I am looking to buy in Ramprastha View in Sector 37D, Gurgaon. But I was not able to find any thread on this one so created a new one.
Current owners or people who are willing to buy in this, please provide your comments.
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  • Is the situation that bad that RP can file for bankruptcy ?

    Originally Posted by mitraa
    Rp will do if they offer possession , they are not saint.. At present situation is very bad and people have started filling cases in national consumer forum... Wait n watch for next six months if rp files for bankruptcy after having 200+ cases claiming 500+ crores.
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  • I don't think so, builder don't file for bankruptcy, they just vanish away with the money :bab (45):. Filing bankruptcy is much better than running away from buyers.

    Originally Posted by striker_84
    Is the situation that bad that RP can file for bankruptcy ?
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  • RP is really in that bad condition? Considering that they have huge land bank...so if they run away what will happen to their land bank ?

    Originally Posted by researching
    I don't think so, builder don't file for bankruptcy, they just vanish away with the money :bab (45):. Filing bankruptcy is much better than running away from buyers.
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  • I don think so that they will run away, at present every builder ha same condition, everyone is delaying possession, almost 90% of builders in market have their projects delayed, RP is not different from them.

    As there is no strict law in India for these builders they are taking customers for a ride, they also know the max customers can do is file case and they will be asked to pay penalty thats it, which they can easily pay as they have earned a lot from us.
    Also the catch is penalty will be paid only to those who have filed the case, so again builder need to take care of only that bunch of people who have filed the case.

    So paying penalty will be a much cheaper option for builder rather than running away.

    Originally Posted by striker_84
    RP is really in that bad condition? Considering that they have huge land bank...so if they run away what will happen to their land bank ?
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  • Makes sense. considering RP is not a new builder and they have developed some projects in Ghaziabad and have a huge land bank in Gurgaon. Running away or filling bankruptcy means end of their business.

    Originally Posted by researching
    I don think so that they will run away, at present every builder ha same condition, everyone is delaying possession, almost 90% of builders in market have their projects delayed, RP is not different from them.
    As there is no strict law in India for these builders they are taking customers for a ride, they also know the max customers can do is file case and they will be asked to pay penalty thats it, which they can easily pay as they have earned a lot from us.
    Also the catch is penalty will be paid only to those who have filed the case, so again builder need to take care of only that bunch of people who have filed the case.
    So paying penalty will be a much cheaper option for builder rather than running away.
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  • Originally Posted by striker_84
    Is the situation that bad that RP can file for bankruptcy ?


    Friends, please stop jumping to immediate conclusion that RP will file bankruptcy. People should know that RP is not just one or two project company but it has a huge land bank of 450 acres in Gurgaon, which they are slowing developing. The current situation of non delivery of flats in due to overall market scenario of RE industry. RP health is intact; if they want they can deliver one or two project in next 6 months, the company is regularly reporting growth in sales as well as profit, For the FY 2014 , their Sales was around Rs. 500 crores and profit was around 10 crores.

    Check the attachment of latest credit rating of BB+ assigned by ICRA (BB+ is very good rating for RE developer in current scenario)

    The reason they are not delivering the project is best known to their management (perhaps they might be waiting for DEW to be operational)
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  • Agreed, dont know what people will attain if builder files for bankruptcy, neither we will get our flats nor money.
    RE is in shambles right now and project delivery for all the builders is almost nil, moreover now as DEW is set to pick up might be RP is trying to align its delivery by completion of DEW.

    RP should also honor the patience investors/end users are showing by waiting for delivery, they should deliver view/atrium by end of this year to gain some momentum otherwise there is only negative publicity which is there for RP at present.

    Originally Posted by Pushvinder S
    Friends, please stop jumping to immediate conclusion that RP will file bankruptcy. People should know that RP is not just one or two project company but it has a huge land bank of 450 acres in Gurgaon, which they are slowing developing. The current situation of non delivery of flats in due to overall market scenario of RE industry. RP health is intact; if they want they can deliver one or two project in next 6 months, the company is regularly reporting growth in sales as well as profit, For the FY 2014 , their Sales was around Rs. 500 crores and profit was around 10 crores.

