I am thinking on investing in this commercial project. I visited the site and saw considerable development activity there, 2 basements are complete and work is on on third one. Builder said that the construction activity will pickup after monsoon. Location is quiet attractive on the prospect of project being complete in 3 yrs from now.

I am interested in their 12 yrs assured return scheme in which an investment of approx 10 Lac in their executive suite office - full furnished space of 105 sqft ( super area ), but some doubts seem to haunt me in handing over my hard earned money to the builder.

1 ) the cost psft is very very high - Rs 9500 psft compared to other project where in the cost is approx Rs 5000 psft ( unfurnished office space ).

2 ) the overhead costs ( EDC + IDC + IFMS ) are very high - totalling to Rs 550 psft - not sure how much other projects are charging.

3 ) 105 sqft is a very small space, there might be issues in re-sale of that space or may be in finding a tenant for such a small space.

Thoughts ??

Is it worth investing in this project ?? any investors here ??
Landmark ( seem to be ) a reputed builder and the project layout is impressive..

Are there other good commercial projects in NCR for 10-12 Lac investment and which are providing assured returns for say 9-10 yrs.. Please help
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  • Hello Friends

    Senior members, please provided any inputs on this thread as I am thinking of investing on the same lines.

    And gingerbread have you already invested on this project!!!


    Thanks
    ~V~
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  • Non Payment of Assured Return by builders in landmark corporate center, Sector-67, Gurgaon

    Dear Members

    We have bought a commercial space in landmark corporte center, sector-67, gurgoan. An MOU was signed stating 12% assured returns to be paid by the builder on quarterly basis.
    However, after a year, the builders stopped assured returns.
    From Aug 2013, I have send tons of emails, letters by registered post, meet their people face to face in their office. They are giving excuses and providing false hopes.
    I would like to join with investors like me whose assured returns are not paid by landmark.
    kindly revert to this post and also what possible remedies I have as I do not have resources for hiring expensive lawyers.
    Thanks
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  • I have had the same issue and would like to connect with people as well.
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  • Breach of contract

    Dear Mr Chadha & Negi, My mother is also facing the same problem on the sister property of landmark cyber park . After lots of attempts to get our dues we have failed. Only legal option seems to be the answer. If we can collectively take up the issue it may bear fruit.... Please do share your thoughts
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  • If you know any others who have also invested please do share their contact info
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  • HI..
    Have you been able to resolve anything with them?We are in the same situation..no interest received since Apr 2013.

    Thanks
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  • Originally Posted by shruti2710
    HI..
    Have you been able to resolve anything with them?We are in the same situation..no interest received since Apr 2013.

    Thanks



    Hi
    Greetings

    Excuse me we are in 2015!!!.. Best is to go and check in the company office, whether it still exits, employees are present, owner is present, is there anyone in customer service, whether their is any problem in your account or has the builder given it up and has left you at mercy of almighty?? Any other problem as it is a private company, like family dispute within partners, directors, joint venture land owners, divorce, death, critical disease, adventure into unrelated projects like making a hollywood movie casting malika shehrawat and phoren maaal, 2G scam, case by other property buyers costing heavily to owners, etc etc.. after all they are also made of HAAD MAAS.. (flesh, bone and blood) and can be affected by things which can happen to anyone. Do they still live in INDIA or have they moved out??

    Given the builders reputation, if I were you, I would care more about my CAPITAL than interest. By the way does this builder know how to count beyond 10.. i mean does he need to take off his shoes to count upto 20????

    Last I heard they were dabbling with some fresh milk backward integrated stuff, software and some AAAJ KI TAZZA KHABAR/SANSANNI type media venture!!! Not sure if those went bust.

    Cheers
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  • They indeed love media and milk. their corporate office (gurgaon) basement has media company. And when I went to their office around 1 year back, I was waiting in the meeting room I could hear someone talking on the phone in the adjacent room, quote : "sir akdam khara dhood hai, kitna bhijwaun, ek bar logey to roj yehi dhoodh peeogey"...I fell off my chair laughing. Never dared to go there. I asked landmark to change my investment into their corporate center in sector 67...at least that project building is ready, they are putting AC, lift, etc (I can wait for 5 years to get the AC, lift, floors in place...the probability of getting something there is higher than any other of their projects.

    For all those who want to know : they are still alive. There are people in their corporate office. But very difficult to know if they are ankle deep, knee deep, neck deep, or already under water.

    But to all the investors in their project, we need to work with the builder to make him deliver it...it is not going to work if we work against the builder. Well this is what I learnt in life (mainly from Gujaratis, French, Chinese, and Americans...If we think like a Punjabi/haryanvi...we should write off our investments, calling it a bad dream...



