I am a recent buyer of a Prestige apartment. I was satisified with every aspect of my interaction with them, until their project became delayed. The delay will be for approximately for a year(at least) and as per agreement that we signed, Prestige is supposed to compensate us for the delay, a fixed percentage of price of apartment - until apartment is delivered.
A letter was sent by Prestige to me early December'08, explaining that they have witnessed "unseasonal rains", "labor strike at place where they procure sand", "delay with Government for granting them environmental clearance", hence I will not be eligible for any compensation.
Also, the letter states that they had witnessed "unprecedented increase in raw material prices", that they had not passed on to customers. Also, the project had "appreciated in value" - which essentially means we should not complain.
Moreover, Prestige continues to give false press releases as in https://indiaprw ire.com/pressrel ease/real- estate/200907273 0180.htm where they have mentioned, which I quote: “It also gives me immense pleasure to state that the Prestige Group has once again managed to complete these projects
well on schedule."
Just to clarify this point, their own website reveals the truth: https://prestigeconstructions.com/residential-properties/buy-apartment-flats/KensingtonGarden/faqs.html and point 12, which I quote: "12. When does the development start and when can I expect to move into my new home? Marketing will commence on 21st Jan 2006, construction will commence by April 2006 and your new home will welcome you by
August 2008."
Hence, how can their project be "
well on schedule" if the project is already delayed by over a year?
Also there is discrepancy in what they promised and what they delivered. At our apartment complex, they have done away with one pool, moved and reduced children's play area, removed jogging track -
all without informing the buyers. They might give any reason for the changes, but they should intimate the buyers who have invested in the property under an agreement.
Buyers like me have paid them as per their payment schedule and I had signed an agreement that THEY had written. If they have delayed project and have modifed the project without my permission, I am eligbile for compensation.
- Thank You! We appreciate your effort.
