After buyers of the luxury project Prideasia by Parsvnath Developers Limited (PDL) at Chandigarh IT Park,it is now the turn of allotees of other residential projects by the developer to lose sleep over the fate of completion of the projects. Compounding the buyers concerns is the lack of response from the developers side ,which may lead to withdrawals of bookings from these projects too. Buyers are worried because the fate of residential projects by PDL in the tricity is in doldrums. Not only has the developer been hit by the stalling of Prideasia,the work at other projects at Panchkula and Dera Bassi is also at a standstill. Besides Prideasia,PDL had launched two other projects in the tricity Royale,a residential project,on an area of eight acres in Sector 20,Panchkula,in April 2007 and Greens on 60 acres in Dera Bassi in the same year. "Even after repeated attempts of communicating with PDL officials by letters,telephone,personal meetings,both on site and in Delhi,we got no response from them. The last communication received from PDL was in March. A site visit at Sector 20,Panchkula,has aggravated fears of losing my investment of Rs 66 lakh," said Akhil Bansal from Sangrur. Bansal,a tax consultant,had invested in a three-bedroom apartment in Panchkula in December 2007. Though PDL officials claim nearly 60 per cent units have been sold at Royale,the site has seen no construction for over a year. All the site has right now are the sample flats with rest of the area having a few under-construction pillars. The reasons cited by officials at the site office for stalling of construction are technical faults in machineries,which are to be repaired soon. The project has 335 three-bedroom units in nine towers and the cost of an apartment ranges between Rs 65.25 lakh to Rs 67.75 lakh. Bansal added that if the company continued to be irresponsible,he would be forced to withdraw from the project. There are several other buyers like him who are uncertain about their investment and are ready to withdraw their bookings. "The project in Dera Bassi is facing some issues due to the dispute over the No Objection Certificate withdrawn by the Punjab government in 2007 over the violation of environmental norms. The developer is yet to receive the NOC," said a staff of PDL. The company is also fighting over the refund of Rs 516 crore deposited with the Chandigarh Housing Board as the bid deposit for Prideasia,bank guarantee of Rs 75 crore and Rs 2.06 crore incurred by PDL till date. Websites give out wrong info The webpage of Greens,a residential project in Dera Bassi,no longer provides any information on the project,whereas the website of Royale,a residential project in Panchkula,misleads about the location of the project. According to the website,the project is just half an hour from Shimla,the fabled summer capital of the Raj.
