Greeninvestment

these people are also offering preapproved loan 8%, this also may a trick to get the customer for both the company name Indiabulls finance and realestate

wadia

The big problem with loan is you have to pay it back no matter what happens with the property
If there is no clearance, no agreement, no registration what is the point of paying 20%.
They will let you borrow and tie you up to a loan when infact they should not be asking the money now.
Normal timeline should be:
1) You pay booking amount and with the builder sign the booking agreement
2) You pay the 10% and register the property.
3) You now avail a loan from the bank of your choice and pay the builder as per the schedule.

This pre-booking thing and Indiabulls' strange attitude is driving some people nuts

yogi8888

By the way Mr. Wadia!! Have you bought a flat with IB at Panvel???

wadia

I wouldn't have all this knowledge otherwise I have booked in phase 2, maybe I was when I booked.
But seriously it should all be fine if IB take the right approach. Somebody teach them the basics of building a big business. Customer relationship!. Customer happy rahega tho aur customers ko layega.

what are they achieving by
- ambiguity about clearances
- charging on excavation rather than on proper construction
- not replying to emails
- not providing proper documents before asking for 20% payment
- giving 1 week notice for payments
They are just spoiling their customer relationship and leaving a bad impression.
Compare this to DLF which reduced the signed-for price when the prices crashed in NCR.
Are we asking too much?

But just discussing this on the forum does no good. I believe, as jia said, all the buyers should write to IBREL CEO to have their voices heard.

Tower_P

hi

I also booked in phase 2 and also recd the same letter but i think we should not pay any money as no ground work has started how can they send letter together both to phase 1 and phase 2 as work for phase 1 has not started i also smell something fishy here as IB companies track record is not that trust worth please can all of agree for not paying any money till we get any paper work as alone we cannot fight

nilayk

Wadia:
Normal timeline should be:
1) You pay booking amount and with the builder sign the booking agreement
2) You pay the 10% and register the property.
3) You now avail a loan from the bank of your choice and pay the builder as per the schedule.

All this as wadia said isnt the case with Indiabulls. So what do we do ?

I called customer care today & she told that the approval documents have come but cannot be made public as they can be misued. I told then how can bank give loans, so she was asking me to approach Indiabulls finance ( double lafda )

I'm asking - "IF ANYONE HAS GOT SIGNED PHOTOCOPY/SCANNED COPY OF THE AGREEMENT DONE WHILE PURCHASING THE FLAT ?"
it as mentioning that 2nd installment will be post approval + beginning of construction.
We can take that along with 15 -20 buyers at Indiabulls Vashi office, meet that guy (Rajat Mehta) & demand approval or ask to shift their deadline of 2nd installment( which they are calling 1st in their letter) ahead.
its simple "Divided we fall - United wee stand"

BTW as anyone gone to Indiabulls site & can upload photographs on some site ? (picasa, flickr, etc )

wadia

Lets focus on one thing at the moment:
What we need to ask them:
"If they have all the approvals then why they cannot sign and return the booking agreement.
If they do not have the approvals then how come they claim that construction has started."

We can raise the loan issue later. The loan issue will be more tricky because it is like asking IB finance to give away 100 loan customers. This issue is also important but lets keep it second in the list so as to be able to focus.

Greeninvestment

Dear All

I also joined this forum, actually I am not from mumbai,otherwise surely I could go with you all to Indiabulls vashi office for the asking all about approval.

It is the best if all can approach to IB people then any how they have to tell the reality. Finally it is not a joke to get the money from customers without having any proof...and what is the guarantee that for the upcomming Installment they will give the sufficient time....they may give some hours in that case...
I think this is the correct time to come together and simple ask the reality
otherwise simply we can highlight this case to other builders also loke DLF and other reputed builders also...and also there may be a better way from CONSUMER COURTS????

vikrocksus

Hi,
So, could we figure out, who all are actually going to their office this sunday. And the time as well. I would like to have my parents go there the same time. Also, i know somebody from IB, a manager, i will talk to him about this and get more info. He sits in the parel office though.
Please let me know,
Thanks,
Vik

Tower_P

hi
I am going to report this to local news paper as they can go deep in to the matter as someone told me that there is issue with the title of the land as this forum will only have few buyer but when it will come on the new paper many more buyer will know and pressure will increase as we r not accepting such a short notice with no document i will also surge other user to contact news paper