Shisho said:
I have heard that there was a restriction in the original purchase of the land by Gupta that limited development of the site to a hotel ... no condos permitted. Apparently Gupta went ahead with and obtained approvals at City of Vaughan but was unable to get the restriction lifted/waived by the previous owner that sold the site to Gupta. Gupta now using the excuse of inability ro obtain construction financing as an excuse. Don't know whether this is true but it's what I have heard.
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I doubt that's the case. Based on the fact that they didn't even pay all the realtor work on this project like other developers (even cosmos did), they might knew it's gonna ended up cancelling anyway.
 
I call upon all purchasers of ICONA to unite, approach the Courts, with a strategy that the Purchasers will jointly develop ICONA without any interference form the developer but under the supervision of a Court appointed RECEIVER, the lawyer of the project and the bank where the purchasers deposits are kept .
The Plan should be use all the same trades already involved in the project that includes architects etc except the developer and commence construction with financing from the bank which has the purchasers deposit and upon completion of construction & closing if any surplus amount remains after paying off the bank financing the same could be given to the developer
The Purchasers should take over this project and assure the court that they are capable of carrying out this development without interference from the developer
 
peterwera said:
I call upon all purchasers of ICONA to unite, approach the Courts, with a strategy that the Purchasers will jointly develop ICONA without any interference form the developer but under the supervision of a Court appointed RECEIVER, the lawyer of the project and the bank where the purchasers deposits are kept .
The Plan should be use all the same trades already involved in the project that includes architects etc except the developer and commence construction with financing from the bank which has the purchasers deposit and upon completion of construction & closing if any surplus amount remains after paying off the bank financing the same could be given to the developer
The Purchasers should take over this project and assure the court that they are capable of carrying out this development without interference from the developer
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If the market had crashed in the past year and these units depreciated in value, people would be heralding Gupta for cancelling the project. It goes both ways.
This situation is as 'fair' as any other gamble in life - stocks, casinos, sports betting.
Going to court over this is not only expensive and time consuming, but also pointless. The developers are well within their rights, whether you like it or not.
The fact that purchasers can no longer 'afford' today's prices are not Gupta's fault.
 
What a shame. I would have liked to see this go forward, I really liked the designs for these buildings. Hopefully something nicer ends up taking its place.
 
raptor said:
If the market had crashed in the past year and these units depreciated in value, people would be heralding Gupta for cancelling the project. It goes both ways.
This situation is as 'fair' as any other gamble in life - stocks, casinos, sports betting.
Going to court over this is not only expensive and time consuming, but also pointless. The developers are well within their rights, whether you like it or not.
The fact that purchasers can no longer 'afford' today's prices are not Gupta's fault.
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This is pure greed of the Gupta's
The Investors and the Provincial Government need to stand up for the rights of the investors
If the purchaser fails to close the builder can forfeit his deposit but if the builder fails to commence and complete the building he could get away by returning the deposit HOW UNFAIR

The Investors ought to teach this developer a lawful lesson for taking people for a ride .
The PROVINCIAL GOVERNMENT must take up for the Investors and the people of ONTARIO so that this rampant abuse of power by the developers could be checked

All investors of ICONA please wake up fight for your rights, the Gupta's are in the habit of running away from their previous development project too & they did the same with KING BLUE which they sold midway to GREENLAND CORPORATION (a Chinese company)
 
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peterwera said:
This is pure greed of the Gupta's
The Investors and the Provincial Government need to stand up for the rights of the investors
If the purchaser fails to close the builder can forfeit his deposit but if the builder fails to commence and complete the building he could get away by returning the deposit HOW UNFAIR

The Investors ought to teach this developer a lawful lesson for taking people for a ride .
The PROVINCIAL GOVERNMENT must take up for the Investors and the people of ONTARIO so that this rampant abuse of power by the developers could be checked
Click to expand...
Purchasers are as greedy as the builders. I'm sure at least half of the purchasers here were intending to flip the units for profit.
I hate to defend the builder, but this is what's happening when you buy pre-construction, that's the risk that you take.
The sense of entitlement of people these days is pathetic. Nobody is owed anything.
Suck it up and move on, such is life.
 
raptor said:
Purchasers are as greedy as the builders. I'm sure at least half of the purchasers here were intending to flip the units for profit.
I hate to defend the builder, but this is what's happening when you buy pre-construction, that's the risk that you take.
The sense of entitlement of people these days is pathetic. Nobody is owed anything.
Suck it up and move on, such is life.
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The reputation of the GUPTA'S is well know, they are opportunist, the have no track record, they delay the project and in fact they are flippers
It is SAD that their action gives other developers and builder a BAD NAME, the good reputed builders (DANIELS, PEMBERTON, CONCERT etc) do not cancel projects like fly by night operators who masquerade as developers in the VMC area of GTA
 
raptor said:
Purchasers are as greedy as the builders. I'm sure at least half of the purchasers here were intending to flip the units for profit.
I hate to defend the builder, but this is what's happening when you buy pre-construction, that's the risk that you take.
The sense of entitlement of people these days is pathetic. Nobody is owed anything.
Suck it up and move on, such is life.
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I am NOT a purchaser at icona, but I disagree what you said. There should always be a cost to breach contract on both sides. It's not about greed or risk, it's the spirit and purpose of having an agreement.
In some countries where real estate market is hot, if developer breach contract, shall return double deposit, that makes the cost equal to as if purchaser walk away.
 
pianiel said:
I am NOT a purchaser at icona, but I disagree what you said. There should always be a cost to breach contract on both sides. It's not about greed or risk, it's the spirit and purpose of having an agreement.
In some countries where real estate market is hot, if developer breach contract, shall return double deposit, that makes the cost equal to as if purchaser walk away.
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I too am not a purchaser at ICONA but I agree that if a developer commits a breach of contract he should return double deposit back.
 
peterwera said:
The reputation of the GUPTA'S is well know, they are opportunist, the have no track record, they delay the project and in fact they are flippers
It is SAD that their action gives other developers and builder a BAD NAME, the good reputed builders (DANIELS, PEMBERTON, CONCERT etc) do not cancel projects like fly by night operators who masquerade as developers in the VMC area of GTA
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You are reinforcing my point. If GUPTA has a bad reputation, then purchasers know the risks when they sign their agreement of purchase and sale. Buyer beware.
 
It seems like Vaughan's City Centre will not grow as quickly as expected.

Even with a finished subway connection, if developers can't get projects done then it doesn't really matter.
 
syn said:
It seems like Vaughan's City Centre will not grow as quickly as expected.

Even with a finished subway connection, if developers can't get projects done then it doesn't really matter.
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There are currently three 55-storey towers + three 35-storey towers under construction in VMC. CG Tower (60 floors) is next in the pipeline, from a reputable developer. A few more proposals in the pipeline. All in all, it's still pretty substantial.
 
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