DLF: Strength in unity

DLF is the giant of Indian realty sector and would indeed have been a humbling experience to get a taste of the collective power of people. Especially people who are irked. It’s like the story of the lion and the mouse. When the going was good, DLF was calling the shots – it was like take it or leave it. And now, the tide has turned and people are demanding answers. Almost 300 buyers, who had backed out of DLF’s ‘Garden City’ project in Chennai, refused to leave its premises till they got a written assurance that their money would be paid back in full.

The total number of exiters from the project was 580 out of its existing base of 1,800 customers and DLF was to give a letter outlining the timeline of refund. But people just continued waiting and and finally patience wore off and angry people refused to leave DLF premises until they got the refund letters.

DLF has now assured them that the formal refund letter addressed individually to the exiters would be given by April first and the process of full refund will commence from 1st April, 2009, and will be completed before 30 September, 2009. The priority of disbursement shall be based on the order of first exit letters received and will be intimated by 10th April 2009. Times are indeed bad but it seems to be the worst phase for realty developers.