DLF placates buyers from pulling out of Chennai project

A consortium of buyers was threatening to cancel bookings and had forced the developer to refund the initial amount paid by them. The reason: the project's inordinate delay and the builder's inability to even get the plan approved. But now DLF has managed to convince the buyers to stay put.

CNBC-TV18 has learnt that of the 600 buyers, who had threatened to pull out of the project, 100 of them have already done so and the balance 500 are waiting to hear back from the company, which is putting the finishing touches on a package that it claims will bring down the cost of ownership for buyers.

Reading in to the contents of that package, while it is anticipated that the company will reveal the finer details on Monday, industry watchers say it could be a 20% price discount and the price discounts could also be offered to those who intend to upgrade their plot sizes from smaller to larger areas.

When contacted, a DLF spokesperson said, "Cost of ownership will be lower. The cases of those who want to pull out after evaluating the package in view of the circumstances they are in will be reviewed. They will be refunded as per company policy"

DLF has also said that it will be able to complete the project on time, i.e., between April to June 2011, the original date committed.

With inputs from Divya Rajagopal and Sunanda Jayaseela.