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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  • Originally Posted by vjkrish
    Congrats on your purchase. Hope this works out well for you. If you are clear and have assessed your purchase diligently, then it should be fine. My intent was to just make you aware of the risks so that you have your bases covered.

    Have a few questions, would be grateful if you can answer these:
    a) are they charging extra for the 20:80 scheme or is it 4000 per sq.ft for all cases
    b) Is the 20:80 scheme capped at 2 yrs or is it applicable till possession of flat ? who decides when construction is complete by all standards ?
    c) would we be able to switch over from indiabulls (financing) to a nationalized bank once possession is made (or, are there clauses governing these?)
    d) is phase-2 approved for 19 floors or is it at 6 floors as before ?
    e) do they still have a plan for phase-3 (or) have they made this aware to you?

    All the best !

    Have they already received approval upto 6th floor in phase-II ? Which buildings in phase-II ? Is it true ?? If I'm not wrong, they are still waiting for the commencement certificate. On top of this, Maharashtra Govt. scrapped the MMRDA rental scheme and reduced the FSI from 4 to 3 couple of weeks back. So, it would have an impact on phase-II (I guess).
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  • Originally Posted by vjkrish
    Congrats on your purchase. Hope this works out well for you. If you are clear and have assessed your purchase diligently, then it should be fine. My intent was to just make you aware of the risks so that you have your bases covered.

    Have a few questions, would be grateful if you can answer these:
    a) are they charging extra for the 20:80 scheme or is it 4000 per sq.ft for all cases
    b) Is the 20:80 scheme capped at 2 yrs or is it applicable till possession of flat ? who decides when construction is complete by all standards ?
    c) would we be able to switch over from indiabulls (financing) to a nationalized bank once possession is made (or, are there clauses governing these?)
    d) is phase-2 approved for 19 floors or is it at 6 floors as before ?
    e) do they still have a plan for phase-3 (or) have they made this aware to you?

    All the best !


    Thanks...
    Anwers below a) For 20:80 or CLP, the base rate is Rs.4000/- plus PLC / FRC if applicable plus other charges like Club Membership,Parking,Electricity etc.

    b) 20:80 is till possession of flat.

    c) Yes switchover is possible once possession is made

    d) Phase 2 is approved till 7 floors only

    e) They have land bank but there is nothing on paper as Phase 3 etc.
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  • Originally Posted by g.v.kumar
    Congrats on your purchase .But please make sure whatever they promise is given in writing including the promise of a Gold coin.All the Best.


    Lol well yet to get it in writing...the only conditions for the gold coin are :

    1.Bookings need to me made on or before 17th May 2013
    2.Gold coin will be handed over on receipt of 30% payment
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  • Originally Posted by GreenWorld
    Have they already received approval upto 6th floor in phase-II ? Which buildings in phase-II ? Is it true ?? If I'm not wrong, they are still waiting for the commencement certificate. On top of this, Maharashtra Govt. scrapped the MMRDA rental scheme and reduced the FSI from 4 to 3 couple of weeks back. So, it would have an impact on phase-II (I guess).


    Hi Greenworld...i am talking about their Chennai project for which they already have approvals till the 7th floor... You seem to be talking about their Mumbai project...of which I have no clue.
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  • IB Chennai Greens - Legal notice

    The phase 1 owners of IB chennai Greens has sent legal notice to India Bulls demanding to register the UDS. UDS has not been done for more than 200 families despite 90 % of the payment made. Meanwhile IB has posted advertisement for selling phase 2. There are disputes whether they are going for 7 floors or 19 floors and phase 2 owners are withdrawing from the booking. IB seems to be following this as tactics to collect public fund with out interest and also earning 5 % as cancellation charges. IB started collecting payments since Dec 2008 and it is yet to handover the apartments to the owners. The quality of the apartment is worst and any potential buyer is advised to have a floor walkthrough before making any decision on buy. Better avoid getting trapped. Please find attached the legal notices
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  • Originally Posted by SameerPurda
    The phase 1 owners of IB chennai Greens has sent legal notice to India Bulls demanding to register the UDS. UDS has not been done for more than 200 families despite 90 % of the payment made. Meanwhile IB has posted advertisement for selling phase 2. There are disputes whether they are going for 7 floors or 19 floors and phase 2 owners are withdrawing from the booking. IB seems to be following this as tactics to collect public fund with out interest and also earning 5 % as cancellation charges. IB started collecting payments since Dec 2008 and it is yet to handover the apartments to the owners. The quality of the apartment is worst and any potential buyer is advised to have a floor walkthrough before making any decision on buy. Better avoid getting trapped. Please find attached the legal notices


    Superb and Thanks for sharing. Such builders deserve it, Let us hope investors will get their rights.

