Court Orders FIR Against Parsvnath Builders - Page 2 - Indian Real Estate Forum

MANOJa · 12-03-11

A must see -

2009 December « Parsvnath Builders or Cheaters – forum

KB_may2010 · 13-03-11

Quote:

Originally Posted by MANOJa

In an order passed on Tuesday, the additional chief judicial magistrate (ACJM) directed the police to file an FIR against Parsvnath Developers.
ACJM AB Singh passed the order because of an application filed by a man named Manish Mittal who said the flat that the builders gave him possession of was not like the sample shown.

However, till Wednesday evening, the police had not lodged the first information report. "We have not received the court order yet," said Subhash Chand Tyagi, the in-charge at Noida Phase 2 police station.

According to Mittal, his flat in the builder's Sector 93A was was not like the sample flat.

When he filed an RTI application for information, the chief architect planner (CAP) refused to provide it. The court also made the CAP an accused

Source: Hindustan Times

Thanks Manish Mittal. You have really solved the problem of many people who have booked flat in noida. jaypee also booked many flats without floor plan approval. As per the jaypee executive it will take another 4 months for floor plan approval.

Kensington boulevard was launched 1 year before but still floor plan not approved from noida authority. It is taking so much time in floor plan approval. It means something wrong in floor plan.

Kensington investors should also get opportunity to take money back from jaypee after this judgement.

Lot of poeple will also get confidence and they will able to filled case against jaypee and Kensington boulevard broker.

MANOJa · 25-03-11

UT district consumer disputes redressal forum directed Parsvanath Developers Limited to refund Rs 10.47 lakh along with compensation of Rs 20,000 and litigation cost Rs 5,000 to Bhupinder Mehta, a resident of Sector 6, Pachkula for delay in providing possession of a flat.

Coming down heavily on the respondent, the forum said, ''It is unfortunate that builders have emerged to entrap the innocent, simple and unsuspecting consumers in their web in order to make quick and easy money by fleecing them through flashy advertisements, which are the first step in the direction of unfair trade practice, whereby no possession is handed over after retaining the money from complainants. Therefore, the act of the respondent needs to be condemned.''

Mehta had alleged that he booked a three-bedroom residential flat in a Parsvanath building project. The unit was to cost Rs 69.84 lakh over all. He deposited Rs 5 lakh on April 2006 along with the application form and the balance was to be provided as per construction-linked payment plan. However, the possession was not given and when he demanded refund, the money was not provided. The respondent firm stated that the construction could not be carried out at the intended pace due to the global economic slowdown and other reasons and added that it was all beyond its control. It submitted that in case the complainant wanted his money back, he should apply for cancellation of his application and he would be provided the refund after deducting 15% of the base price.

The forum stated that the respondent was adopting an unfair trade practice by not handing over the possession to the complainant within the stipulated period as agreed in the flat buyer's agreement.

It stated that that amounted to harassing the complainant and also landing him in a financial loss, as he was still paying interest to the bank for the deposited money.

Source: Times Of India

sanjeevsahni · 05-01-12

I have the same issue with Parsvnath for their kundli project. I had booked a 500 sq. ft plot in this project and have not yet received any allotment. Parsvnath is cheating people.

sanjeevsahni · 20-01-12

All Kundli plot owners/ registrants - Let us form a forum and fight against Parsvnath to recover our money

MANOJa · 20-01-12

Getting together & fighting it out is an option . Strength of numbers & unity can work wonders . Also, the cost & the effort of pursuing the matter with the Builder or the Courts get distributed .

Quote:

Originally Posted by sanjeevsahni

All Kundli plot owners/ registrants - Let us form a forum and fight against Parsvnath to recover our money

GAUTAMDHAWAN · 23-01-12

Anyone invested in Parsvanth Exotica Gurgaon project ? What is the current price and is it worthwhile to enter now ?

AashishK · 10-03-12

Quote:

Originally Posted by GAUTAMDHAWAN

Anyone invested in Parsvanth Exotica Gurgaon project ? What is the current price and is it worthwhile to enter now ?

All I know is this project is over-delayed. It was launched in 2007. Thats 5 years already. Do your research extremely well before considering this project.

AashishK · 10-03-12

Realty firms tap PE funding to complete projects

New Delhi-based realty firm Parsvnath Developers Ltd (PDL) has raised Rs.100 crore by selling 49.9% stake in a housing project at Ghaziabad to private equity (PE) firm SUN-Apollo India Real Estate Fund LLC. The 31-acre housing project “Parsvnath Exotica” is being developed by its subsidiary Parsvnath Buildwell Pvt. Ltd.

“With banks reluctant to refinance loans, developers would have to opt for such high-cost funding, because they also need to retire debt,” said Chattopadhyay.

