Landmark’s TIARA in Perungudi. Would you go for it?

Landmark has launched a new project in corporation road in perungudi. My previous article talked the court order in which Landmark was ordered to handover the land on which metropolis was built back to TNHB.

The court in landmark verdict also ordered the builder to pay back the money collected from the owners plus 10% interest. I think Landmark might go for a appeal against this.

Considering the above situation, Is it advisible for one to buy apartment from the same builder?. Lets consider the implications.

Considering an average cost of 30 Lakhs per flat, Landmark has to pay around 18 crores back to the owners.This is just a rough calculation. Also the flats are almost complete and they would have already spent around Rs 1200- Rs 1400 per sq ft towards construction.

I suspect if the final verdict goes against the builder, then there would be a huge dent in their financials. The usual implications would be slowdown in other project’s execution as the finances become tight. Believe me i had experienced this with my first flat purchase.

TIARA was lauched on Aug 25th and already 39 flats have being booked and only 9 flats are available. Please visit their website for further details.

I really admire Landmark projects but would advise caution till the dust settles. It would be interesting to see how Landmark deals with this. Feel sorry for the owners who already lost the appreciation which they got and having made to go through other pains.

PLEASE COMMENT IF YOU HAVE ANY.


2 Comments

  1. Ravi Kumar

    Dear

    I am a person who booked an apartment in the above mentioned project, this is a really upcoming residential area, where LANDMARK is put a project.

    If they are having problems in any other project, why do we want to get worried about this. they have launched almost 4-5 projects after this. the delays are mainly to get approval these days from the GOVT authorities.

    Anyway thanks for your concern

  2. Ramesh

    I had found out about this project and i’m interested in booking a flat here. Is there still any concern regarding the Tiara project by LANDMARK? I was concerned looking that there are still ~8 flats available for booking….this discussion seems to indicate that they had 9 flats available back in 2007….and nothing has changed since then. I would appreciate any insight into this.

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