    Check the attachment of latest credit rating of BB+ assigned by ICRA (BB+ is very good rating for RE developer in current scenario)

    The reason they are not delivering the project is best known to their management (perhaps they might be waiting for DEW to be operational)
    CommentQuote
  • Consumer court orders 12% compensation for flat delivery delay... We need to initiate similar thing to put pressure on builder

    http://m.timesofindia.com/city/gurgaon/Consumer-court-orders-12-compensation-for-flat-delivery-delay/articleshow/47593071.cms

    GURGAON: In a landmark ruling, the National Consumer Disputes Redressal Commission (NCDRC) on Monday asked real estate major Unitech to pay buyers compensation at the rate of 12% per annum for delay in delivery of flats, overruling the builder-buyer agreement that had set the rate at 1.8% per annum.

    The order came in a case filed by 24 buyers of a housing project, Vistas, in Sector 70 of Gurgaon. The buyers alleged that they had booked the flats in 2009-10 and delivery was promised in 36 months.

    In his order, Justice V K Jain directed the company to pay compensation at the rate of 12% per annum on the amount paid for the period from the date of delivery originally promised to the new date. The new delivery dates promised by the company are between February 2016 and February 2018.
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  • Is good to opt for reslae flat in The View?

    Hello Member,

    I am looking to buy a property in New gurgaon and The View of RP came as one option in resale. Request your guidance in current scenario wheather I can go for resale flat and what would be the expected price in resale.

    Thanks
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  • Originally Posted by errajrawat
    Hello Member,

    I am looking to buy a property in New gurgaon and The View of RP came as one option in resale. Request your guidance in current scenario wheather I can go for resale flat and what would be the expected price in resale.

    Thanks

    Price should be about 70 lakhs.

    Flats are ready except for diesel genset and minor works.

    But area will become livable after 2 years only. Company is also planning delayed delivery after maybe 2 years. Currently area is unlivable

    Expect 20% bump up in price upon delivery (=10% per annum returns) after 2 years. 30% if lucky.
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  • Originally Posted by Venkytalks
    Price should be about 70 lakhs.

    Flats are ready except for diesel genset and minor works.

    But area will become livable after 2 years only. Company is also planning delayed delivery after maybe 2 years. Currently area is unlivable

    Expect 20% bump up in price upon delivery (=10% per annum returns) after 2 years. 30% if lucky.



    Current price for view is 65L where deals are happening
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  • Looking for resale property

    Hi,
    I went to get a feel of market last week and there are talks that RP says they will deliver phase 1 within 6 months but everyone is taking it as 1 year.

    I am looking for a unit in view. Will it be wise to buy this time seeing all those broken promises by RP in past?
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  • went to visit the site today for View.. the approach to ramprastha is much easier now. construction is moving on..ground and first floor interiors completed, 2nd floor in progress now. even though things are moving, but looks like will still take a year...

    though expectedly possession should be offered by end of the year... people in office saying 2 to 3 months max. then residents to complete there part of work... another 6 months...so over all 1 yr before someone can move.

    12KVA feeder line work also in progress along with water tanks.

    EWS houses ready.

    hoping for the best....the wait has been too long...
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  • Originally Posted by pijushhaldar
    went to visit the site today for View.. the approach to ramprastha is much easier now. construction is moving on..ground and first floor interiors completed, 2nd floor in progress now. even though things are moving, but looks like will still take a year...

    though expectedly possession should be offered by end of the year... people in office saying 2 to 3 months max. then residents to complete there part of work... another 6 months...so over all 1 yr before someone can move.

    12KVA feeder line work also in progress along with water tanks.

    EWS houses ready.

    hoping for the best....the wait has been too long...

    Thanks for update... was there any movement in other projects?
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  • didn't get much time to visit other projects, but had a quick look on Edge... yes it has moved but not all towers. appears they are focusing on partial delivery of Edge, as work on some towers are moving faster than others.
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