The premium apartment project Parsvnath Exotica in Ghaziabad was launched in May 2007 and was scheduled to be completed last November. The developer was not able to sell more than 50 units in the project after its launch till the middle of 2010, according to data provided by PropEquity Analytics Pvt. Ltd, a Gurgaon-based property research firm. Mint couldn’t independently confirm this.

Parsvnath, which currently has a debt of Rs.1,100 crore, part of which it plans to retire by the end of 2011, also raised Rs.75 crore from SUN-Apollo in 2009 for its “Exotica” project in Gurgaon.

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12-03-11	#11
MANOJa Moderator Join Date: Jul 2010 Location: Shimla Posts: 15,712 My Mood: Thanks: 581 Thanked 1,171 Times in 885 Posts	*A must see -* 2009 December « Parsvnath Builders or Cheaters – forum

25-03-11	#13
MANOJa Moderator Join Date: Jul 2010 Location: Shimla Posts: 15,712 My Mood: Thanks: 581 Thanked 1,171 Times in 885 Posts	UT district consumer disputes redressal forum directed Parsvanath Developers Limited to refund Rs 10.47 lakh along with compensation of Rs 20,000 and litigation cost Rs 5,000 to Bhupinder Mehta, a resident of Sector 6, Pachkula for delay in providing possession of a flat. Coming down heavily on the respondent, the forum said, ''It is unfortunate that builders have emerged to entrap the innocent, simple and unsuspecting consumers in their web in order to make quick and easy money by fleecing them through flashy advertisements, which are the first step in the direction of unfair trade practice, whereby no possession is handed over after retaining the money from complainants. Therefore, the act of the respondent needs to be condemned.'' Mehta had alleged that he booked a three-bedroom residential flat in a Parsvanath building project. The unit was to cost Rs 69.84 lakh over all. He deposited Rs 5 lakh on April 2006 along with the application form and the balance was to be provided as per construction-linked payment plan. However, the possession was not given and when he demanded refund, the money was not provided. The respondent firm stated that the construction could not be carried out at the intended pace due to the global economic slowdown and other reasons and added that it was all beyond its control. It submitted that in case the complainant wanted his money back, he should apply for cancellation of his application and he would be provided the refund after deducting 15% of the base price. The forum stated that the respondent was adopting an unfair trade practice by not handing over the possession to the complainant within the stipulated period as agreed in the flat buyer's agreement. It stated that that amounted to harassing the complainant and also landing him in a financial loss, as he was still paying interest to the bank for the deposited money. Source: Times Of India

05-01-12	#14
sanjeevsahni New Member Join Date: Jan 2011 Posts: 27 Thanks: 0 Thanked 0 Times in 0 Posts	I have the same issue with Parsvnath for their kundli project. I had booked a 500 sq. ft plot in this project and have not yet received any allotment. Parsvnath is cheating people.

20-01-12	#15
sanjeevsahni New Member Join Date: Jan 2011 Posts: 27 Thanks: 0 Thanked 0 Times in 0 Posts	All Kundli plot owners/ registrants - Let us form a forum and fight against Parsvnath to recover our money

23-01-12	#17
GAUTAMDHAWAN Member Join Date: Feb 2010 Posts: 54 Thanks: 4 Thanked 5 Times in 5 Posts	Anyone invested in Parsvanth Exotica Gurgaon project ? What is the current price and is it worthwhile to enter now ?

10-03-12	#19
AashishK Member Join Date: Mar 2012 Posts: 196 Thanks: 93 Thanked 68 Times in 43 Posts	Realty firms tap PE funding to complete projects New Delhi-based realty firm Parsvnath Developers Ltd (PDL) has raised Rs.100 crore by selling 49.9% stake in a housing project at Ghaziabad to private equity (PE) firm SUN-Apollo India Real Estate Fund LLC. The 31-acre housing project “Parsvnath Exotica” is being developed by its subsidiary Parsvnath Buildwell Pvt. Ltd. “With banks reluctant to refinance loans, developers would have to opt for such high-cost funding, because they also need to retire debt,” said Chattopadhyay. The premium apartment project Parsvnath Exotica in Ghaziabad was launched in May 2007 and was scheduled to be completed last November. The developer was not able to sell more than 50 units in the project after its launch till the middle of 2010, according to data provided by PropEquity Analytics Pvt. Ltd, a Gurgaon-based property research firm. Mint couldn’t independently confirm this. Parsvnath, which currently has a debt of Rs.1,100 crore, part of which it plans to retire by the end of 2011, also raised Rs.75 crore from SUN-Apollo in 2009 for its “Exotica” project in Gurgaon.