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IREF® - Indian Real Estate Forum > Real Estate in India > Real Estate Ghaziabad > Knock Knock - Urgent Advice Vetrans !!
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Old April 20 2012, 10:20 PM   #1
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Default Knock Knock - Urgent Advice Vetrans !!

Hi IREF Members,

I am avid reader of this forum and have gained alot from the useful suggestions and tips from some of the forum members. Today I want to discuss my ordeal with all of you and would like your valuable suggestion to make a decision about my first real estate investment.

I am an NRI, 30 year old working in a reputed IT company. Like every other indian I dreamt of owning my own house and in 2008, purchased my dream house in Ansals Aquapolis, ghzd Opp Crossing Republic. That time I did this purchase through my parents and they did whatever possible due diligence they could. Later, we came to know about this dumping ground issues and land issue with Ansals. Still there is a case pending in supreme court to decide about fate of this dumping ground.

I made several calls to Ansals in last 4 years asking them about the construction progress and dumping issues. Every time they gave a false promise of construction going on full speed, issue will get resolved soon etc. The way things are going on it seems this project would be delivered in 2016 if atall they deliver it. I have already paid 40% of payment in CLP. The last demand was in early 2009.
Please suggest which of following options I should choose now -

1) Already waited for 4 years with no progress in construction, so keep invested and wait for supreme court decision on dumping issue and let some progress happen on NH-24. May be with time, Ansal will make progress in construction and overall area will progress due to affordability parameter (assuming Noida & NE moving into 4K+ league). This may take 3-4 years from now, so wait till I get decent resale deal and exit after booking some profit atleast.

2) Float the apartment for sale immediately, and sell it to the first buyer even if it is below the booking price. Exit at first opportunity without thinking of any profit loss. Already in loss so bear the burnt and move on. Now sure though whether people are still interested in buying this.

3) Apply for cancellation to Ansals. Heard they are accepting cancellations and refunding the principal amount in 6-8 months. But extracting the interest component from them is challenging. Either file for consumer court or use some political power to get interest on your money or else simply be happy to take you principal amount. This would be a loss as they enjoyed the money for 4 years without paying anything on it.

4) Apply for transfer to some other ansal property in Gurgaon or Lucknow. They can do so by transfering the amount paid by me into the new account for new property. But ethically they should either book in new property at 3 year old rates or should pay interest on my money and take booking at current rates. Please suggest how builders work in these cases.

5) Please suggest any other way which a NRI like me can do to safeguard my hard earned money.

I would really appreciate if veterans like saurabh2011, Zhoiab, Manoja, AmitMM, BlessU and deepaul etc reply me and provide their valuable suggestions.

Really appreciate all your help.

Ansh.

 
Old April 21 2012, 12:21 AM   #2
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Ansh
The biggest loss for you is not the money paid in CLP ( you can still get it back) but the opportunity cost over the last 3-4 years. Unfortunately that will not come back, if I was in your situation I would have taken my money back from Ansals and have invested in a more promising location/ builder.

It is painful to lose money but think of this experience as a learning opportunity ( one for the memory bank), you are still young and I am sure will make many more investments.
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Old April 21 2012, 12:57 AM   #3
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Still some better project to invest is open market within 4k in noida. i will suggest take some thing like paras in resale, which will be around procession within 12 months.
 
Old April 21 2012, 02:25 AM   #4
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My brother bought in some Ansal project in Lucknow in early 2009 and till date construction not started.
Cost of property was 13 lakh and he paid 3.5 lakh so far...

It's a big project in Lucknow and recently they started in a section of land. So atleast don't buy in Ansal Lucknow atleast...

My suggession will be stay invested and don't pay anything else..
 
Old April 21 2012, 02:42 AM   #5
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it looks like hardly there is any good builder in India which can be TRUSTED for quality/timely delivery etc.

Unless there is a tough law end user/investor will suffer.
Who will make the law...our plolitian ..most of them are survining on medicine but still they are the most GREEDY people on this whole planet...

We can launch Agni 5 and make it a international news and make worry to some of the very powerfull countries but same time any one in India can do anything...lawless country.

After earning some crore ...or more crores ..or billions.. money is just the paper you can't eat it

shame on these builders
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Old April 21 2012, 09:17 AM   #6
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I would recommend you can do either fo the two -

1. Shift to any other project of ansals. I believe they have recently launched a project in Faridabad which looks better than the one that you have invested in. Plus Faridabad as an investment destination is also growing with recent development of infrastructure as well as Metro becoming a reality.

2. Cancel your booking and get your principal back.

CR although an affordable destination does nt hold much promise in terms of appreciation
 
Old April 22 2012, 11:29 AM   #7
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Chandra Sir,

How it will benefit me by staying invested.... I mean from last 4 years I stayed invested thinking that things will get better and eventually Ansal will develop it and it would be a good place to live... but not sure now whether it is worth to keep my 15 lacs with them anymore...

As someone mentioned, this place is very unlikely to give decent return in future due to so many factors?

is there any way I can get interest from builder? I don't have any connections and ideally I am not permanent NRI as I will return back to india in few months


Thanks

Quote:
Originally Posted by chandra2034 View Post
My brother bought in some Ansal project in Lucknow in early 2009 and till date construction not started.
Cost of property was 13 lakh and he paid 3.5 lakh so far...

It's a big project in Lucknow and recently they started in a section of land. So atleast don't buy in Ansal Lucknow atleast...

My suggession will be stay invested and don't pay anything else..
 
Old April 22 2012, 11:41 AM   #8
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Quote:
Originally Posted by abhitmkhar View Post
I would recommend you can do either fo the two -

1. Shift to any other project of ansals. I believe they have recently launched a project in Faridabad which looks better than the one that you have invested in. Plus Faridabad as an investment destination is also growing with recent development of infrastructure as well as Metro becoming a reality.

2. Cancel your booking and get your principal back.

CR although an affordable destination does nt hold much promise in terms of appreciation

A correction - Ansal Aquapolis project on NH24 is by Ansal API and new project in Faridabad named Ansal Royal Heritage is by Ansal Buildwell. Both builders are different.

cheers

sgverma
 
Old April 23 2012, 07:06 PM   #9
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Quote:
Originally Posted by AnshKumar View Post
Chandra Sir,

How it will benefit me by staying invested.... I mean from last 4 years I stayed invested thinking that things will get better and eventually Ansal will develop it and it would be a good place to live... but not sure now whether it is worth to keep my 15 lacs with them anymore...

As someone mentioned, this place is very unlikely to give decent return in future due to so many factors?

is there any way I can get interest from builder? I don't have any connections and ideally I am not permanent NRI as I will return back to india in few months


Thanks

Hi Ansh,

I am very much aware of this area and thw whole issue. In my opinion and as suggested by others as well you have 2 options:-

1. Take back money from Ansal and loose the opportunity cost and the interest. Atleast you will have peace of mind that your money is back and this was one of your bad investments in life. I had gone through a similar oderal with Unitech.

2. Stay Invested:--- Dunping ground issue is still there and the case is in Supreme court. Recently whole resident association of crossing repulblic did a dharna and chakka jam on NH 24 for this. Whole crossing is more than 10,000 families. In my POV they will never let the dumping ground come there. You have to take a risk on this bet.
Case is in Supreme court currently but they are planning to take much more concrete steps on other fronts as well.

Other than that once the infrastructure issues on NH 24 are sorted this location woukld offer you a huge advantage.

Rest is your own choice, you will have to take a call between the 2.

Regards
Khyati
 
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