and said the company had decided not to ask for installments till the start of construction. Express Greens is supposed to have three-bedroom apartments of 1,760 sq ft and four-bedroom houses of 2,125 sq ft, costing Rs. 46lakh to Rs 69lakh.

            The company also hinted that it was working on a relief package and the details would be finalized soon. Customers, however, want DLF to be clearer on when company also hinted that it was working on a relief package and the details would be finalized soon. Customers, however, want DLF to be clearer on when the work will start.

            "DLF has not indicated what are the approvals they require and when they applied for these. We can only hope there is no delay." Said a person who had booked a flat in the project, declining to be named.

            Last week, DLF offered as much as 20 percent discounts to customers of the New Town Heights project. It announced 5 percent discount on the basic sale price and a 10 percent timely-payment rebate. The changes also included an increase in the compensation rates for delays from Rs5 a sq ft per month to Rs 10 per sq ft per month to RS 10 per sq ft.

Business Standard date:-31/03/2009