Let's use this thread to share reviews related to Indiabulls's Chennai Greens project. I spoke to sales person and came to know that Phase I is already sold out and Phase II sales is going on. Also, Phase III will be coming up shortly and open booking is going on for the same which they offered at Rs.2800/-. Anyone have idea about UDS percentage that they generally offer?

Please post your comments & any experience with Chennai Greens.
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  • india Bulls green

    I was told the price as Rs.2900/sft. They do not give any UDS details because they do not have any fixed number of flats. When FSI is increased before construction is complete they want to build and sell more number of flats. So they will inform UDS only at the time of completion and handing over. I am not sure even if they will register uds or will only give the rights to use the flat to buyers without the uds registration because they reserve the right to keep constructing more floors as and when law allows or they get approval. They even reserve the right to construct in common areas whenever they want. It looks like the buyers are only entitled to live in their flat while the builder reatins the right to construct any time in future. Their agreement is totally one sided with customers have no rights except to live in their flats.
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  • Just look at the Indiabulls Panvel Greens Thread. You can imagine how much the customers are suffering there.

    https://www.indianrealestateforum.com/forum/city-forums/mumbai-real-estate/6106-indiabulls-greens-by-indiabulls-in-panvel-mumbai/page135?t=7574&page=135
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  • india Bulls green

    I am copying and pasting the below message from a thread "India bulls panvel' their Mumbai project for the benefit of all. There are more objectionable clauses than what is mentioned below if you read the agreement. It is totally against the public interest and government should take steps to protect consumers by suitable laws to prevent builders making such agreements and blacklist them.

    Dear all, Agreement comments
    development under rental housing scheme ( what is that? ) 75 % to IB & 25% to mmrda.
    residential complex 68691sq m only ( ie only 18 acres? where is the rest of the acres gone?)
    land bought by IB IS 95570 sq m (ie only 24 acres? why do they advertise 80 & 100 acres)
    some approvals still awaited from authorities ( does this means anthing can change anytime?)
    purchaser approval reqd only if carpet area changes. ( that means they can increase the built up area anytime later and no approval reqd from us? )
    IB can add new buildings or new wings to buildings in phase 1 without our approval ( is this their father in laws property? )
    we cannot dispute on the certificate of the stage of completion of bldg required for our payment calls. It will be issued & certified by. Members of IB and not independent surveyors ( this leaves plenty of room For manipulation. They will say 15 th slab already cast when only 7th slab might be cast. Fcukers!!)
    if purchaser delays in payment iinterest of 18 % per month or agreement void ( they are even worse than vikram akula of sks microfinance. What if they delay construction? no mention on that)
    no mention of possession date for phase1 buildings.
    2000 legal + mc +ews +20000+10000+500+club house. ( adding all sorts of silly charges)
    maitenence charges might be higher than given on page 13 and IB decision will (what is this maintenance money when mc already given in page 13 for 24 months)
    IB reserves the right to amalgamate area allotted to page 1 with phase 2. ( sweeping powers to IB)
    if final plan does not match either agreement plan & purchaser raises questions then IB will refund all money paid with 9% simple interest ( while if we delay 18% compounded interest per month. Fcukers!)
    terrace will remain under IB ownership even after society formation. They are free to put advt boards/ telecom tower/ and get rental on it.(Fcukers! Old habits die hard)
    ownership of club house with Ib and we are only members (such mean mentality)
    if purchaser sells before completion then IB gets 15% and if after possession then 5% (greedy bast**ds)
    if you cancel booking before possession 15%+taxes+fees+brokerage+interest+new buyer finding cost will bro cut from paid amount ( i think better to cancel before signing the agreement as only 5% deducted then)
    occupation certificate will be on or before 60 months from agreement date. Even further extensions possible due to unforeseen reasons. (chances of phase 1 getting delayed very high hence IB not taking any chances)
    if possession date delayed beyond 60 months IB will pay us simple interest if 6 % per annum( Fcukers! Even less than bank FD)
    In my view the agreement is highly in favour of IB. its like chith mein jeeta aura pat tu hara)
    Comments please
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  • Is this common practice followed by all builders to have this kind of agreement to save themselves??? Did anyone got oppurtunity to review agreement by other leading builders such as Tata Housing, Sobha Developers, etc? If possible can you share that?
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    1 Comments
    • srinivasan_june10 months ago
      I dont know about tata and shoba but more or less it looks same across some of the builders in chennai.
  • Originally Posted by vens
    I was told the price as Rs.2900/sft. They do not give any UDS details because they do not have any fixed number of flats. When FSI is increased before construction is complete they want to build and sell more number of flats. So they will inform UDS only at the time of completion and handing over. I am not sure even if they will register uds or will only give the rights to use the flat to buyers without the uds registration because they reserve the right to keep constructing more floors as and when law allows or they get approval. They even reserve the right to construct in common areas whenever they want. It looks like the buyers are only entitled to live in their flat while the builder reatins the right to construct any time in future. Their agreement is totally one sided with customers have no rights except to live in their flats.


    Its better to keep away from this kind of builder.
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  • Indiabulls Greens Chennai Phase III

    :bab (34):

    Hi, I am new to this forum. I jus got interested on Indiabulls greens phase III which people mentioned with price tag of 2800-2900 per sqft. Could u please confirm me the current cost also.

