Jagoinvestor

November 15, 2012

Real Estate Cheating by IndiaBulls Greens, Chennai

Are you a real estate expert ! ? If yes, please help a fellow reader Yakgna Kumar, who has been suffering due to his mistake by investing in a real estate project in Chennai . He wants a right direction and hence he is asking everybody help to guide him. Below is his story from our questions and answers forum

Yakgna story of Builder Cheating him !

We booked IB Greens apartment in chennai Oct 2010, Initial booking was made with promises that are not being fulfilled by IB now. They dragged the agreement signing for 2 years quoting various reasons and until now they are not clear on number of floors, UDS. Now that, they have come up with new agreement – completely one sided and no clear indication of number of floor, UDS, SBA Increase, change in carpet area/floor plan, shared club house for different phases as against separate club house and many other issues. This is clearly a Cheating case !

We have now applied for cancellation of the booking and asking IB to refund the complete amount paid for booking the apartment, IB is not responding on the details of refund but when we call customer care, they are quoting that we need to pay penalty of 5% of total sale price ! – this is mentioned in the Booking Agreement, the booking agreement also says, that agreement should be made within 1 year of the booking, if the booking is not made within 1 year of the booking IB will have to pay 9% interest … in addition to this, they have added few clauses that cancellation should not be intitiated by buyers. Now IB is asking us to sign a cancellation process which makes us to agree for penalty as per booking agreement.

With our little knowledege on real estate, we understand

1. The booking agreement is not an agreement and and just provisional booking form.

2. its been more than 2 years old and when exceeds 6 months it will become null and void.

3. As per the CCI(competation commission of India) any terms and conditions which is one sided is not acceptable and considered as Void.

4. Our refund request is not our own and because of IB failure to deliver the project intime. Till date they are not clear it will be 7 floor or 19 floor. During booking they informed 7 floors and if 19 floor your UDS is almost nil which is deviation from the booking terms.

Questions

1) what should be our step to get the refund, have you seen customers approaching with this kind of problems and how they have handled it?. we have lost 2 years since then the real estate prices have gone up, IB can cancel our booking and sell with latest price and making profit. we have already went through too much stress because of IB attitude towards us and IB billing department asking to pay the first installment without even signing the agreement and also penalty of 18% for delay in payments . we had multiple meeting with IB staff without any change in IB stand on the agreement and so we are planning to cancel. I am attaching the booking agreement snip related to the cancellation/refund from booking agreement. We are a team of buyers, we got introduced yourself after forming a google group when we had to face the problems from IB. We are stuck now, we need correct plan of action and without any further delay and stress for us. Based on your expertise, i would request you to let us know the next steps for us.

2) Will we be able to get our monies back based on the booking agreement? .. is the booking agreement considered at all after 2 years ?

3) We also think, the IB Higher Management may not be aware of the staff and local management’s attitude to customers, if there a way to escalate our issues?

Appreciate your time on reading this long mail. thanks for your support.

Please share your thoughts and Help

What do you think about this case ? Can you share what do you think about this cheating case and how this guy should move ahead, what should be his next actions ?

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Aakash
Aakash
7 years ago

Dear Yakgna Kumar,

It is unforutnate to hear indiabulls conduct. It is pertinent to note that as per various judgements of the NCDRC, you are entitled to a complete refund @ 12% for the relevant period. Please consider sending a legal notice and subsequently pursuing a consumer complaint.

Please note considering IB’s failure to execute the buyer agreement within a year, you’re not required to pay any amount (5% or otherwise) to the developer.

Harry
Harry
8 years ago

Hello, is there any update on IB phase 2? Is there a group where we can get more information on their plans?

Brijesh
Brijesh
Reply to  Harry
8 years ago

Hi Even I had booked in phase-2. Compact 2BHK in G-Block. But their payment demands are arbitrary and no proper response from the customer care.

Arvi
Arvi
8 years ago

15th floor construction is going on

Stalin Nadar
Stalin Nadar
8 years ago

Hi All,

Finally I got my hard earned money back along with a interest of 9% from Indiabulls. Any one need assistance in getting their money back let me know. We need to form a group and shut this project as our hard earned money is enjoyed by Indiabulls.

gopalakrishnan
gopalakrishnan
Reply to  Stalin Nadar
8 years ago

Please let me know..

i also need my money back..

It must be money laundering way..

