POSITIVES - Low Price, Less Wastage Floor Plans, Reputed Developer, Limited Units
NEGATIVES - Abnormal Delays, Bank Funding Not Available, External Infrastructure Dependent Location
OMAXE NEW HEIGHTS, Sector 78, Faridabad is one of the most affordable group housing in the region.
The project had all licenses and map approvals and was originally launched as Omaxe Spa Vlillage.
Post global meltdown, around 2 years back, company decided to change sizes and relaunch a part of it as Omaxe New Heights.
Company was unable to deposit the EDC/IDC till 2011 and was paid only in the second half of 2011 which also marked the sanctioning of building plans.
http://indiaspaces.com/down/1353_omaxe_new_heights_.jpg
Meanwhile Haryana Govt increased the EDC / IDC to almost double, something which was not anticipated. Around this time the license of the project has also expired. Now unless the new EDC/IDC is paid to department, the license would not be renewed, sanctioned maps would not be handed over to company and no bank loans would happen.
People totally dependent on bank loans would actually have no choice then to exit the project either by way of refund or resale in open market.
Company might subsequently sell these flats at higher prices.
It may even ask all other customers to pay increased EDC. For this INDIASPACES had suggested management, that the money should be received in a separate account specifically for EDC only.