Buyers are demanding timely completion of projects in Kolkata
Buyers of row bungalows in Kolkata West International City (KWIC) have decided to go an agitation demanding timely completion of project and delivery of apartments in Kolkata.
KWIC was the first FDI in real estate in India. The project was started in 2005 along the Kona Expressway, nearly 15 kms from the city.
At the time of launch, the project promised a complete township consisting of row houses and bungalows and other amenities. However, buyers still claim non-delivery of apartments.
In the initial days, buyers had booked apartments priced between Rs 21 lakh and Rs 1 crore. According to the buyers, KWIC has been able to provide 369 completion certificates till June 2012 out of the 500-odd row houses that were expected to come up in these clusters A and B.
Earlier the buyers had complained to the State Government over the irregularities in granting completion certificates by the Kolkata Metropolitan Development Authority (KMDA).
According to a KMDA official, the MoU between the State Government had not specified a time frame for completion of the township project.
To read more real estate news:
No irregularities in housing projects: Claimed by KMDA
Source: The Hindu Business Line
It is the right time to invest in property in Kolkata, as at least 50 -60 percent price rise is assured in the some of the developing areas in Kolkata. Suburban locations are witnessing some pressure as increasing interest rates have magnified the outflow for genuine purchasers.
Keeping a track of rising number of affluent individuals, it is assumed by analysts that luxury housing segment in India is on its way to grow faster and further. Apart from residential purposes, they are highly valuable assets to invest in.
This thing should not be done. One should always complete its task and fulfill its promise on time.