NRIs Exit DLF's Garden City, Chennai Project

NRIs got a taste of speculating in the Indian property market that too in the hands of shady Realtor, DLF [Why Shady - Se their DLF Assets Deal involving Rs 7,000 cr and you will know]. According to today's ET, B'lore edition, 70 NRI Buyers have already submitted their exit letter to DLF who had bought properties in garden City project in Chennai. Since they have not received any response, they are now seeking intervention of ministry of overseas Indian affairs. prics in this project are oficially down by 20%. However, a realtor said that the prices in the vicinity have crashed upto 40% and hence the massive push for refund.

100 Local Indian families who have bookd their apartment in the same project also thronged the company's office. DLF Southern Homes CEO KK Raman said,

We have begun the process of refunds. We recognize the current circumstances when people may have lost increments or jobs.

The refund is directly linked to fresh booking any maye take upto 4 months. Successive Governments have lacked the vision to establish a regulator on the lins of SEBI for the Black Money Real Estate Market in India.