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IREF® - Indian Real Estate Forum > Real Estate in India > Real Estate Pune > Omaxe in Deep Trouble
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Old September 5 2009, 08:35 AM   #1
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Default Omaxe in Deep Trouble

BSE listed builder OMAXE which is really active around Delhi Noida is in deep trouble. They have delayed multiple projects and scrapped many projects. They were previously dealing in high end projects and have now formed National Affordable Housing and Infastructure limited for affordable housing. They hope to raise money from this and pay back their debts. How can people trust them with affordable housing when they have pending projects for the last 2-3 years. A guy has accused them of starting sales on a project before they even own the land. Its like a theif who is promising to stop stealing after hey can pay back all he stole from.. and the irony is he is paying them back by stealing AGAIN...

I would advise you to stay away from the big companies who suddenly have discovered humanity again and feel affordable housing as the place to be....You money would be stuck with these sharks for years to come...They are not worried about reputation or quality..so forget the brand name... buy a house in ready or very near possesion...

 
Old September 5 2009, 09:32 AM   #2
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Angry

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Originally Posted by akssenti View Post
BSE listed builder OMAXE which is really active around Delhi Noida is in deep trouble. They have delayed multiple projects and scrapped many projects. They were previously dealing in high end projects and have now formed National Affordable Housing and Infastructure limited for affordable housing. They hope to raise money from this and pay back their debts. How can people trust them with affordable housing when they have pending projects for the last 2-3 years. A guy has accused them of starting sales on a project before they even own the land. Its like a theif who is promising to stop stealing after hey can pay back all he stole from.. and the irony is he is paying them back by stealing AGAIN...

I would advise you to stay away from the big companies who suddenly have discovered humanity again and feel affordable housing as the place to be....You money would be stuck with these sharks for years to come...They are not worried about reputation or quality..so forget the brand name... buy a house in ready or very near possesion...
OMAXE is not alone, UNITECH (its used to be biggest RE listed company before listing of DLF) is also doing the same...They are not completing their existing project & launching new ones as affordable homes 2 BHK of 900 sq ft was not imaginable in NCR 2 years ago (even hardly anybody building 2 BHK those days, as when I was in gurgaon, it was very hard to get a 2 BHK for rent, coz there were hardly any in gurgaon)...They have not reduced the per sq ft rate, but only reduced the area to make or "SEEMS" to be affordable....

Still I feel ppls in NCR booking in those newly launch projects, so I think nothing changed ,ppls still are buying in the name of affordable housing....

Do, you know who were these big companies customers, including IT guys, some old retired IAS officers, judges & even sitting Govt official who has power to go against the builder & with their influence in the govt offices they even can win the court cases against them, but do you think why they dont....Coz of Black Money...All govt officials in Delhi invested their BLACK MONEY in NCR RE & if builder dont complete project on time, they even can not complaint as that expose them

So, Reality of indian Real Estate is there is so much balck money in it that & it can not be regulated & since it can not be regulated, so builders keep LOOTING ppls & common man like us are just helpless....
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-Ashish
 
Old September 5 2009, 10:01 AM   #3
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Originally Posted by ash7979 View Post
OMAXE is not alone, UNITECH (its used to be biggest RE listed company before listing of DLF) is also doing the same...They are not completing their existing project & launching new ones as affordable homes 2 BHK of 900 sq ft was not imaginable in NCR 2 years ago (even hardly anybody building 2 BHK those days, as when I was in gurgaon, it was very hard to get a 2 BHK for rent, coz there were hardly any in gurgaon)...They have not reduced the per sq ft rate, but only reduced the area to make or "SEEMS" to be affordable....

Still I feel ppls in NCR booking in those newly launch projects, so I think nothing changed ,ppls still are buying in the name of affordable housing....

Do, you know who were these big companies customers, including IT guys, some old retired IAS officers, judges & even sitting Govt official who has power to go against the builder & with their influence in the govt offices they even can win the court cases against them, but do you think why they dont....Coz of Black Money...All govt officials in Delhi invested their BLACK MONEY in NCR RE & if builder dont complete project on time, they even can not complaint as that expose them

So, Reality of indian Real Estate is there is so much balck money in it that & it can not be regulated & since it can not be regulated, so builders keep LOOTING ppls & common man like us are just helpless....
Yup... your theory on Black money is so true especially in Delhi and NCR... i came to delhi yest after an year... and am astounded to see the no. of cars on the road. Pune has many more 2 wheelers thus easing traffic a little. Delhi is Jam packed with cars.. The honest goverment official will never be able to book a flat in these flats in most cases.. and black money guyz cannot do anything...visicious circle... i honestly think we should create a real estate magazine.. and publish it in PDF format..at least lot more people will be aware of real life real estate issues..
 
