Corporate honchos join World Spa protest

The World Spa East and West are gated condominiums in Sector 30 and 41 with 367 apartments. The project was launched in 2004 with the promise for possession by 2006-end. According to residents,possession was delayed by over two years and the final product had numerous flaws,which exist till date.

They alleged that the apartments were built using poor quality material and that the wiring,CCTV camera systems,safety measures and plumbing were faulty. “Even dues to the housekeeping and security agencies have not been paid,” said one of the protesters.

Gautam Gulati,president of World Spa Residents’ Welfare Association,said,“It has been eight years. We have put our hard-earned money in a project floated by one of India’s most reputed developers. The kind of service they have given us is shocking.”

“By announcing World Spa project,Unitech was able to generate approximately Rs 540 crore by December 2006. They have been using this money as free-of-interest capital to fund other projects without fulfilling their commitment towards those who bought apartments in World Spa,” Gulati alleged.

But Unitech,in a statement,maintained that the World Spa had experienced a 100 per cent plus appreciation in capital value. After Aralias,the World Spa has become the second most preferred rental destination,it said.

“The World Spa has experienced multi-fold capital appreciation (from approximately Rs 2,500 per square feet to approximately Rs 12,000 per square feet) due to the facilities and infrastructure provided here,” the statement read.

“The statistics are in direct contradiction to the allegations being made. Price enhancement and rentals (return) are key parameters in real estate to reflect the value of a real-estate project. As The World Spa is one of our flagship projects,we have worked hard to enhance its value. We would like to retain the project development and maintenance for some more time to further take care of the investment value of our customers,” it said.