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DLF Displays Market Leadership- Reduces Rates While Accepting Higher Penalties For Delay On Its Part By Sanjay Sharma, Section Gurgaon Resale & Rental
DLF has given an offer to the buyers of its New Town Heights Project in Manesar-Gurgaon.
The following is the mail received ...
From: , Sarika (-sarika@dlf.in) Dear Mr., Thank you for investing in DLF Property. The captioned project where you have bought a property, as you will kindly recall was launched by us at a time when the Company felt the necessity to offer "Value for Money" Property to our clients and we had an"overwhelming response" from all of you, and we thank you all for making it an instant success. As far as "New Town Heights" is concerned, we would like to mention here that the necessary Building Plan Approvals for all the sectors of "New Town Heights" have been received. As you know, we are a highly compliant Organisation, and we would like to start construction only after we have received the final Environment Clearance, which is awaited. As soon as we receive the same, we shall commence.the construction. However, to allay any fear that you might have as far as the handing over period is concerned, we hereby revise the Compensation Clause No. 17 of the Agreement to Sell, to the extent of doubling the Compensation payable to Rs.10/- psft per month, as against Rs. 5/- psft per month, that was applicable earlier. Similarly, if the customer delays in taking over the possession once the possession is offered by the Company, he/she shall also be liable to pay Holding Charges at the same rate, ie., Rs. 10/- psft per month, for the delay involved in taking over the possession. We stand behind our promised date of delivery as 3 years, as we have already communicated earlier. We have amended this clause to "3 Years from the date of booking" instead of `3 years from the date of Agreement', which was the earlier commitment. In today's economic scenario to strengthen the value proposition for our esteemed customers, we are re-scheduling the Payment Plan with immediate effect to "Construction Linked Payment Plan" for the amounts over and above 35% of the Sale Price. The Payment Plan for the balance 65% of the Sale Price would be as under :
Within 2 mths. from commencement of construction 7.5% of Sale Price (* whichever is later) The above would mean :- i) Any payment received over and above 35% of the Sale Price as mentioned above, will be treated as Advance Payment and Advance Payment Rebate equivalent to interest @ 13% p.a. shall be allowed from the date of such payment till the due date as per the revised "Construction Linked Payment Plan", and such rebates will be adjusted against the next installment(s), as and when due. ii) For dues beyond 35% of the Sale Price, if the Company has already demanded any delayed interest, that will be waived off and if you have already paid the delayed interest, that will be given as a credit, to your account. iii) Those who have made the booking under `Down Payment' category, and have paid accordingly, additional Down Payment Rebate on the amounts paid over and above 35% of the Sale Price will be allowed, treating it at par with the revised Payment Plan as above, (for computation of additional Rebate). It is also understood that if anybody has not completed 35% of the Sale Price, where it is already due, they shall be entitled for the revised "Construction Linked Payment Plan" and other benefits as mentioned above, only in case we receive the balance payments to complete 35% of the Sale Price, before April 25, 2009. In order to further strengthen the value proposition, we have taken the decision to allow you the following discounts also :
(a) 5% discount is hereby allowed on the Basic Sale Price of your Property. The above would mean, discount of 20% in addition to the facilities of Construction Linked Payment Plan coupled with Advance Payment Rebates, etc. as also doubling the compensation payable for any delay beyond the committed handing over date, already elaborated above. In addition to all the above, the Company is also committed to protecting your Capital in these uncertain times, by giving you "Price Protection, i.e. in the unlikely event of basic selling rate (before any rebate/discount) being reduced by the Company at any time prior to the offer to hand over possession of the property, then you will be eligible to avail such reduced basic selling rate. To elaborate it further, if you have booked the property @ Rs. 2250/- psft and if in September, 2009 the Company brings down the rate to Rs.2200/- psft, before handing over possession, then, your basic selling rate will also be revised downwards to Rs.2200/- psft, as against Rs.2250/- psft. Please note that this Price Protection would only apply with respect to the direct selling prices of the Company and not to any re-sale prices in the market. We are sure that we have addressed all the issues and the above mentioned discounts and rebates would be calculated and credited to your account in the next 2-4 weeks' time. In case you need any other clarification, you are welcome to contact the undersigned or Mr. Deepak Kapur, our G.M. (Customer Services) We hope you will appreciate the goodwill gesture, as stated above, as shown by the Company towards the above booking made by you. With regards,
Sincerely yours,
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