yogi8888

But they cannot ask for next installment as per the schedule of payments beffore they start work.
Point is not that they are not asking for further money, point is timely delivery of the project we have put our money on and security of whatever money we have ploughed in till date.
What is disturbing is that IB people are not sure of start date and giving false promises for last 3-4 months does not add to the confidence of the customer.

Sonu007

i have booked 3 flats and as per my last conversation with the sales guys at vashi office, i was told that they have received a provisional CC and the excavation should commence in the next 10 days. If the news is true then, congratulations to all. hope next step is to get the agreements going.

jia001

I fully agree that timely completion of the project is very important. I also agree that Indiabulls have not kept their promises for obtaining clearance and are evasive about the subject. Without clearance the project basically does not exist.

As regards what we can do:
1) Case 1: If the approval is with the authorities and Indiabulls have done their bit then there is little we can do.
2) Case 2: It may be that Indiabulls is seeking approval for the entire project, drawing up a new master plan before they seek full approval, not agreeing to the adjustments proposed by the authorities, not pushing the authorities enough or in the process of acquiring more land. In this case if we all keep pestering them, then they may expdite the process.

I think Indiabulls can definitely do more to expedite the clearance process. In such a case, talking to them can help.

I am sure other people have better ideas, please chip in.

PS: Also anyone with more information about
1) What clearances the project requires?
2) Which authorities provide the clearances?

wemal

hi friends, i hv been to the panvel site last sunday. there is some leveling being done and 3 or 4 soil testing machines installed. One Site engineer said that its a very good site for construction and so on.

whats encouraging is that the price has been hiked to 2900/- per sq.ft. so investors be happy.

The project clearance even though India bulls claims that they will get clearance by next week,next month and so on, I believe that for such a mega town ship project they will get their clearance in phased manner. Maybe they must have amended their project plan incorporating the adjacent Nitco logistics plot as well. But friends be positive all in all it is a good buy considering the future development of Navi mumbai.... good luck to all.........

yogi8888

What is also alarming is that other reputed developers in Panvel have not been able to make much headway with their projects:
Kalpataru is stuck in between
Hiranandani has been talking about their project since long but nothing has moved.
Panvel has enormous potential in terms of commercial and residential real estate evelopment but as I have said earlier it is futuristic.
By the way "Not many buyers know that commencement of work is implied once you start foundation concreting work" and it is quite possible that IB people might seek next installment when they start excavation work. Excavation work does not imply that construction has started.
Not to worry -as all the developers are upto these tricks. One needs lot of patience. I reiterate risk-reward ratio and these are the vagaries you face once you invest in a greenfield project. Well all of us are in it and we will continue to derive strength from each other through this platform.
Cheers!!!!

vishal.sharma

Hii Everyone,

can anyone tell me whether they have made the complete first installment ie the initial booking amount and the remainder of the amount which has to be paid within a month. In my case I have made the initial booking amount but I am reluctant to pay the remainder of the amount eventhough its been over 40 days since I have booked the flat as I am not sure when the Project will get all clearances. Any advise would be helpful.

Cheers!!!

ria2011

hi

i am due in a short while for completing my first installment. you might find that you can only delay upto a point. after that indiabulls might threaten to cancel your booking. this is a risk that one has to take when investing. unfortunately indian real estate is not yet so well regulated and the builders have an upperhand in everything. clearances normally take time. if you monitor the chennaimetroblogs which is a forum similar to this but on indiabulls chennai project you will see that it took more than a year to get the clearances but now they are in place and the construction has started. so there is hope.

vishal.sharma

Hi Ria,

Thanks for your reply. I guess you are right we need to take that chance. What I keep telling myself that for India Bulls there is too much at riskl and they cannot just default. I guess I would be making the remainder of my payment for the first installment soon.

Cheers!!!!

yogi8888

I can stick my neck out and safely say that it is wise to pay the installments, demanded, on time. This definitely is a sound investment and would reap decent rewards in time to come.
If you note- all my concerns raised earlier has been with regards to start of work and completion of project on time..
Keep the faith!!!!

sbhagtani

friends,
share price of ibrealestate has gone below preelection result.
looks like company is in some trouble which we dont know, otherwise this would not happen.
thank god i didnt book in their panvel project.