Transfer charges for Phase 1 Bellevue reduced

Central Park 2 has reduced the transfer charges of the Phase 1 apartments from the ridiculous figure of Rs. 200 per square feet to a more reasonable Rs. 50 per square feet, w.e.f April 2009. It had increased the charges to Rs. 200 when the project's construction did not take off to prevent investors from quitting the project. Considering the low demand and falling rates, the company must have decided to reduce these charges. Its a good move and will hopefully bring back the prices of the project to more reasonable levels. As recently as March 2009, brokers have been offering the Phase 1 apartments at prices of Rs. 2350 per sq ft - similar to the levels last seen in March 2006.

The construction of the apartments is still under progress and the phase 1 apartments are expected to be delivered in 2009 itself