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Location Map:
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Developer: Puravankara
Website: http://www.puravankara.com/projects/cochin/grandbay.asp

Recent update:

June 6
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Recent Updates

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CC:- Puravankara

Recent Updates

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CC:- Puravankara
When is the expected completion date of this project?

September 9
Copyright Puravankara
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September 30
Copyright Purva
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Oct 31
Copyright Purva
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Nov 30th

http://www.puravankara.com/projects/cochin/grandbay/progress/pic01.jpg

Dec 31
Copyright Purva
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By prasanth_kcv (http://profile.imageshack.us/user/prasanth_kcv) at 2012-04-04

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By prasanth_kcv (http://profile.imageshack.us/user/prasanth_kcv) at 2012-04-04

^^

Purva should try for some slowness award. Almost all of their projects are moving at snail pace.

^ :lol:

But yeah, this has been topped out for 10 months and is still not fully painted.

^ :lol:

But yeah, this has been topped out for 10 months and is still not fully painted.

Agreed.they do this with every one of their projects including the ones in Bangalore. It is a sort of a ponzi scheme where the payments from the customer are construction linked and construction is measured by number of floors made. So the developer gets interest free financing which can be used to buy land bank/ start other projects.

^^

Aren't they liable to handover projects to the customers within a deadline?

^^

Aren't they liable to handover projects to the customers within a deadline?

In theory they are supposed to have penalties for late delivery but usually the agreements are so one sided that the customer gets something like 1.5-3% pa as penalty. The developer's borrowing cost from the market is anywhere between 12-20% pa. This means that it makes economic sense for the developer to delay delivery as he's saving a whooping 9-18.5 % pa.The only thing working against the developer is the inflation due to labour and material costs which keep going up every year but developers hope that the price of the units sold later would go up enough to compensate them on an average.Based on my knowledge, the average delay in delivery would not be less than 2 years from the original promised dates for a tier 1 developer (Unitech, DLF, Purva,Kalpataru, Lodha) . My guess is that it would be higher for tier 2 as they have been affected the most due to the high borrowing costs and slow economy.

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