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Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

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Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

Last updated: March 14 2020
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  • #51

    #51

    Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

    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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    • #52

      #52

      Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

      Originally posted by SameerPurda View Post
      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.

      Comment

      • #53

        #53

        Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

        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 View Post
        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

        Comment

        • #54

          #54

          Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

          Originally posted by SameerPurda View Post
          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.

          Comment

          • #55

            #55

            Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

            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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            • #56

              #56

              Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

              Originally posted by infoseek View Post
              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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              • #57

                #57

                Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

                @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 View Post
                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 View Post
                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
                Last edited July 27 2013, 01:05 AM.

                Comment

                • #58

                  #58

                  Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

                  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 View Post
                  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.
                  Last edited July 27 2013, 09:29 PM.

                  Comment

                  • #59

                    #59

                    Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

                    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 ?

                    Comment

                    • #60

                      #60

                      Re : Indiabulls Greens, Indiabulls Ltd, Medavakkam, Chennai

                      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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