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- Only catch in this kind of projects is there is change that your money might get stuck for long time waiting for your turn to come or your entry to be picked in lottery (This is assuming that layout is 100% genuine)
Depends on location and how much you are investing in this projectCommentQuote0Flag
- Is there even a single ABC Employees Coop Society that has allotted plots to its members? This scam has been going on for 10-20 years and people continue to fall into it, hoping that someday they will get a plot of land.. unfortunately reality is not so kind..CommentQuote1Flag
- with RERA coming into effect, all these gimmicks washed off, don't invest in any unapproved projects.CommentQuote0Flag
- These kind of layouts are a scam of epic order. I personally know one case. So going back a few years my Uncle(Say X) pestered me to buy a property from one such society, whose office in charge was a middle aged uncle(Say Y) who was a colleague of the Uncle. Since this guy used to stay close to our home, both X and Y would show up round about evening tea time regularly and make pitches for their layout and how attractive their flexi payment scheme was.
It was routine dream selling. Brochure showing, and then how all great facilities were going to be. It was all on paper.
Despite my warning, one of my cousins succumbed to this scheme. Most people like him did. They are yet to see any layout land, let alone any developed plot.
In the meanwhile, I saw Y get insanely rich. This guy who had a Honda Activa started driving a car overnight. Clothes saw a great upgrade. His ego was like touching the sky. I later on heard that he bought a home some where in a prime locality in Bangalore. I can't help but wonder how a government servant with 20-30K rupees salary was suddenly able to do all this, but through money taken from society members.
Other kinds of scam I have seen in this area is members being made to overpay and typically society office in charge people get more than their share of plots for free!
Be careful before investing. If they can show you a ready site, which they can legally register to you fine. Else give it a pass.CommentQuote1Flag
- Stay away from such schemes, buy the ones ready for registration.CommentQuote1Flag
- "Is it safe to buy without even verifying documents?" You already know the answer! So why post again?CommentQuote0Flag
- I intend to float a layout called Trump approved layout. Hope you people will invest.CommentQuote2Flag
- Hello Friends,
Please do not invest any money in these kind of Co-operative Society, they are not co-operative at all.
Usually they will promise that the project will complete in 18 -24 months, however it will take years (~) to actually complete the project.
Every year in Sept 2nd Sat or Sunday they will be a chance to meet all these directors and members. Please attend this meeting you will know the pain the people are going thru.
There is a project called Nesara - Mysore which was started in 2013, it was supposed to complete in 24 months as per they promised, however till now it is not completed. We are really not sure where is it stuck, no one is ready to answer why it is still pending. The developer for this project is "BSR Enterprisis".
When we ask the Developer about the project he complaints the society, when we ask the society they either complain State governament for the policies or simply they say currently it is in court.
However there are many hurdles getting the site, we are not really sure we will get one. Our money is stuck with society from past 3+ years, if we have invested the same money on some other land we would have got atleast 30 - 40% more.
Please do not apply for any site with these Cheaters !CommentQuote1Flag
- Can some one let me know the following pertaining to CGTIT (Central Govt Telecom and IT Employees Cooperative Housing Society) ,
1. Have they ever handed over plot to anyone?
2. How safe is this society - my money is stuck since 2014
3. How do I find whether this is registered under Regr of Coop Society?
4. Do they come under RERA?
5. ANy other useful information about CGTIT and its reputation
in the intital agreement they say they will repay the money in 45 days if you are not happy with the site development. did you check with police on this and documents are proper before investing?
i have met poeple who invested money in these are from auto owners, shivaji nagar, with 4 installments, lawyer verified documents. is it good to believe tongue now?
hpoing for the best.