Q:Message from Nitesh...Same on them..Compensation for delayWe would like to appraise you of a serious issue that we had over the last couple of years with our principal contractor M/S Ramki Infra , a 3000 Cr company of repute . This company was engaged after due diligence , but the company got embroiled in investigations by various agencies & could not undertake any work due to a serious financial crunch which has affected all their projects across India , and we became a victim in two cases , Nitesh Flushing Meadows being one of them . Having completed 70 % of the project , we could not find a reputed company to take the work forward and we were constrained to retain the Ramki team , but manage the construction and financial committments on their behalf . While this matter of engagement between us & the contractor is purely our responsibility , you will appreciate that a company of the size & repute as Ramki Infra winding down construction was not even remotely forseable . We have been currently doing the following on behalf of the contractor ; sourcing of labour , steel , concrete and other infra structure items . Ramki Infra , has been retained only due to statutory reasons eg taxes .While this is purely our predicament , it is only fair that we update you of the true situation . Frequent transport strikes , sand lorry strikes etc which resulted in acute shortage of raw materials at site constrained us from undertaking construction activity as planned activity . In addition to these , the cost of steel , cement & sand have increased exponentially which has seriously impacted the projected costing .Despite the above impediments , we have been focusing on completing the project and have been directing our resources towards this . Many of you who have been visiting the project have acknowledged that this is visible . You will appreciate that there is no compromise in the construction , be it the type of elevator , sizing of back-up power , generators , type of painting , landscaping , as also accessories & fittings . Hence we are not in a position to consider a compensation .
Q:Can anyone tell what are the penalty calculation for the delay of possession?We should follow up with them on the penalty otherwise later they might come with 100 reasons.