    Originally Posted by BlessU
    Hi
    Greetings

    Excuse me we are in 2015!!!.. Best is to go and check in the company office, whether it still exits, employees are present, owner is present, is there anyone in customer service, whether their is any problem in your account or has the builder given it up and has left you at mercy of almighty?? Any other problem as it is a private company, like family dispute within partners, directors, joint venture land owners, divorce, death, critical disease, adventure into unrelated projects like making a hollywood movie casting malika shehrawat and phoren maaal, 2G scam, case by other property buyers costing heavily to owners, etc etc.. after all they are also made of HAAD MAAS.. (flesh, bone and blood) and can be affected by things which can happen to anyone. Do they still live in INDIA or have they moved out??

    Given the builders reputation, if I were you, I would care more about my CAPITAL than interest. By the way does this builder know how to count beyond 10.. i mean does he need to take off his shoes to count upto 20????

    Last I heard they were dabbling with some fresh milk backward integrated stuff, software and some AAAJ KI TAZZA KHABAR/SANSANNI type media venture!!! Not sure if those went bust.

    Cheers
    CommentQuote
  • I have come across the following post by BlessU; can anyone please throw some light?


    BlessU is offline BlessU



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    Default License of Cyber park 74 by landmark cancelled due to lack of clarity of title
    Hi
    Greetings

    License of cyber park cancelled due to lack of clarity of title of land. this is similar to the 103 thing but not exactly the same problem.. how could DTCP issue license when the land is under dispute?? One of the basic requirements for issuing license is CLEAR TITLE of land.

    -------------
    Directorate of Town & Country Planning, Haryana
    Ayojna Bhawan, Sector-18, Chandigarh, web site tcpharyana.gov.in
    Phone: 0172-2549349; e-mail: tcphry@.com
    Regd Form LC-II
    (See Rule 9)
    To
    S/Sh. Basant Lal, Sant Lal, Surender alias Sant Singh Ss/o Shri Ram
    S/Sh. Nadan Singh, Sanjay Singh Ss/o Sh. Ram Kishan
    S/Sh. Rajvir, Ranvir Singh Ss/o Sh. Duli Chand
    S/Sh. Duli Chand, Zile Singh Ss/o Sh. Sohan
    Smt. Partibha Manchanda W/o Sh. Puran Manchanda
    Sh. O.P. Manchanda S/o Sh. K.R. Manchanda
    Sh. Puran Manchanda S/o Sh. R.K. Manchanda
    C/o Land Mark Apartments Pvt. Ltd.
    A-11, CR Park, New Delhi-19.
    Email – info@landmarkgoc.com
    Memo No. LC-2122-JE (S)/2013/28744 Dated: 15.01.2013
    Subject: Rejection orders: Application for grant of license for setting up of Cyber Park over
    an area measuring 10 acres in the revenue estate of village Begampur Khatola, Sector
    74 of Gurgaon-Manesar Urban Complex, Distt. Gurgaon.
    Reference: Your application dated 29.9.2008, which has been received in this office on 6.10.2008 on
    above cited subject.
    2. S/Sh. Basant Lal, Sant Lal, Surender alias Sant Singh Ss/o Shri Ram, S/Sh. Nadan
    Singh, Sanjay Singh Ss/o Sh. Ram Kishan, S/Sh. Rajvir, Ranvir Singh Ss/o Sh. Duli Chand, S/Sh. Duli
    Chand, Zile Singh Ss/o Sh. Sohan, Smt. Partibha Manchanda W/o Sh. Puran Manchanda, Sh. O.P.
    Manchanda S/o Sh. K.R. Manchanda, Sh. Puran Manchanda S/o Sh. R.K. Manchanda had entered
    into collaboration agreement with Land Mark Apartments Pvt. Ltd. and applied for grant of license
    for development of a Cyber Park on the land measuring 10.00 acres (ownership verified for 10.831
    acres) in the revenue estate of village Begampur Khatola, Sector 74, Gurgaon on 29.9.2008, which was
    received in this office on 6.10.2008.
    3. And whereas, the request for grant of licence has been examined and noticed that the
    license/scrutiny fee was deficit by Rs. 91,39,750/- and were accordingly asked to deposit the deficit
    fee vide memo No. 8819 dated 8.10.2008. Further, the revenue documents submitted by applicants
    were also examined and it was noticed that land measuring 7.887 acres was leased out to Landmark
    Apartments Pvt. Ltd. for 30 years and the latest Jamabandi documents had also not been submitted.
    The applicant was accordingly requested to submit the necessary revenue documents vide memo no
    1668 dated 24.2.2009. Since, proper documents were not submitted, applicant was once again
    requested to submit necessary fees/documents vide memo no 6430 dated 17.5.2010.
    4. Finally, an opportunity of hearing was granted on 12.09.2011, Sh. Sandeep Chhillar and
    Sh. Yashwin Kadian appeared on behalf of the applicant before Sh. T.C. Gupta, IAS the then DG, TCPHaryana. At that time, the applicants once again failed to submit either the copies of latest
    Jamabandi/revenue documents of applied land and the deficit licence fee. Above mentioned
    representatives of applicant promised to submit the requisite documents/fee within 15 days. The
    request made by them was accepted provided there is no affect on the seniority of any other
    applicant, because any license application without the mandatory license fee is not a valid
    application.
    5. Whereas, the applicants submitted fees/documents on 27.09.2011, which were
    examined and found that the deficit fees stands deposited but documents were still incomplete. The
    ownership of applied land for grant of licence is on lease for 30 years, but as per provisions of Section
    3 of Act No. 8 of 1975, it cannot be considered unless it has the clear title in its favour. It is also noticed
    that the applied land is approachable from 16.5 ft & 11 ft wide revenue rasta, whereas as per the
    policy/instructions dated 24.01.2011 the requirement for grant of licence is minimum 22 ft existing
    rasta.
    6. After perusal of the record and in view of the facts mentioned above, I am of the view
    that the case is not fit for grant of license for setting up of Cyber Park at site in question and hence, the
    request of Applicant Company cannot be considered and is hereby rejected on the grounds
    indicated in the preceding paragraphs. However, before conveying rejection orders, a final
    opportunity was granted vide memo no 11197 dated 26.06.2012 to submit the necessary
    documents/submissions within 15 days. In reply the applicants have submitted some documents
    vide application dated 12.07.2012. After examining these documents, it was noticed that no
    additional facts/merits have come for consideration the request for grant of licence. Hence,
    application dated 06.10.2008 for grant of licence for setting up of Cyber Park at site in question is
    hereby rejected on the grounds indicated in preceding paragraphs.
    Sd/-
    (Anurag Rastogi, I.A.S.)
    Date: - 11.01.2013 Director General, Town & Country Planning
    Haryana, Chandigarh
    Endst. No. LC-2122-JE(S)-2013/28745-46 Dated: 15.01.2013
    A copy is forwarded to the following for information and necessary action:-
    1. Senior Town Planner, Gurgaon.
    2. District Town Planner, Gurgaon.
    Sd/-
    (Devendra Nimbokar)
    District Town Planner (HQ)
    For: Director General, Town & Country Planning
    Haryana, Chandigarh
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  • Does the above pertain to the project in Sector 67 or is it different???
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  • Landmark Cyberpark, Sec 67, Gurgaon

