Well, 2011 probably didn't start of well for GPL investors including end users for a couple of reasons
MINT TOWER - Yeah they screwed up!!! I don't know what was the problem considering that the mint towers were sold out 'instaneously' - probably just like Eden heights have only a few apartments remaining for the past 2 years :)..sounds like a joke now! Well long story short
-- The company is returning users payments with 8-10% interest pa. (hope someone confirms this)
-- Mint tower refunds doesn't have a big financial impact on the project as the builder had only taken the booking amounts etc..(thats what i gathered from GPL..investors know better)
-- Personally I doubt that MINT Towers will ever be built now. Lets see whats the plan to use the space
bottomline - IT SUCKS!! and doesn't instill a lot of confidence
EDEN HEIGHTS - EDC/IDC
-- the way EDC IDC works is (the less the developed area, the more is the edc idc...i.e govermenment needs that much more money to provide basic infrastructure... i.e broken roads, no water and electricity etc :)
-- EDC/IDC is something government charges so builder doesn't have control over it
-- QUESTION and I am tryin to figure this out --- EDEN HEIGHTS is already 1 year+ behind schedule so assuming that EDEN HEIGHS was delivered in Feb 2010 (3 years)...we would have been saved of the new EDC/IDC -- does it work like that??? If so then -
--- where is the penalty that that builder needs to pay endusers - i.e 3rupees psft per month x 12 months ..so for a 2000 sqft apartmenmt it turns out to be (2000x3)x12 = 72000 and interest etc and the additional edc/idc is approx220,000/-
i am trying to figure this out..any input is appreciated... obviuously all of us are feeling a little Short-changed!!!
.....vik...
