Stars

Hi all!

We are looking to invest in the villas proposed by Alliance builders called El Dorado park , near Annekal. Is there anyone out there who has also put their money in the project?
From whatever research we have done we find that the project has been in the offing since 2007, but have recently lowered their prices , and the reason for this delay ,the broker claims is because its a 250 acre project and the approvals have taken time .
Our worry now is although the prices look attractive now whats the guarantee the project will be completed as per what they say?
Is there any way to nail the builders to a time frame in the contract?
How do we independently verify if the water, electricity , tele, internet connections /approvals etc have been taken ?
How do we also ensure that the builders dont subsequently up their prices over a course of time claiming escalation?
Would appreciate any response especially if anyone has already invested in this project or any of those built by Alliance group.

Thanks,
Stars

kaustav

Friend, the best way to ensure that a builder sticks to his word is to get all his words in writing as a part of your contract. Watch out for any vague clauses. However the reality is, that if the builder wants to delay work on your property there is nothing much you can do other than launch a court case, which will drag on for years with no benefit to you. So buying property from a builder during recession is best avoided. Even the most reputed builders are scrambling for funds and facing huge unsold inventory and mounting interest cost. In their fight to survive, everyone is putting projects on hold while trying to get new investors, as they need funds to pay their salaries and creditors. I've personally adopted a wait and watch strategy. you might want to do the same. Once our money is their hands, they have the upper hand. Thx, KC