    I am another victim of Landmark Group.

    I had purchased a business center unit in Landmark Cyberpark in Sec 67, Gurgaon (Haryana) in June-July of 2010.I had purchased this small unit on assured return of 12% for 9 years and I am facing issues on non-receipt of the same since last 2 years now. Had invsted upfront the unit cost of around Rs 15 lacs.

    The company does not have professional way of working, no customer service - they do not even give TDS certificate not even provisional and must not be taxes at all. Since last year i.e. from July 2013 onwards the quarterly assured return amount stopped coming and after several attempts company people mentioned there was a financial crunch and the outstanding assured return amount will get adjusted towards pending payment during possession.

    The company is delayed by few years on it's delivery/passion and is not letting an investor sell nor is ready to refund the invested amount. I have also sent legal notice but in vain.

    If any in a group are planing to file a legal case with the help of an expert lawyer like happned in case of Unitech, pls let me know. Would like to join any action that is being planed or can be planned.
    CommentQuote
  • Originally Posted by sierrabrave
    Dear Mr Chadha & Negi, My mother is also facing the same problem on the sister property of landmark cyber park . After lots of attempts to get our dues we have failed. Only legal option seems to be the answer. If we can collectively take up the issue it may bear fruit.... Please do share your thoughts

    Hi... just saw this... I am facing the same issue... did you do something about it and what is the result?
    CommentQuote
  • Originally Posted by pragmacs
    I am another victim of Landmark Group.

    I had purchased a business center unit in Landmark Cyberpark in Sec 67, Gurgaon (Haryana) in June-July of 2010.I had purchased this small unit on assured return of 12% for 9 years and I am facing issues on non-receipt of the same since last 2 years now. Had invsted upfront the unit cost of around Rs 15 lacs.

    The company does not have professional way of working, no customer service - they do not even give TDS certificate not even provisional and must not be taxes at all. Since last year i.e. from July 2013 onwards the quarterly assured return amount stopped coming and after several attempts company people mentioned there was a financial crunch and the outstanding assured return amount will get adjusted towards pending payment during possession.

    The company is delayed by few years on it's delivery/passion and is not letting an investor sell nor is ready to refund the invested amount. I have also sent legal notice but in vain.

    If any in a group are planing to file a legal case with the help of an expert lawyer like happned in case of Unitech, pls let me know. Would like to join any action that is being planed or can be planned.

    Hi... just saw this... I am facing the same issue... can you advise me how to connect with you?
    CommentQuote
    2 Comments
    • luckycruser2 months ago
      I am also facing same . Pls tell me tge way to connect with u
  • Dear All,

    Please share the latest update on this property. I have invested in the office space here. I can see the construction going on there. But have not received the BBA yet. Is there any committee which i can join to track all this ? Please advise.
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  • Have any one signed the BBA against Landmark Sector 67 property?

    I have paid around 80% but still builder is not ready to sign BBA...

    Any idea about the possession?
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