Crocodile tears after bombarding as great news by these same mushrooming property portals, PR agencies and news media praising the neta-connected builders few years back for building tallest structures in India. Supertech is now caught in an ugly row with customers that could see it incur huge losses. Like many great builders ran away with loot, Supertech is now busy calming buyers of apartments in its towers and talking to legal experts deciding whether to challenge or file a review petitions. Builder claims 40 ongoing projects worth Rs 14000 crore, at Gurgaon, Noida, Greater Noida, Uttarakhand and Bangalore.
Some so-called PR expert says, “The loss will only be of imaginary profits which they must have taken into account. It is a big developer, and even if the order is implemented, there won’t be much impact as they have invested a part of buyers’ money only in the construction and they will be able to refund buyers with the kind of portfolio they have.”
Another expert murmers that the money collected from the buyers is normally routed to other projects and the company must be earning profits from sale of apartments in such other projects, so refunding won’t be a big problem. With such incidents, brands take a beating and sales drop. There won’t be any immediate impact on prices but only on sales.
A common home buyer assets, such smart builders use some imaginary dates and demand amounts and comes up with shockingly high amounts which may run in many lacs for most of the customers. They will not even tell you how they arrived at such extortion figure as they don’t have a justification for that. So it is better to send this email now and get the details ASAP so that you don’t get a demand at a later date when you get your possession letter.
The company claims cash reserves of around Rs. 542 crore, and liabilities of Rs 3228 crore at the end of 2012-13, as per documents from ministry of corporate affairs. It grew to a company with revenues of Rs 1874 crore at the 2012-13 from Rs 218 crore in 2007-08, riding on the back of a real estate boom. If you are still looking for real estate investment, there are number of cities/ towns in the country to put your money in.
Noida and Greater Noida have enough commercial and industrial hubs. A city that has witnessed growth by industrial driver and economic drivers. Offers seamless connectivity to its residents. Areas in the city has got quick transportation and congestion-free roads.
The city offers a number of luxury residential projects. Noida and Greater Noida have many branded and private business schools and universities. Reason why demand for rental properties has risen, with calm surroundings and strategic locations. Offer huge returns in terms of inflating rental and capital appreciations in NCR.
Bhiwadi is an emerging industrial destination closer to Gurgaon, Faridabad and International Airport. It is a perfect option to put in your money. Located in the Alwar district of Rajasthan, it comes under the jurisdiction of the National Capital Region. Connected with Alwar, Manesar, Neemrana and Bawal. Further, the Delhi-Jaipur highway (NH-8) is just 5 kms away from the town.
Transport Nagar, Multimodal Transit Station and Integrated Freight Complex are some of the key projects in the pipeline. When it comes to retail real estate segment: Malls, Plazas and mall-cum-office complexes are the upcoming developments in this industrial town.
Located closer to New Delhi, Gurgaon is well-known as one of the leading industrial and financial cities of India. The civic infrastructure in the city is developing by leaps and bounds. City will see rise in metro connectivity as the subway metro stations are expected to rise. The constant rise of more commercial, industrial and residential real estate projects has led to increase in the property prices. Many prominent developers are building projects to cater to the requirements of the potential customers. No can deny that Gurgaon is the best investment real estate destination in the present scenario.
Pinky Jaipur is another emerging real estate market for investors. Jaipur is connected with metro- Mansarovar and Chandpole, so property prices are expected to rise. This will help the residents to commute to their offices. Due to better connectivity, potential real estate development and brilliant transport infrastructure, it has become a hotspot for investment. The city has improved over years and seems to be on development track. Soon, it will be one of the best Indian cities. Many reputed developers are offering various affordable housing projects, besides luxury real estate projects.
A local Ghaziabad court has issued non-bailable warrants against four top officials of property developer Supertech Limited, including its chairman, managing director, joint managing director and director, for duping. The National Consumer Disputes Redressal Commission (NCDRC) had directed Supertech to refund paid-up amount with interest to the home buyers. NCDRC passed order on a petition moved by home buyers. There are emerging real estate destinations, invest very carefully to reap real benefits.