    But it fails to address the other part of IB one sided agreement like

    purchaser approval reqd only if carpet area changes.

    IB can add new buildings or new wings to buildings in phase 1 without our approval

    if final plan does not match either agreement plan & purchaser raises questions then IB will refund all money paid with 9% simple interest


    I got this from the agreement snapshot posted by an IB investor in another forum.
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  • Nice job SameerPurda... Buyers/Investors should be aware of such culprits... Trust the investors of this project are taking a note of this post!!!!

    Originally Posted by SameerPurda
    The phase 1 owners of IB chennai Greens has sent legal notice to India Bulls demanding to register the UDS. UDS has not been done for more than 200 families despite 90 % of the payment made. Meanwhile IB has posted advertisement for selling phase 2. There are disputes whether they are going for 7 floors or 19 floors and phase 2 owners are withdrawing from the booking. IB seems to be following this as tactics to collect public fund with out interest and also earning 5 % as cancellation charges. IB started collecting payments since Dec 2008 and it is yet to handover the apartments to the owners. The quality of the apartment is worst and any potential buyer is advised to have a floor walkthrough before making any decision on buy. Better avoid getting trapped. Please find attached the legal notices
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  • Originally Posted by SameerPurda
    The phase 1 owners of IB chennai Greens has sent legal notice to India Bulls demanding to register the UDS. UDS has not been done for more than 200 families despite 90 % of the payment made. Meanwhile IB has posted advertisement for selling phase 2. There are disputes whether they are going for 7 floors or 19 floors and phase 2 owners are withdrawing from the booking. IB seems to be following this as tactics to collect public fund with out interest and also earning 5 % as cancellation charges. IB started collecting payments since Dec 2008 and it is yet to handover the apartments to the owners. The quality of the apartment is worst and any potential buyer is advised to have a floor walkthrough before making any decision on buy. Better avoid getting trapped. Please find attached the legal notices


    Good job! such actions will deter realtors to a certain extent.
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  • Sameer, thanks for sharing this.. Looking at all this, wondering whether it is worth all these hassles when you are looking at flats as an investment vehicle when there are other safer options available...
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  • Originally Posted by infoseek
    Sameer, thanks for sharing this.. Looking at all this, wondering whether it is worth all these hassles when you are looking at flats as an investment vehicle when there are other safer options available...


    Yes there are safer options than RE but there is no Safest option. :)

    Even bank deposits, FD carry a risk. In case a bank blows off then the maximum you have entitled to get is 1 Lakh. This is per depositor at a bank level and not at account level.

    I know banks in india are somewhat safer compared to international counterparts due to RBI restriction against volatile financial instruments. But that does not mean banks are safe.

    The only somewhat safer instrument I can think of is Government Securities. Still if you dont hold it till the tenure you are subject to market and liquidity risk. Above all there is a "country risk" as well :) . Also government bond return is only around 7+% compared to the consumer price inflation of 9+%. Not really that great an investment.
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  • @princecharm:
    I would like to have your opinion on this project now(since you have invested in this project). After seeing the phase I owners going through all this mental harassment from the builder, is it still worth to invest in this project?
    Pls dont take it personal as I just want to hear the opinion at this time from your end!!!


    Originally Posted by princecharm
    I've booked a 3BHK 1750 sq ft apartment at Rs.4000/- (basic price). I have opted for 20:80 scheme. I paid 20% + service tax in one go. Other charges need to be paid on possession.Once the cheque is cleared they will sign the agreement. I will also be getting a gold coin which will be 1% of the value of price...meaning my flat value is (Rs.4000/- * 1750 sq ft = Rs.70 lacs) so gold coin will be of Rs.70,000/- worth. The gold coin will be handed over once the builder receives 30% from me / financier.

    Cancellation clause is very loud and clear in the booking form itself. I dont understand why refunding money is considered as SCAM. Not paying up money on some pretext or the other would be more worrisome. Yes it would be a scam if money was refunded and in short period they launch the project again with escalated prices.

    Regarding the internet, 1 or 2 cases alone should not be relied upon. But yes that should help one be cautious on the points raised in the complaint.


