Almost 200 Buyers of Luxury Real Estate in Vadodara, Gujarat, India Left Stranded

A Luxury real estate project in Vadodara, Gujarat has become a source of anxiety and conflict for many buyers and the promoters. The land owners and luxury project developers of these particular luxury real estate homes in Vadodara have taken their spat online through social media. Erupting over the issue of profit sharing, the conflict has now evolved into a very serious one leaving almost 200 luxury home buyers in limbo and also resulting in many of the buyers filing a case against the luxury project developers before the Gujarat Real Estate Regulation Authority (RERA), 2016.

Apparently the luxury project called San Lucas was supposed to completed and delivered for possession around in the year 2016. This luxury home project was meant to have 7 wings in built across 3 high rise towers, comprising of almost 336 prestigious apartments. Such an impressive project managed to get almost 200 buyers for the luxury 2 Bedroom and 4 Bedroom flats easily.

The promoters of this luxury project, Pacifica Companies, an Ahmedabad based entity, came up with the township called ‘Madrid County’, after forming a Special Purpose Vehicle (SPV) titled with the landowner. Unfortunately this Vadodara luxury real estate project fell short in terms of RERA protocols. As a matter of fact Gujarat RERA came into force around the year 2016.

One of the luxury flat buyers, now also a member of the San Lucas Owners’ Association confirmed that the buyers in this luxury project booked their flats at different time periods and that the real estate developers in the agreements declared the date of possession as 30 months finishing in the year 2016.

All the parties with the help of Gujarat RERA are trying their best to resolve this issue at the earliest.