Old September 5 2009, 10:20 AM   #4
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Originally Posted by akssenti View Post
i honestly think we should create a real estate magazine.. and publish it in PDF format..at least lot more people will be aware of real life real estate issues..
Excellent idea. I am all for help if you want to go for this...
We can also create a website and publish regularly.
 
Old September 5 2009, 10:46 AM   #5
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Unhappy Its not easy

Its a good idea. But its going to be really tough if you want to make it big.

Two scenarios happens generally with such publications, once it gets popularity.

The publications needs money and some of the big crooks will start sponsoring. Property pages of all major dailies in Pune are sponsored by big builders. Some of the owners will get good offers etc. It will be too tempting to close your eyes on behalf of these builders .

Second scenario is you will fight against politicians, high rank police officials other govt officials etc by exposing the truth. Btw, mafias as well. But this needs guts and you might end in jail like it happened for Tehelka journalist . The Qn is are you ready for a fight .

The other option is to contribute in as many blogs, email chains, forums, orkuts etc which is distributed and nobody can pinpoint any owner :p
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Old September 5 2009, 11:11 AM   #6
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Originally Posted by MJHome View Post
Its a good idea. But its going to be really tough if you want to make it big.

Two scenarios happens generally with such publications, once it gets popularity.

The publications needs money and some of the big crooks will start sponsoring. Property pages of all major dailies in Pune are sponsored by big builders. Some of the owners will get good offers etc. It will be too tempting to close your eyes on behalf of these builders .

Second scenario is you will fight against politicians, high rank police officials other govt officials etc by exposing the truth. Btw, mafias as well. But this needs guts and you might end in jail like it happened for Tehelka journalist . The Qn is are you ready for a fight .

The other option is to contribute in as many blogs, email chains, forums, orkuts etc which is distributed and nobody can pinpoint any owner :p
Dont agree with the money part. We are not discussing commercial magazine. It can be just an informal pamphalet in magazine form, on small scale. all info, no ads. no names, anonymous.

check sites like this.. http://wikileaks.org/
There are many such initiatives, question is how well we can keep it anonymous.
Agree with you that it is big risk to come out openly, that we can't.
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Old September 5 2009, 11:15 AM   #7
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Originally Posted by MJHome View Post
Its a good idea. But its going to be really tough if you want to make it big.

Two scenarios happens generally with such publications, once it gets popularity.

The publications needs money and some of the big crooks will start sponsoring. Property pages of all major dailies in Pune are sponsored by big builders. Some of the owners will get good offers etc. It will be too tempting to close your eyes on behalf of these builders .

Second scenario is you will fight against politicians, high rank police officials other govt officials etc by exposing the truth. Btw, mafias as well. But this needs guts and you might end in jail like it happened for Tehelka journalist . The Qn is are you ready for a fight .

The other option is to contribute in as many blogs, email chains, forums, orkuts etc which is distributed and nobody can pinpoint any owner :p
The idea is not to generate money out of it.. just a series of articles from home buyers who give their perspective.. and some people to create the magazine outline and publish it as PDF.. and send it out to people who know and they can forward it.. we can start with Pune only because thats what i know best... anyone interested can send their articles, we can collaberate and send out the PDF... its like the wiki.. no payment only intellectual pleasure dervived out of it.. no need to use real names.. just aliases would do.. its not a vitriolic movement against builders.. its not a profit based incentive.. just a magazine written by home buyers.. for other home buyers.. written by people who expect no monetary incentive..

The only objective is providing people information and options.. how many people know they can spend 10 L on house to make it as good as what Marvel offers for 4500 psqft in kharadi.. or nuggests of other information such as Wagholi SEZ scrapping will impact real estate...
 
Old September 6 2009, 02:11 PM   #8
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Originally Posted by MJHome View Post
The other option is to contribute in as many blogs, email chains, forums, orkuts etc which is distributed and nobody can pinpoint any owner :p
Quote:
Originally Posted by aditi sharma View Post
check sites like this.. ]http://wikileaks.org/[/URL]
There are many such initiatives, question is how well we can keep it anonymous.
Count me in. I'm all for it. However, here is my take:-
When you google/bing for Indian real estate, we get this forum on first page. It would be better if we can do the same for Pune real estate. Optimizing search engine helps a lot.
 
Old September 6 2009, 02:14 PM   #9
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Omaxe Scrapping Projects

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Originally Posted by akssenti View Post
BSE listed builder OMAXE which is really active around Delhi Noida is in deep trouble. They have delayed multiple projects and scrapped many projects.
That's true. Here's a link illustrating the same:-

http://epaper.indianexpress.com/IE/I....shtml?Mode=0#

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..so forget the brand name... buy a house in ready or very near possesion...
The most wise decision to make.
 
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