Baskar
Baskar
Reply to  Stalin Nadar
8 years ago

Please let me know..Thanks in advance
my mail id [email protected]

gopalakrishnan
gopalakrishnan
Reply to  Baskar
8 years ago

u can call me 9884955252

CustomerCare
CustomerCare
Reply to  Stalin Nadar
8 years ago

This is to clarify that Mr. Stalin Nadar was a defaulter in making payment towards his installments in the project Indiabulls Greens Chennai. There was an inordinate delay in all his payments. Due to his inability to make payments, he opted for cancellation. Indiabulls as a goodwill gesture waived off his interest outstanding (due to delay in making payments by Stalin) and processed his refund. Also it is misrepresented by Mr. Nadar that interest of 9% was given to him. No such interest payment was given to him by the company.

Baskar
Baskar
Reply to  CustomerCare
8 years ago

Thanks for the reply in this forum by the company.
Please answer the following,
If I write to you officially, for 100% refund of amount paid so far, with interest, after the date mentioned in agreement for handing over inclusive of grace period, will you refund it without any hassles?

Baskar
Baskar
8 years ago

Those who are invested in Phase 2, IB Greens -Please share your mobile nos, so that, whatsapp group can be formed, and we can share our concerns through that. I think, it will be useful.

Aravind
Aravind
Reply to  Baskar
8 years ago

My name is Aravind book a flat in IB Ph-2, add my number is whatsapp 309-660-7282 (US)

gopi
gopi
Reply to  Aravind
8 years ago

add my no 9841281808 – I m on complaining process.. guys can join us..

Why cant we take up this with Media ? .. As we have a contacts

Senthilkumar
Senthilkumar
Reply to  Baskar
7 years ago

Please add me 9686722998

Regards
Senthilkumar

Aravind
Aravind
9 years ago

Is there anyone from this forum live in chennai, who can give us an current update of the project…

Chandran
Chandran
Reply to  Aravind
8 years ago

Recently I received one mail from customer care that they got CMDA approval(CMDA ref no 9020 . ) usually CMDA updated their site monthly ones. we can check it in the CMDA site -1 st week of Aug 15 .

Baskar
Baskar
Reply to  Chandran
8 years ago

The mail states only approval or demanding money? please clarify.

Baskar

Aravind
Aravind
9 years ago

I mean update about that construction, when I spoke to them they are saying it will b ready by 2016 September . Just want to know whether you have any other informations..

subha
subha
Reply to  Aravind
8 years ago

Is it true that the construction will be completed by 2016 Sepetember. When I called up IB they said, it will be completed only by 2019.

Kindly help me with latest and genuine update.

Aravind
Aravind
9 years ago

Is there any update ther Manish?

Aravind
Aravind
9 years ago

I am also an investor on IB Ph-2, a new POC for all NRI people.
His name is Venkat and his no. +91 7401-683601. He replace Murugesan.

stalin.nadar4981
stalin.nadar4981
9 years ago

Hi Sushil & Manish,

Please share me your contact # at [email protected] or call me on +7768004297

senthil
senthil
9 years ago

They have recv’d GO order for 19 floors. Cleberation mood in IB 🙁

stalin.nadar4981
stalin.nadar4981
Reply to  Jagoinvestor
9 years ago

Hi Manish & Sushil,

Please share me your contact number or call me on +91-7768004297.

Sushil Menon
Sushil Menon
9 years ago

I am also a victim of IB Phase 2, I am invested since 2009, and no signs of get things. I am paying huge EMI as well.
Is there group of people who have invested in IB greens Chennai Phase 2. The only way we can justice and our hard earned money is being united and fight against these greedy corrupt corporate.

Please let me if a group exist which I can join or else we can form a group and fight for each other.

Sushil Menon

Chinna
Chinna
9 years ago

same thing is happend with for multiple projects

1. Cascade Greens
2. Sierra Vizag

naveen
naveen
9 years ago

For all those who have booked in phase2 and in phase1, a recent news. The ground water in indiabulls is depleting & depleted this summer, impact – no water to wash the shit. they are buying daily 60-70k lts of water which is not sufficient. Imagine once phase2 comes into existence. henceforth please decide more than once before booking!!

Sameer
Sameer
9 years ago

Indiabulls is taking the customers of GREENS, PANVEL for a ride. Five years after booking flats in phase-1, this builder has not yet given possession. They are asking to wait another 18-24 months. Indiabulls has sold flats in phase-2 three years back. Still they keep saying “we can’t help…. we are waiting for approvals from Govt.” !!! Can you believe this ??? Coolly diverted hundreds of crores of money from phase-2 customers to buying land in other areas… giving the same damn response for 3 years. They cheaters and fraudsters must be behind bars immediately. Starting from the sales staff to customer care upto the CEO of Indiabulls real estate…. all should be taught a lesson.

