Developers cash in on incomplete infra projects
Before you buy a flat where private developers promise proximity to proposed expressways and highways, check the mega project's official status first. It is likely that the star attractions are still struggling to see the light of the day.india Updated: May 08, 2011 01:24 IST
Before you buy a flat where private developers promise proximity to proposed expressways and highways, check the mega project's official status first. It is likely that the star attractions are still struggling to see the light of the day.
At a property mela organised in Gurgaon this weekend, an array of developers had gathered to woo potential buyers of properties located in new Gurgaon areas, including Sector 58 to Sector 115.
A marketing executive working with a developer which has projects in the upcoming Sectors — 92 and 109 — said: "Our projects in sector 92 and 109 are located quite close to the northern peripheral road (Delhi--Dwarka Expressway). One project in sector 109 is just 200 metres away from the NPR."
The executive probably didn't know that the construction on the 18.5 km-NPR has not even started. To make it worse, state and central governments are still battling over the modalities about its passage.
On being asked when the NPR would be ready, the executive assured the customer: "It would be ready in around one and a half year's time (much less than the date of completion of our project)."
Another developer which is also offering residential properties in Daruhera (Gurgaon extension) capitalised on the closeness to KMP (Kundli Manesar Palwal) expressway which is missing deadlines one after the other.
The expressway has recently missed the April 30 deadline for opening traffic on the Manesar-Palwal stretch.
The monthly progress of the 135.65-km-long expressway went down to 1.06%, 0.88 % and 0.91% during January, February and March respectively, as Hindustan Times had reported a few days ago.
It is argued that if the work is done at this pace, it is highly doubtful that the work would be complete by November 2011.
But the developers seem to be optimistic.
Not only residential, even commercial properties are being sold, on the similar baits.
A mega commercial green complex planned in the information technology (IT) complex in Manesar puts the keys highlights of its location as ‘located right on the KMP and NPR expressways'.
The offices in this IT complex are ready for possession but the question arises whether the 'key features' are ready or not.
No one has an answer to this.