A number of real estate projects launched between 2005 and 2007 in the National Capital Region (NCR) have not been completed yet. Some of these are Magnolias and Belaire in Gurgaon (launched by DLF), Exotica in Gurgaon and Palacia and Privilege at Greater Noida (launched by Parsvnath). Similarly two other projects namely Escape and The Close in Gurgaon launched by Unitech are also getting delayed. When asked to comment on delayed projects a DLF spokesperson said that the company was striving to complete its two delayed projects by this year end.
On the other hand an official of Parsvnath developers said that the company is focusing on completing the two projects located in Greater Noida by the end of next year. While talking to DNA the same official said that although there were delays in completing its Exotica project in Gurgaon possessions in the first two phases have been already completed. He said that at present the company is in the process of offering possession in the third phase and will begin to provide possessions in the fourth phase in six months.
A spokesperson of Unitech disclosed that the company has already offered possession of The Close project and possession of The Escape project has also started. Apart from other factors the 2008-09 slowdown is being cited by developers as the reason for project delays.
Their projects are plagued by delays and often bad quality. I booked a unit in Unitech Residences. After they got 65% of payment, they stopped construction. It has been one year and its still stopped. I got to know they took > 5 years to deliver Unitech Close.
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