Noida twin tower impact: Prospective buyers backing out from newly launched Supertech project in Gurgaon
For the past three days the Supertech mishap in Noida has been making news. The Allahabad High Court has directed the builders to raze the two 40 storey buildings to the ground and refund investor's money. Supertech's Emerald Court project has two twin towers by the name of Apex and Ceyane, but according to the court the construction of the two towers was "in complete violation of the UP Apartment Acts."
While the battle is going on in Noida, there is a Supertech project in Gurgaon
as well. Will the project in Gurgaon's Sector 79 will be affected by what happened in Noida, is a big question. In a bid to find out the answer, we spoke to some property dealers and customers.
project in Sector 79 Gurgaon
has both 1 BHK (30 lakh) and 2 BHK (40
lakh) falts. Talking about the recent mishap in Noida, Gaurav Goel,
CEO of Feet and Yard said, ''In the last 2-3 days, 3 to 4 prospective
investors have backed out of the Supertech project. Any such incident
affects not only the Gurgaon
project of Supertech but projects all
Refuting this, another property dealer, Anil Gupta, who
deals with Supertech properties in Gurgaon said, ''Of course, the
branding has taken a hit but specifically Gurgaon has not suffered.
Around 95 per cent of the flats in Sector 79 have already been sold.''
prospective property buyer, when asked whether he would still
consider Supertech, said a straight no and explained, ''It is a
credibility issue. There are builders who do things in a
faulty manner and pull it off. I don't have the budget to invest in high end names. Whereas Supertech is within my budget, but as an
end user I do not understand whose fault it is (Noida incident) and I
would not like to invest with them in Gurgaon, as within the same
price there are many other builders, who have a clean image and were able to keep out of the legal hassles.''
about whose faults the entire incident was, Goel said that the
builder is not fully liable and ,''each and every builder have to
earn. The builder is liable but not fully as the authorities were
also involved. The bribe policy would not be in place, if people do
not take bribes.''
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