SPK Rao
SPK Rao
10 years ago

Indiabulls have clearly defrauded customers in Panvel, Chennai, and i’m sure in many other projects too.

It’s good to see someone has taken Indiabulls to court for all their misdeeds. Indiabulls customers have been guilty of looking the other way fully knowing they were being cheated.

Burying your head in sand when faced with danger is a good strategy for ostriches. Turning over and playing dead is also good for survival when you want to escape a bear. But when faced with a bull, you have to take it by the horns.

Check out the following article:

http://indianexpress.com/article/cities/mumbai/nothing-much-to-write-home-about/99/

Take them to the cleaners, don’t take any more bullshit

CommonMan
CommonMan
10 years ago

kumar614 –> S.n of a b..ch. Are you supporting Indiabulls? Are you part of that M..t.er f..ker family?.Listen Indiabulls cannot promote any booking after phase-2 apart from crap NRI’s by placing stalls in UAE & other countries and the completion of the same after approval will minimum take 3-4 years. And all for what Indiabulls had done even being a big a.s hole. It already lost its reputation and no more further bookings after phase-2 until and unless he adresses the compalints of phase-1 and phase-2 customers all positively, Dear phase-2 you try to do something wise get your money back by all possible means and dear phase-1 customers your building is best prone to earthquake and feel happy that he stopped with 7 floors instead of cheating you like what he did for poor phase-2 customers. Phase-1 & phase-2 customers please form a communtiy to have strong unity & also help fellow citizens from trapping into a Ditch named Indiabulls.

I thank one of the Indiabulls customer of phase-2 who saved me from making this stupid Investment. Its all about the money we earned from the sacrifices we made in our day to day life.

Listen M.chidambaram, Union Minister of Finance is the bhinamidar for “Selene Estate Private Limited” where Indiabulls is constructing Green’s Perumbakkam. And our Minister is a big supporter of DMK party. And No way Hon’ble chief Minister of Tamilnadu – Dr.J.Jayalalitha won’t allow this approval till the end of her reign and positively the next period is also going to Amma’s. So its all going to be a big deadlock for Indiabulls. Since they will make all chances of corruption to get their approval but understand its not possible this time. Since its a war b/w 2 parties. Not between customer and the builder.

Indiabulls Finance sector is one of the well benefite after the 2013 budget and here is the link for your understanding

http://economictimes.indiatimes.com/markets/real-estate/realty-trends/budget-2013-a-boost-for-affordable-housing-says-gag

Baskar
Baskar
10 years ago

Dear Manish,
Like you, I am also suffering because of their activities. I have booked phase 2 flat during 2010. One good executive Mr. Dhanashekar from IB has resigned. Please add my mail id…[email protected] in your contacts. I am with you for any legal action against IB or in your strong group. I hope, things will change once NAMO will come to power.

Sanjeevi
Sanjeevi
10 years ago

If this real estate forum is popularised, I am sure most of the builders will think twice before trying to rip off the innocent clients who have no idea about the unfair practices in the real estate market. More and more feedback on standard rates, quality check of materials, brands, prices, qty used will educate the buyers . From A to Z there should be a layman’s guide to deal with the current problems.

Sanjeevi
Sanjeevi
10 years ago

I happened to visit your site as just yesterday the sales manager of India Bulls Chennai called me for marketing their Perumbakkam flats in Chennai. He was telling me that they have 1000+ flats for sale andonly 40% of them are complete. He wanted us to to be their channel partners as we are consultants in Marketing. As we perceive this case as well as the general trend of the real estate promoters in Chennai seems to be highly deviant. You really don’t get to see one ethically inclined fellow as the culture itself is “greed is Good'” If you go little deep into this apart from agreements, most of them cheat you in quality. Big builders get things done through Diploma holding site engineers who do not care to check what kind of sand or or rod is being used. They are all mainly concerned about cosmetics or the frontage, painting and all those make-up job on the facade to lure the customers. Then why do we market such flats…you may ask.. Valid…we choose..we evaluate.. we do not go near big fellows who would intimidate you by talking you down. When I inquired to the sales manager what kind of sand were they using his instant reply was that”India Bulls” is nationally reputed. Your query here explains it is complete ‘bull’. Why did I mention about sand ….because most of them use sea sand…very bad for the building.