Slippages & Shrinkages in RNA Exotica, Oshiwara
19 th June, 2016, Mumbai: Welcome to RNA Exotica, a premium building project by Skyline Construction Co, where deadlines keep slipping and the number of flats to be constructed keeps shrinking year after year. The number of flats to be constructed has dropped by at least 80 since March 2011, and project completion date has slipped by six years. (Yes, you read that right -- six whole years!) Further shrinkage and slippage is definitely forecast. Also, visible manipulation of official facts and figures should make investors wonder what is going on behind the scenes. I m age: http://bit.ly/1W6IFnf The gory details: In Axis Bank's first mortgage deed registered in March 2011, RNA Exotica's project completion date was mentioned as September 2012 . Given the amount of work that had to be completed within 18 months by Skyline Construction Co, the deadline was obviously a bare-faced lie. Axis Bank's first loan to RNA's Skyline Construction Co for...