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IREF® - Indian Real Estate Forum > Real Estate Open House > General Real Estate Discussion > Save Your Self from Jaypee Green Aman, Its a Fraud
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Old May 28 2009, 02:18 PM   #1
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Default Save Your Self from Jaypee Green Aman


Jaypee Greens has launched the project Aman on May 27, 2009, this 70 acre project is having 2/3 bed room flats of 850 – 1350 Sq.Ft, 9 hole golf course, at only Rs 2250/Sq.Ft possession will be given in 2012.
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These offers look very attractive, attractive like a carnivorous plant - This attracts its prey with color full exteriors by show casing itself as most beautiful flower of the town.

Two three days ago I received an SMS on my , about the price and area of the flat. I was surprised with the offer. In a time where other builders are offering flats at higher rates, why these people is so benevolent on their customers?

Through my search for fact I was left with some unanswered questions, which made me sure that some thing fishy is going on in this project.

1. My 1st question – why any body from Jaypee is not involving in the deal?

The very first thing that I noticed was, no body from Jaypee is directly involved in booking and providing information on Jaypee Aman. I called up at Jaypee office and after transferring my call for 5 times they asked me to drop my Number, They will call me back.

I got a call from a guy named Vikas, on enquiring him I found out he is not a Jaypee employee but a broker.
I searched on net for any contact no of marketing personals of Jaypee Aman but that led me to a failure, every time it was a broker on the line.

“No body gave me the number of the Jaypee Marketing Exc or manager”

2. Why every one is confused about the No of units of flats in 70 acre land?

During my conversation with brokers, I found that all brokers (almost 5) told me different numbers of units. The data was varying from 1200 to 3000 units of flats. These variations directly relates to the authenticity of its Legal and Technical Papers, these rise the questions –

“Do they have approved Map for the project?
If yes than why they are not sticking up at a definite number of units?”

“If they don’t have papers than, how can they launch their project and ask for the money?”


3. Conversation with HDFC bank.

A customer care executive of HDFC bank confirmed me that, papers of the property have still not passed by the Noida authority till 27th May 28, 2009.


4.Payment Plan for the Jaypee Aman.

· 20% of Basic amount + IDC within 2 months of Booking.
· 10 % of Basic amount within 4 months of Booking.
· 10 % of Basic amount on Excavation.

They are collecting 40% of basic amount before the excavation?
How much will be their investment into the project?
At what stage of development will they ask to bank for finances?

5.Loading on super area.

There is loading of 20% in the super area - as I was told by the broker but my calculation shows loading of 38%.

6. Construction of yamuna express way.

The whole story started with this only, the land on which they are building the Project was allotted by the government as a payment of much hyped Yamuna Express Way – to connect Greater Noida to Agra – the project was launched in April 2001 and it was about to complete in 4 years, But it has constructed only 25 Km out of 215 Km. in 9 years.

Are they liable to construct on the land, they are given as a payment of Express way which is not even 50% completed?

What if government asks to stop this project in mid way?

Who will be responsible for the money of customers? Brokers who are indulge in the deal or the company which is indirectly collecting money from the market?

 
Old May 29 2009, 03:07 PM   #2
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Lightbulb thanks a lot

hi pallavi thanks a lot for such deep information about jp, my father was about to buy a home and after reading your artical i would suggest him to do a deep analysis, and preferably not buy from jp.

 
Old May 31 2009, 07:50 PM   #3
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Well done, Pallo! Nice research. Thanks for the information.
 
Old June 1 2009, 01:57 AM   #4
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Default shocked and surprized

I live and work in the middle east and since long time I am looking ahead to invest in real estate. Recently my bro-in-law invested in property by jaypee green aman and asked my father in case he is interested. My father had been to their site today and called me whether we should go ahead, he was impressed and also asked me to arrange booking amount so he could do the necessary application work. I was just browsing the net and got this information from ms. pallavi. My Q to pallavi is, that all right, should i stop my father to go further with this project. My bro-in-law already had put some money into it. what will happen ?? pls advise.

Thanks,
 
Old June 1 2009, 07:06 AM   #5
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yes, the information is correct, as posted by me a few days earlier. Jaypee does not have clearances for the project and the expected completion year is 2016 according to company insiders.
 
Old June 1 2009, 11:34 AM   #6
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Lightbulb jaypee aman

Quote:
Originally Posted by rayan123 View Post
I live and work in the middle east and since long time I am looking ahead to invest in real estate. Recently my bro-in-law invested in property by jaypee green aman and asked my father in case he is interested. My father had been to their site today and called me ............. My bro-in-law already had put some money into it. what will happen ?? pls advise.

Thanks,
Friends

To know more see ....
]http://www.youtube.com/watch?v=rEFLPUM0fzo[/url]

What I thought about Jaypee, has turned 180 degrees these days. The faith and public trust what Jaypee earned has now turnished, just like the other real-estate players. Till a few days before, I thought Jaypee might be one standing out of the crowd of real estate companies. Many people thinks Jaypee to be one among the elite class, like DLF and Omaxe.

Before the ad ]http://picasaweb.google.com/ud4y4n/BuilderSFraudAndTricks?authkey=Gv1sRgCL6F6tP2mP_G7 gE#5342245888630474066[/url]

I got calls from several brokers asking for a lakh rupee cheque without date for booking in AMAN. When I asked about the approval of the project, they said its with the company, and they don't have any idea.

