M/s Neptune had launched '100 ABOVE' project at Bhandup (W), Mumbai in 2010. In my case price was fixed as 98 Lacs as agreement value for 2.5 BHK Flat. Infrastructure development, stamp duty & registration and other statutory charges were extra. However, tentative amount was verbally told as approx. 13 Lacs. Possession was expected to be given within 4 years, with the verbal proposal the get the construction done by L&T or equivalent.
Project did not take-off for 5 years. Now in Nov 2015, M/s Neptune has forwarded letters to Buyers stating that they have tied-up with M/s Tata Housing for this project and project has been re-branded as 'ELEVE'. They asked Buyers to be in touch with their sales team. After contacting them, buyers were provided with new calculation sheets, as per which few major heads were added as follows :-
(1) Increase in Area as per new DPR i.e. Free Balcony area accommodated inside live-able area. Thus area increased. Increased area is being offered @ current market rate of Rs. 11,250 plus floor rise. Thus cost increase by Rs. 6.5 Lacs approx.
(2) Two parking instead of one (first parking was sold at Rs. 4 Lacs in 2010, whereas second parking is being offered compulsorily @ Rs. 7 Lacs. As the area increased vide point no. 1, so 2.5 BHK qualified marginally as 80 Sq. M. for mandatory 2 nos. of car parkings. Parkings are being sold against Supreme court verdict.
(3) On top of above major escalation, M/s Neptune has asked for additional cost escalation as approx. Rs. 17 Lacs vide 'Infrastructure development'.
All these are being done to squeeze already trapped Buyers, since economy slowdown is leading to difficulty for the REALTY market to rope-in more buyers. These will definitely lead to Buyers taking more risk than their capability and getting trapped in a situation of Defaulter at some point of time.
Thanks & regards,
Prashant Kumar
Mob # 07718877430
