Mega Project of 500 Acres of M-Tech Developers, in Gomti Nagar Extn. area. Plots available on original booking at Rs 4375/- per sqyds. Plots on resale (original Booking of Rs 3100/-) are available on resale. Brokers are asking premium of Rs 400 to Rs 500/- per sqyds & Rs 600/- over plot size of 200 sqyds.
Is it really advisable to pick these options at such high premium. What credentials M-Tech Developers are producing in support of their project ? The company has so far not displayed any documents to prove that they have acquired land or sought approvals to bring Township in Lucknow.
Official Website of U.P Goverment is absolutely silent on details of Mega Projects. We have not been able to understand why U.P Government has no dedicated information bank as provided by Punjab Goverment. (http://puda.nic.in/mega-projects.htm)
Artificial Inflation created by New & Upcoming Developers can be dangerous too ? What will happen to premium amount paid by Investors if project does not take off ?
Why Developers & Governments are not working in the interest of Common Man ?
As per our recommendations premium amont shall never exceed 50% of Reservation amount. If it is happening somewhere, Developer is artificially supporting it.
Nexus between U.P Govt. & Developers shall always be seen with suspicion & checked ?
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2 comments:
Anil, It is right that one shall not give much premium in prelaunch offers. Only after project gets launched 7 construction activity gets started, one should buy property after paying premium. As the premium paid is not risky & chances of loosing money gets over.
It seems township of M-Tech is not coming up as no movement in market has been felt. On cancellation also the company is not refunding payments before six months. Company shall pay interest over the period money utilized by them ?
Consumer court appears to be the only solution.
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