Announcement

Collapse
No announcement yet.

Co-op Housing Societies Riddled With Scams

Collapse
X
Collapse

Co-op Housing Societies Riddled With Scams

Last updated: March 29 2015
7 | Posts
7626 | Views
  • Time
  • Show
Clear All
new posts

  • Co-op Housing Societies Riddled With Scams

    Dear Friends,
    I just got to know some info about these telecom societies and it was truly shocking,

    Earlier Telecom societies were doing well and they used to hand over the sites on time and the now due to greed and Money involved it has turned into another scams.

    Let me explain the things,

    1. Society is formed for the benefit of Telecom employees to help them. Earlier, after employees book any left out sites was given to civilians. But now only people who buy is civilians and very few employees if compare the ration.

    2. Now a days a group of 2-3 Telecom Employees join together and form a Housing Society in the name of Telecom to do side business as they can become reach easily.

    3. Usually society comes with a new layout fro example 450/ Sqft and with scheme of installment and collect the money and develop the land and register it to the members within 18-30 months. But the realty is they collect all the money in the name of installment in first 2 yrs itself.

    4. Now coming to land development, they don’t do the development until for all the money collected from you for next 5 yrs and use you’re funding to other project for private builders etc or for a interest of 36% P.A

    5. They will just have a tie up with land owner and do the developments work on their own pace for about 5-6 yrs and prolong by saying, put the blame by delay in govt policies
    6. So the money you paid as installment has gone for their own use, which mean your money value is after 8 yrs (still site not allotted to members) whose value would have tripled. But you wouldn’t have no idea of what is the status of your site after 8 yrs also.

    7. Now Another part is, you would assigned a seniority number for eg:100 , would have become 400 in the meantime, when you ask them and you will get the reply, that many Telecom employees has joined in between and since it is telecom society they has to give preference to them so they added them in between, but the truth is that all those members are joined by paying for the site more amount for eg 600/sq ft or 750/sq ft etc, in the span of 8-9 yrs after the closure of layout scheme.

    8. So though you would have paid the money, you have been moved behind for people who pays more money and your right to get a good land in front goes back by the number of new people joined in back gate.

    9. So after 7-8 yrs, your money which would have grow 3-4 times for funding to external without any development work and next is you are being pushed backwards and lose you rights to buy a good land.


    10. Next is allotment will be done by them and site will be allotted, All the people who paid via backgate will get good sites and you will be left with reaming in the name of allotment.
    11. You won’t get any status updates or invitation to Annual General Body meeting, else people will question them and agitation will start for thier scams. So they will say, Annual General Body Meeting is only for Telecome Employees alone and other civilians are not allowed. So you dont have any voice or cant complaint to anybody. But actually they target all civilians for buying the land. Now you can understand where you are.
    12. So it takes for you to get you land min of 10 - 12 yrs, As It is already 8 yrs over me and our friends have paid the money and still awaiting for allotment and registration.

    My Humble request is if you see the money you have paid in the first 2 yrs, would have grown 3-4 times by 8 yrs or so development work will happen only from the interest they get on that. So for next 10 yrs your money invested will be used by this people and you will get the site from the interest of your money, But in the mean time the appreciation value would be 2 times, so you feel that you have done a nice choice of investing in society, But the truth is that even if you would have bought from private buyer or private developer the value is same. But you would have got the Site registered immediately or in a span of 1 yr. But in society you don’t even get any status for next 8 yrs.

    Incase of emergency, you could have pledged for loan of a registered property. but with telecom, you don’t have any chance and only to get you money returned without interest a big loss. So dear friends, there are lot of scams in telecom housing societies, please don’t invest with them, It is better you buy from a good sources and get registered even few 100 rs is more than housing society and use it for emergency as you own the property rather than buying from housing society where it is not clear when you are entitled to get one.

    Please spread the information on this type scam to your friends and invest with caution, due to slump in realty sector for the past 6 months and trend to continue for next 4-5 yrs due to abundant layouts and availability, it is better you judge and invest carefully.

    Kindly check in Google the number of scams of Telecom Housing cooperative society.
    In the interest of Public for their hard earned money.


    Income Tax raids on housing co-operative societies | Deccan Chronicle

    The Hindu : Karnataka / Bangalore News : Kumaraswamy fires another salvo

    Co-op housing societies riddled with scams | Deccan Chronicle
  • #2

    #2

    Re : Co-op Housing Societies Riddled With Scams

    did you buy a plot in Co-operative society. I am looking to buy a plot in banglore and i saw a add from BSNL Co-operative society.

    I am trying to understand is this a safe option...as the rate is very less compared to private builders.

    Comment

    • #3

      #3

      Re : Co-op Housing Societies Riddled With Scams

      Hi realty watch,did you buy any land from any of the telecom society?, the message in your post is very informative, thanks for the info and patiently giving such a deep n indepth analysis.

      How about the "Telecommunication and IT employees housing cooperative society in Bangalore, CBI ,Ganganagar,

      They have come with two layouts Telecom Aero city near vijayapura town,Devanahalli 475 per sqft and IVC Telecom city, near IVC road ,Devanahalli, for 750 per sqft.
      the payements are to be made in 4 instalments

      please give your valuable advice on this... very much waiting for all your replies and advice..thank you

      Comment


      • rajeshmaalya
        rajeshmaalya commented
        Editing a comment
        brother you are talking about m square developers (Telecommunication and IT employees housing cooperative society in Bangalore, CBI ,Ganganagar,) if it is so i call them bastards.their manager(mallesh kumar) is so arrogant u can not ask him with your doubts he lights up candals in his ass.these people do not give any of documents for verification by saying"we dont knoow who you are .we had bad experience with it raid).these people are very currupt by observing superficially .And hese people do not give any guaranty of project finishing date.One thiing is sure u wil get the plot definitely after 7-8 olr may be after more years.
        Last edited August 21 2017, 11:50 PM.
    • #4

      #4

      Re : Co-op Housing Societies Riddled With Scams

      invested money way back in 2007 and there is no hope.
      these societies are like Metro construction.. keeping promising new dates and pushing deadlines

      Comment

      • #5

        #5

        Re : Co-op Housing Societies Riddled With Scams

        Hello Everyone,

        landed on this discussion while searching for Telecom Aero city. I am actually planning to buy a plot around Devanahalli and considering buying here. The price is 475/sq.ft.

        Can anyone help me in understanding if going with these JV's ( this is a JV between Telecom & IT housing Co-operative Society & Adhvika Developers).
        Now realtywatch is putting our minds to reconsider, however would want to know from people if you are planning to buy plots around these areas?

        Comment


        • Raghucv
          Raghucv commented
          Editing a comment
          Legally they can't deliver
      Have any questions or thoughts about this?
      Working...
      X