NEW YORK/INDIA: Amid Complaints in India, a Real Estate Deal in Manhattan

The New York Times: Amid Complaints in India, a Real Estate Deal in Manhattan
By Stephanie Saul and Louise Story
February 9, 2015

Last Sept. 28, a group of retired military officers demonstrated at Jantar Mantar, a historic site in New Delhi. “Though we are old veterans, we still have the strength to challenge your atrocity,” read the placard of one protester, who was leaning on a cane.

Their animus was directed at one of the New Delhi area’s biggest residential builders, Kabul Chawla. In 2008, nearly 200 military officers had put down deposits on apartments at Park Serene, a high-rise apartment complex Mr. Chawla was developing. In addition to a swimming pool, a community center and special prices for members of India’s military, a big drawing card was the prospect that the officers could live together in retirement.

More than six years later, the protesters say that Mr. Chawla’s company has collected almost 100 percent of the price of the Park Serene apartments from 400 buyers, payments the protesters estimate at more than $35 million. But the company has not completed the units. “They put their life savings in it,” said Brajesh Kumar, a retired Army major general and spokesman for the protesting officers, who have taken their grievances to a national consumer commission. “They thought that after their retirement they would move in. It’s not a happy situation for a large number of consumers.”  Read more:

Posted on February 11, 2015, in Uncategorized. Bookmark the permalink. Comments Off on NEW YORK/INDIA: Amid Complaints in India, a Real Estate Deal in Manhattan.

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