PSN owners petition to Prestige Constructions

The Managing Director Prestige Estate Projects Put Ltd. The Falcon House No.1 Main Guard Cross Road Bangalore 560 001 Dear Sirs, We, undersigned are the buyers of flats in "PRESTIGE SHANTINIKETAN" Project promoted by you. Each of us booked our flats in this project based on your past reputation to adhere to the terms, specifications, quality of construction, handing over of the property possession on time and also your ability for after sales service. We have from our side fulfilled our obligations of effecting payments as scheduled/demanded by you. But Prestige is far away from the promises it made. The following points bring out serious concerns about the progress and quality of the project and commitment of Prestige to protect our interests. 1. The project delivery date is being changed repeatedly on flimsy grounds. We do not agree to the change in handover dates. The reasons given for this change were pretty much normal risks which could have been anticipated and managed by any ordinary builder. Prestige citing those reasons does not convince us. With full knowledge of the delay in obtaining mandatory clearance from appropriate authorities and the resultant delay in starting the project, your choosing to collect more than 65% of the project cost from us has only added to the financial burden to all the flat buyers. It may also be noted that there is opportunity lost by us to save/earn in terms of rentals paid by/not received etc. The amount of mental agony we are suffering on account of the above is becoming unbearable. 2. As per your latest letter, the handover dates of "SHANTINIKETAN" to owners have been delayed by 12 to 18 months. The handover date of our flats as per Agreement was July 2008 and as per the latest communication received from you, the same stands revised to between June 2009 to Dec 2009. This should automatically qualify for the "Compensation for Delay" clause as per terms of the agreement, but there is no mention about the same in this letter. Further even at these revised dates it is noted that the Club House is not going to be ready and made available for our use and we will have to bear the construction noise, dust, etc. till such time it is completed which could be a year more, 3. The overall look and feel of the project has changed considerably since the time it was launched. The market value of our flats took a considerable knock because of the ambiguity in completion of World Trade Centre, Radisson hotel, Forum Mall etc. There are some significant changes made by you in the elevation of the Residential Towers by toning down the look of the towers making further dent in the overall look and image of the project. Had it not been for these features as widely advertised by you through your marketing brochures and leading newspapers, we would not have booked our flats in this project paying a high premium. 4. We are disappointed to note that certain specifications which were explicitly made clear in the agreement like the flooring, etc. are being changed by you without consulting us or obtaining our written concurrence. 5. The repeated negative publicity generated by the media and press coverage of the mishaps that occurred at Shantiniketan site is definitely not enhancing your reputation as good builder or helping us gain confidence about the quality of construction. Needless to add, these mishaps are also adversely impacting the appreciation of our flat value. 6. We have expressed most of our concerns in the meetings held with you at irregular intervals. While we had extended our full solidarity and cooperation, unfortunately we found the same lacking from your end. The promises made in those meetings were either not met or not fully met. One example is none of the sub-groups formed by us and you could progress on their chosen task for want of cooperation from your side teams. Taking due cognizance to the above valid points mentioned by us, we would request you a)To fulfill all your promises/commitments as per our agreement immediately b)To deliver the flats as per the specifications of the agreement without further delay c)Compensate us for the heavy financial damages suffered by us We would request you to acknowledge this and act on the above urgently.

Sponsor

PSN BUYERS GROUP

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