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The DLF and BBMP spat: Questions to answer

Saturday, May 9, 2009

/ by Srikanth Eswaran

 

Its  not easy that you would have missed the one page advertisement in Times Of India, given by the BBMP. The subject was to take DLF to task and advising buyers not to buy into DLF homes, in South Bengaluru for obvious reasons of DLF trying to sell houses even before it procured the necessary permissions from the competent authority. There are a few worms that have crawled out of the can, and as a buyer you need to ask yourself these questions before trying to invest into that coveted apartment complex

Is the price of the apartment getting misquoted?

Is the discount genuine or because of some permissions not available?

When is the project likely to get permissions?

If you have doubts, head to the nearest BDA or BBMP office even if that sounds a bit of a tiresome task to do. After all you are investing 40-odd lakhs and thats not a small amount by any means. Add bank loan interest for first five to ten years of loan and it totals to a whopping 60 lakhs of money which is not small.

What is the waste treatment and water usage policy for this apartment complex?

Say after ten years, do you think you will face acute water shortage?  In that case what are your options? Would you then sell the flat? Yes, but unfortunately you have to think of this answer since by then you would have ended up paying 60 lakhs.

Would you like to insure your loan with the bank?

First of all if the bank does not give you a loan for this project, then this apartment obviously has some issues and the bank knows best about it. Even if they do sanction loan, in your own best interests, you must insure your loan such that in case something happens to you or the project, your interests have atleast one way of getting safeguarded.

 

Finally, some questions remain to be answered as to why BBMP had to issue such a big advert against DLF cautioning buyers (considering the fact nothing moves with respect to bangalore property without bribery)

Did the DLF high handedness irk BBMP?

Did the DLF not pay sufficient moolah to BBMP?

Did the negotiations DLF had with BBMP on this project reach any deadend?

Is the BBMP becoming proactive towards us citizens? (Your bet is as good as mine :) )

Is inflation and rising recessionary trends causing BBMP to act properly?

Has the government instructed BBMP to be extremely citizen friendly?

Well, your choice would be between the DEVIL and the DEEP SEA here and ultimately its your intuition that must guide you! With the BBMP stating BDA has nothing to do with this project and DLF stating they have BDA approvals, another can of worms is about to open between BBMP and BDA themselves in the nearest future. This is one of the reasons why the property buyers in Bangalore are a harassed lot for the past decade or two.

 

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