@Diwakar Shetty: Past 2 years keep on extending the project completion date which is from Dec 2015. Project has 40% of work pending (No workers). No proper maintenance, no quality, no amenities, no security, No Khata and No Approval's. If you comprise on this go-ahead and buy
In my view for short term EC P1 is better but for long term you can consider P2 as well. All boils down to what is in your mind. If it is for you to live then I will suggest don't think much about return and stuff. If the project you are planning is feeling all right, If you are feeling it will be nice to live there, if builder's reputation is good then go ahead. But investment is a difficult ball game.
The project is expected to get completed by January 2017. As far as I know the project has got approval from Bangalore Development Authority and home loan is available from banks like HDFC, Axis, State Bank, ICICI Home Finance.