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Investor Woes of Central Park 2, Gurgaon



Central Park II is a luxurious condominium coming up in Sohna Road Gurgaon. Central Park, is a Real Estate and Project Management Company that has already created a luxurious living condominium, Central Park I on Golf Course, Gurgaon. Apart from this, Central Park Estates Pvt Ltd is also involved in a Hospitality industry project that will involve a number of Service Apartments built on world standards and catering to International Customers.

Central Park I which is located on Golf Course Road adjacent to Hewitt in Sector 41 . It is a fully occupied society. Almost all flats of this society were sold out within a short span of time from its launch in 2001. A number of investors based on the success of Central Park I invested their money in Central Park II. However, there is a buzz in the real estate world that investors have grievances with builders related to the construction and completion of the project.

Mentioned below are some of the common complaints that the investors of Central Park II have with the builder:

Grievances of the Buyers who invested in Central Park II:

1. According to the RWA (Residents Welfare Association) the construction work of Central Park II is still not completed and buyers are pushing the builder a complete date of the project. It seems that the investors are skeptical about the project getting further delayed.

2. Residents of some towers are asked to move in while the digging work is still going on in other towers which lead to lot of dust inside homes. Residents that have shifted are facing lots of problems because of dust. They allege that it is the responsibility of the builder to finish the digging work of all the towers before asking residents to move in.

3. Investors are not happy with the size and location of the club house of Bellevue apartments. According to them the size of clubhouse is smaller as compared to the promised one. Also, the location of club house of Bellevue apartments should be on ground floor.

4. There are two gates available in apartment, north and south gates, and buyers want both the gates to be approachable from all the towers.

5. Buyers are accusing the builder for changing the original layout plan. For example there is a boundary wall around Central Vista which is not in original layout.

6. Buyers of Central Park II also claim that the position of EWS dwelling units should be at the same place as shown in the layout plan.

All said and done, investors have high hopes from Central Park Real Estate Private Ltd, based on their sound track record of building quality real estate projects. Continuous negotiations and discussions are going on between the RWA members and the builder to bring the project to a logical culmination. True that the project is delayed but if the builder is able to deliver a quality that will reduce the woes of investors to some extent.

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