Eden gardens - dsc - delays?!...

[nictt]

Eden gardens - sports city - delays!!?...

Hi all
Sorry im new to this so appoligies if i post this incorrectly...

I purchased a studio in Eden Gardens building built by Lokhandwala Builders, in May/June 2006!!.. The original antisipated completion was June 2008!.. Now i have heard that it may now not be finished until Q1/Q2 2011!!..
Obviously i am concerned whether or not it is going to be completed at all?!.
I am aware roughly why some of the delays have been caused, a mixture originally of the land being changed from Leasehold to Freehold, and then apparently a further delay of 12 months as originally this develpment was supposed to have underground parking and then apparently someone somewhere didnt like that and the entire development had the been redesigned to accomodate a parking podium under the main building.
But now with this huge problem in Dubai and the bubble bursting (sort of Speak) i have no confidence whether i am actually EVER going to see a finished product..
I am aware, however, that as of a couple of months ago they were completing the shoring and piling as i have been sent the photographs of the site..
I have requested an extension on the next payment which is due end of December which they have declined (Previously they have been very accomodating and agreed to amend my payment shedule a couple of times in the past when i called up and kicked off about the fact they STILL hadnt started construction)
Im obviously very reluctant to make any further payments to them as so far i dont feel that what work they have done on site justifies what money they have already had from me and other investors out there!..
The other issue i am still awaiting clarification on is whether this Law 13 applies to me as my contract was issued way, way, way before this law came into place as i keep reading amoungst these forums different opinions, the Agent i bought this apartment through advises it doesnt apply to me, but i am reading different information within these forums?... Obviously worried what would happen if i dont make this installment...

Can anyone shed any light on any of the above?, have any opinions?, or be in a similar situation with this Development and Builder?..

P.S. Sorry if a rambled on a bit

 

[Sportsman]

I'm in the same position with two apartments, although I didn't pay way back in 06. The good news for you is that you likely paid very little for a studio, however the delays that you mentioned are basically correct. My understanding is that road access and movement within the area caused structure changes to Eden Gardens. Podium parking had to be then planned and approved. They are currently shoring and piling but it has been going at a very slow pace. I would want to see a main contractor agreement going forward. I hope they can press forward with this development. DSC has some great plans and the cricket should be announcing some big events in 09. I have a 1 bed down the street in Dunes Residences and they are moving forward nicely with good progress recently. I'm still hopeful for Eden but they have to prove themselves and renew some faith for their investors.

law 13 does not apply but what's outlined in your contract.

 

[nictt]

Thanks Sportsman for your input.

I guess you could say that in comparison i have not invested as much as other people, and was lucky to have bought so long ago to get a good price (wanted a 1 bed but wasnt able to stretch myself that far as have been using savings and salary to pay my installments). It was bought with every intention to hold onto for many years for myself and family /friends to enjoy.. In theory it is my pension.. I am not a property investor as such and although i am Soooo frustrated at the lack of progress and uncertainty, my heart really does go out to the people who have invested an absolute fortune and could potentially loose it all!
I have also come across this website relating to Lokhandwala Builders.....
Seems like people are having serious issues with them at the moment such as the are denying they have had any of peoples funds, and refusing to issue contracts 18 months down the line...
check it out...

LOKHANDWALA DOT WORDPRESS DOT COM

 

[Sportsman]

I have seen that site and it's obviously very concerning. I was told via Eden Gardens directly that they will finish the project and they also outlined all the reasons for the delay. I am taking a wait and see. I would assume the funds will be protected in the escrow account, if things go wrong. Banks need to start lending quickly here and get liquidity back in the market. I am more hopeful that they build, and I would certainly press for a delay in payment or otherwise have them prove that they are moving forward with the construction. cheers

 

[nictt]

Anyone else bought it this development?... Have any views on the matter or any opinions?... All would be greatly received.....