    Originally Posted by SameerPurda
    The phase 1 owners of IB chennai Greens has sent legal notice to India Bulls demanding to register the UDS. UDS has not been done for more than 200 families despite 90 % of the payment made. Meanwhile IB has posted advertisement for selling phase 2. There are disputes whether they are going for 7 floors or 19 floors and phase 2 owners are withdrawing from the booking. IB seems to be following this as tactics to collect public fund with out interest and also earning 5 % as cancellation charges. IB started collecting payments since Dec 2008 and it is yet to handover the apartments to the owners. The quality of the apartment is worst and any potential buyer is advised to have a floor walkthrough before making any decision on buy. Better avoid getting trapped. Please find attached the legal notices
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  • Indiabulls greens chennai phase 1

    Phase 1 owners (greens, chennai) has sent legal notice to IB demanding uds registration, after 90% payment also not ready to register as per agreement, IB demanding additional conditions (open poa) which is not in agreement. booked on Sep.2008 and waiting still now.

    Phase II approval is still pending as per ib, floors not decided 7 or 19. now hearing phase III, may be it will be completed after ____ years.




    Originally Posted by kapalani
    Let's use this thread to share reviews realted 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 Chenni Greens.
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  • Hi Guys ,

    After reading through all of this , i understand its so stupid to book this project ! But then location and floor plans are to my liking. Master bedroom is very spacious and this one of very few builders who am i aware of has spacious bedroom. A 2 bhk with 1300 sq ft is now priced at 4150 rs per sq ft and it totals to around 65 L.

    Considering phase 2 is not approved yet , would a 20-80 scheme would be a safer option to invest for end use ? My preferences to project:

    1.Location , price and floor plans to my liking and affordability.
    2.20 :80 scheme from India bulls loan , so more they delay ,more the problem for them?


    Im looking for end use and hence pre-emi helps.Is it worth the gamble ?
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  • Hi Dinakaran, Please check the conditions of 20:80 scheme.

    Typically total cost is higher in these schemes than normal payment mode
    Also builder foots the interest only for a specific period ( 36 months for example). Beyond that you need to pay the interest,

    Above all this, given the type of comments and issues in this project, please ask yourself if it is worth in the first place to put your hard earned money and pray that your gamble pays off. The masterbedroom might be spacious in the plan, it has to be delivered actually. Since you asked, in my view is it is not worth.
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  • Indiabulls may face finance crunch

    Farallon exits 7 Indiabulls JVs with 42% gain in 6 yrs - The Times of India

    Farallon exits 7 Indiabulls JVs with 42% gain in 6 yrs


    Partha Sinha, TNN | Aug 19, 2013, 05.21AM IST
    MUMBAI: In a move that may bring some cheer to foreign investors in India, Farallon Capital, the US-based real estate major, has made successful exits from seven of the several joint ventures it has with the Indiabulls group for nearly Rs 1,200 crore, and made a profit of 42% in six years.

    Farallon's investments in Indiabulls' real estate projects were the first ever foreign direct investments ( FDIs) in the realty sector in India. As part of the deal, Indiabulls Real Estate purchased the entire stake of FIM, an arm of Farallon Capital Management LLC, in its seven projects for Rs 1,172 crore (nearly $200 million). The exists are from those projects in which the US real estate giant had invested Rs 847 crore in 2007. After these exits, Farallon's remaining investments in several of Indiabulls' projects total about Rs 3,300 crore, which is about half a billion dollar, company sources said. "This transaction reflects our balance sheet strength, which despite being the least geared among large real estate companies, had over Rs 1,000 crore of cash as on last quarter and has now used part of the same to fund this buyout," the source said.

    These projects from which Farallon exited are at present executing residential projects in over 120 acres in Gurgaon, 160 acres in other places in and around Delhi (NCR region) and 15 acres in Chennai. The transaction was closed at a time when the government and RBI are putting in several restrictions on the use of foreign exchange in India and also by Indian companies abroad, mainly to stem the weakness of the rupee.


    "Indiabulls believes in long-term partnerships and is delighted that our partner Farallon, which had made the first FDI in real estate sector in India in our Mumbai projects, has been able to generate good returns in an extremely volatile economic environment," said Ajit Mittal, director, Indiabulls Group. Currently, Indiabulls Real Estate is developing 73 million square feet of real estate space across Mumbai, NCR and Chennai.
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