In one line, JAYPEE IS SELLING A PROJECT AS PRE-LAUNCH, BUT NOT DIRECTLY, TO AVOID LEGAL HASSLES OF VOILATING SUPREME COURT ORDERS AND RBI GUIDELINES. The cheques are collected by their brokers and most shocking was, not a single marketing personel came to talk directly in the . This is the latest technique, of looting public money, via pre-launch, without map approvals............. a second classic example of avoiding direct court orders after DLF Capital Greens.

The very next day ......... ]http://picasaweb.google.com/ud4y4n/BuilderSFraudAndTricks?authkey=Gv1sRgCL6F6tP2mP_G7 gE#5342245905994454482[/url]

The ad was again just shocking and surely Jaypee can apply for guiness book of world record, to do just a huge business in a day. Considering minimum a lakh rupee for 3300 flats, its a earning of 3300 lakh rupees = 33 crores (atleast) in a day.

CHEERS Jaypee stake holders, you deserve a pat.

And IT dept. can look into the matter for revenue generation.

Now the question is, who are the people, investing in these projects......... they are us - intelligent, professionals, common man, educated. We ourselves are creating a hype and thus instigating builders to commit fraud. Call customer care of HDFC and they will tell, the approval is in process, which means we don't have all papers. Considering this Election, many thought India has woke up from sleep and they are now in a way decide the fate of the country.

But after the success of DLF capital greens and Jaypee Aman, I don't presume the above picture of ours to be fully true. Out of 39,900 topics searched in the name of Japee Aman in google, 97% are ads by brokers. So may be presumed that 3300 families don't bother to verify the legal and technical papers from the real-estate companies.

If in 9 years, Jaypee makes 25 Kms of roadways for Yamuna Expressway, than Jaypee AMAN will be handed over in next 10-15 years, possibly.

Good luck to all the proud owners of Jaypee AMAN.
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Old June 1 2009, 01:16 PM   #7
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Default hi rayan

Quote:
Originally Posted by rayan123 View Post
I live and work in the middle east and since long time I am looking ahead to invest in real estate. Recently my bro-in-law invested in property by jaypee green aman and asked my father in case he is interested. My father had been to their site today and called me whether we should go ahead, he was impressed and also asked me to arrange booking amount so he could do the necessary application work. I was just browsing the net and got this information from ms. pallavi. My Q to pallavi is, that all right, should i stop my father to go further with this project. My bro-in-law already had put some money into it. what will happen ?? pls advise.

Thanks,
dear rayan,
an organisation from banaras has filed the petition to stop the construction of ganga expressway. analysis says that they are selling this project to collect money from the market to take the construction of road ahead, their plan suggest that they will procure almost 200 m frm mkt in 3 to 4 month.the project can be halted by govt. till the decision for the petition is out. and you must be very well aware about the indian judiciary process.
 
Old June 1 2009, 01:34 PM   #8
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Mahagunpuram also in the QUE

well you rightly said all about JAYPEE GREENS
but what about the other builders.........
it is not only with the case of JAYPEE GREENS AMAN.....
other projects like MAHAGUNPURAM of Mahagun Developers this project has launched few days back but the developer still dont have the approved Papers......of the land.............
Well I thought that many developers donot have all the papers before launching the project.........
New Project LIKE Triveni and Pal group Joint venture also launched in faridabad sec-89.The company has launched the project but the developer dont have papers and approval papers.....
So my question is... How we can stop this ?
what about the individual who spend the money only on the trust of the company?
 
Old June 1 2009, 03:51 PM   #9
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Lightbulb another follower is there

Company- Mahagun India Pvt Ltd
Project name- Mahagun Puram
Location – NH 24, mahrauli
Basic rate- Rs.1679 per sq ft
Loading- 17%-18%
Construction- Start in august 2009
Possession- Till Sep 2011 (Maximum delay can be Dec 2011)


Loan available from HDFC & IDBI (For both down payment & construction linked plan). UBI & BOB (For only construction linked plan). When i asked for other banks then they said that papers have send to banks but it will take time for their approval. when i called up in these banks they said that they have not sanctioned the project.


he said that GDA Approval has been taken and other papers are ready but when we asked him for showing papers he said that they are having papers & approved map in noida office but they will not show these papers to every customer.

On the topic of negotiation he said that they have set a very low price that’s why no negotiation will be done.


in short they are playing a price game. after raising huge money it is not guaranteed that they will give the same as offered by them.........

beware beware beware
 
Old June 1 2009, 04:49 PM   #10
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Mahagunpuram also in the QUE

hi.................
i completely satisfied by the post ABOUT JAYPEE GREENS these people has sold out almost all project without having papers in their hand this is because of the govt support.
I want to ask a question........
>how many builders have approved papers in their hand at the time of launching their project???
I thought all of them doing the same, Builders just reduce the prices and try to attract the people for the project.
Many builders are now in a row who are actually trying to be the follower of JAYPEE GREENS in terms of launching the project before having approved Papers.
Like......... MAHAGUN launched MAHAGUNPURAM ( NH-24)........triveni and Pal Joint venture project in Faridabad sec-89.
Both of these project has launched and Booking are OPEN
But if they don't get approval or customer don't get the value for their money
 
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