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JMD Gardens Stopped Transfers To Force-Sell Their Remaining Stock - Are Transfer Allowed Again?


By Millenniumcityman, Section Ask Questions
Posted on Mon May 19, 2008 at 07:08:58 PM EST

Hello,

Does anyone having update on JMD Gardens on Sohna Road?

The property was available for around 3000/- psf in resale market, and the company was not able to sell their remiang units at the higher price of approx 3500 psf.

So JMD blocked the resales by not providing the NOCs, and launched a scheme in which they charged around 3600/- psf (10% downpayment, no emi till possession). Essentially, it was forcing the new buyers to go for direct purchase from JMD rather than buying in the secondary market.

Now the no-emi scheme is over.

Anyone having update on whether the transfers have started?

Thanks.

< Residential rentals in Delhi up 13 percent in 2008 | Orchid Petals @ Sohna Road - Is it a Good Buy For Self-Living? >

JMD Gardens Stopped Transfers To Force-Sell Their Remaining Stock - Are Transfer Allowed Again? | 1 comment (1 topical, 0 hidden)
JMD (none / 0) (#1)
by ggn on Tue May 20, 2008 at 07:12:38 AM EST
I called JMD and asked following 2 points

  1. Why there is a ban on apartment transfer?
  2. What are the chances of increase in super area when possession would be given?

For first one, I was told that there is a temp. ban on apartment transfer; however if I wish to sell my apartment I would get a NOC. It means they are just discouraging people from selling and the ban is just available in verbal form, not by the rules.

For second question, I was told that company doesn't have any plan for area increase.

However looking at increase in the raw material cost in past one year, I am ready for upto 10% increase in super area.

I bought the apartment for self use at Rs. 1,825 psf rate ( and 100 Rs PLC for 1st floor and park facing, it's an east facing, park facing apartment in H block), and a 10% increase would cost me approx. 4 lakh. This is fair, at-least in my case.

How is the progress? I am not in India so just relying on feedback given by other.





JMD Gardens Stopped Transfers To Force-Sell Their Remaining Stock - Are Transfer Allowed Again? | 1 comment (1 topical, 0 hidden)

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