    Also give ur feedback on this phase 3, I seen the thread which reflect a black mark on one of IB project but I don't feel that same will happen for all its projects !

    Provide ur comments and valuable inputs.
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    1 Comments
    • srinivasan_june10 months ago
      Ya. There are lot of comments about mumbai project. I am not even sure if it is true or not. But when i visited chennai perumbakkam site, one phase was already completed and handed over. the next phase also has neared completion. The quality is good and since it is in OMR it is really convenient and will surely appreciate. overall a good project with pocket friendly price. I also saw a comment with government website link here where we can verify approval also. hope it helps.
  • Does the spec ready for Phase-3

    I have booked a flat for 2800 almost 4 months back. Heard now they are selling around 3500/3600.

    Does anyone know when are they coming out with detail plan. Talk to them 2 weeks back; the response is like we will get the spec and plan by end of this month(May).

    Please keep posting on this. I hope we can use this as a window to share our thoughts. Believe we shall get a good quality flat from them even if they deliver with delay.
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  • Phase 3 - IB Asking for 20%

    I had booked a flat in Phase 3 in Feb 2011. I had paid Rs 1 Lac as advance. Now they are asking me to pay 20% by this friday (May-27-2011). They do not have any approval yet.
    1. Is this the norm with builders?
    2. How can banks approve loan without approval? or Are they expecing to pay 20% out of our pocket?

    Any information on this will be helpful. One my friend was also asked to pay the same amount. So wanted to get the opinion of people who have booked in Phase 3
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  • Originally Posted by mahaveer_p
    I had booked a flat in Phase 3 in Feb 2011. I had paid Rs 1 Lac as advance. Now they are asking me to pay 20% by this friday (May-27-2011). They do not have any approval yet.
    1. Is this the norm with builders?
    2. How can banks approve loan without approval? or Are they expecing to pay 20% out of our pocket?

    Any information on this will be helpful. One my friend was also asked to pay the same amount. So wanted to get the opinion of people who have booked in Phase 3

    mahaveer_p,
    Its a common practice in Chennai (I believe India) for builders to demand 20% project money upfront i.e. within 60 to 90 days of booking. And the remaining amount is to be paid as per a scheduled plan.

    And, regarding the loan....I believe most banks would finance a maximum of 80% of the property and you have the take care of the remaining proportion (I hope I got the facts right).

    And, in your case if you are in a fix...you should talk to the builder and try to convince that you are going in for a 90-100% loan so you have to wait, else you must negotiate and give post-dated cheques or just submit yourself to their demands :)

    good luck !!
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  • Given that the project is not approved, i dont think it is a good idea to give some more money to the builder.
    Agree builders charge 20% upfornt(some even ask 50% in 3 months or after foundation), but everything after getting approval.
    Even big players like DLF or PURVA ask only the booking amount and remaining is charged only after getting approval.
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  • i am intersted for this required 2 bhk whats rate
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  • IF U ARE WISE...... DON'T INVEST IN INDIABULLS PROPERTY

    DEAR ALL,

    I am the buyer of INDIABULLS GREENS PANVEL PROJECT

    We(more than 1000 ppl) had booked in Oct 2009 and paid around 40% of the flat cost, around 20 lakhs.

    and IB has not have proper approval as well as fixed plan. They are incresing Buildup area and decresing carpet area as per there will and wish. We have to pay that additional money (because of one sided agreement) or leave the flat.

    Customer care persons are like Trainee. They don't know anything about plan. and just spining us in circle.

    so BEWARE of INDIABULLS:bab (3):
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  • I remember reading sometime back that they were not sure of getting approvals for phase 3 & were returning the customer's booking amount with interest.

    Now, I am hearing that they are taking bookings for 2015 completion at 4.5K...

    Any idea guys on what's going on?
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  • Yes they are taking bookings in Phase 2. Rs 4500/- is price under 20:80 scheme where you contribute 20% and 80% is a home loan. For first 2 years Indiabulls will pay the interest after which you take over the loan.

    What I find intriguing is ASV Alexandria near Sholinganallur Junction is quoting Rs5800/- and Appasamy Greensville Rs.5000/-.....isn't IB Greens at a good bet then?





    Originally Posted by RockingChair
    I remember reading sometime back that they were not sure of getting approvals for phase 3 & were returning the customer's booking amount with interest.

    Now, I am hearing that they are taking bookings for 2015 completion at 4.5K...

    Any idea guys on what's going on?
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  • Originally Posted by princecharm
    Yes they are taking bookings in Phase 2. Rs 4500/- is price under 20:80 scheme where you contribute 20% and 80% is a home loan. For first 2 years Indiabulls will pay the interest after which you take over the loan.

    What I find intriguing is ASV Alexandria near Sholinganallur Junction is quoting Rs5800/- and Appasamy Greensville Rs.5000/-.....isn't IB Greens at a good bet then?



    They had approval only upto 7 floors, and they were waiting for up to 19 floors re-approval. Have they got it for phase-II? Or, are they selling leftovers up to 7-floor??
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