After waiting for over a year and paying over 42.5 per cent of the flats’ cost, when buyers were unable to see any progress in construction, around 400 of them formed an online group called New Town Heights Yahoo Group.

Kumar, the buyer who invested in DLF’s property, raises a question: “Under which account does the money paid so far for this project exist? Or has it been invested in some other project? If it is still in the bank, then how much interest is DLF earning on the money, since the money has not been utilised towards the delivery of the project?”

Five months ago when Kumar had enquired about when the project would begin, he was told that it would start in two-three weeks. “If environment approval required to start the project was not in place, then under what clause of the agreement does the deal remain valid?” he asks.

In response to the hue and cry raised by buyers, the developer has agreed to allow all disgruntled buyers to exit from the project. “We proposed a package for existing customers in New Town Heights and have also deferred future instalments for their benefit,” says a DLF executive.

DLF has offered buyers a discount of 20 per cent in addition to the facility of constructionlinked payment plan coupled with advance payment rebates. It has also doubled the compensation payable for any delay beyond the committed handing-over date.

According to a member of the New Town Heights Yahoo Group, “Around 71 per cent of investors plan to exit from the project. Another 24 per cent want to continue in the project based on the revised payment plan. And 5 per cent want to switch to another DLF project.”

... contd.