Exit option to customers of New Town Heights project, Gurgaon by DLF

DLF, one of the biggest real estate developer, has offered exit option for the customers of new town heights project Gurgaon. This move to irate customers for exit option came when company said that it will give 20% discount to it's existing and new customer for the apartments through a complex structure. The concession was given on 25th march. The discount does not allow customers to exit at future date. The marketing director of DLF said that dissatisfied customers can go for exit option. But the refunds will only be done after the retrade of property or after six months if company fails to sell the property. Around 300 buyers are planning to give exit letter for the Gurgaon project.The apartments were in the range of 45-75 lakhs. About 700 buyers have paid 42.5% of the total money and now want there money back because the company had not started the construction work at the project site. DLf is facing the similar propblem in Chennai also and is ready to return the money of the customers who have submitted the exit letters.

Commercial Real Estate Sector is looking up

There are positive signs for commercial real estate. The demand which were down in the last oct-nov 08 has suddenly risen up by 50-70% in the first quater of 2009. Certain sectors which were not doing well in the down turn are now thinking for the expansion plan. Some sectors like pharma,health care,education,FMCG,infrastructure are comparatively less affected because of the down turn. Property advisory company has started to see new interest since the starting of january. Some leasing deals have already started in the past few months. According to sources, United Power has taken 20,000-25,000 sq ft space in 3C Group’s Green Boulevard, Mid Land Credit has taken 80,000 sq ft in sector 44, Gurgaon, a management institute has taken 44,000 sq ft in Gurgaon, Pacific Diagnostics has picked up 1,500 sq ft at Global Orchid and Future Generali has 6,000 sq ft at sector 29, Gurgaon. This is a good time to do a thorough site search and selection to get the best product at the best rate and then take a decision in the next few months.