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Your Experience with Builders/Developers

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Your Experience with Builders/Developers

Last updated: July 31 2009
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  • Subra
    started a topic Your Experience with Builders/Developers

    Your Experience with Builders/Developers

    Hi there,

    Now a day’s lot of real estate frauds are happening everywhere in Chennai. Lots of things need to be considered when you buy a house (life time achievement). Builders are making money from us and they are selling 100s of 1000s houses, multiple projects etc. But for us, we are working hard for just one home.

    I would like to open this thread to let everyone knows about your experience particularly bad experience, so that your experience would be a lesson to everyone. I would like your support in identifying immoral builders as well to keep them away.

    I am having very bad experience with the Chennai based builder and its going for more than 2.5 years now that will be posted soon in details..

    Thanks a lot
    Subra

  • Guest's Avatar
    Guest replied
    I appreciate your thinking but well all builders give you a default clause in their contracts. I dont think anyone of them EVER follows it. Quite a few who stick to time do very well in life. Total Environment in Bangalore, Ceebros in Madras are examples. Again I dont know if Total Env is keeping schedules nowadays and as for Ceebros I have no idea!

    Leave a comment:


  • Sansei
    replied
    Thought

    The thought process is to check their confidence or false confidence.

    Leave a comment:


  • Guest's Avatar
    Guest replied
    Originally posted by Sansei View Post
    Hi got an interesting thought fm another post


    Venkat...

    Builders honored their committment in the past as there were enough buyers and they wanted to finish projects fast and make their money. Now they themselves are not getting enough money from lenders to complete their projects and buyers have reduced by 70%.

    I've seen the same situation in US. Builders committed and then took for ever to complete.

    Maybe buyers should put a clause for delivery and charge the builder Rs.10,000 per day as late delivery charge. Trust me, no builder will sign it as they know they can never honor what they are saying. If they truly believe they will complete it in time, have them sign the delivery clause.


    Can some one do this
    Well, your proposal wont work in India. Even if he promises one lac and he does not deliver and you go to court, do you know when the court will deliver any verdict?
    In India rules are written to be NOT FOLLOWED.

    Leave a comment:


  • Sansei
    replied
    Different perspective

    Hi got an interesting thought fm another post


    Venkat...

    Builders honored their committment in the past as there were enough buyers and they wanted to finish projects fast and make their money. Now they themselves are not getting enough money from lenders to complete their projects and buyers have reduced by 70%.

    I've seen the same situation in US. Builders committed and then took for ever to complete.

    Maybe buyers should put a clause for delivery and charge the builder Rs.10,000 per day as late delivery charge. Trust me, no builder will sign it as they know they can never honor what they are saying. If they truly believe they will complete it in time, have them sign the delivery clause.


    Can some one do this

    Leave a comment:


  • ks2071746
    replied
    carpet vs super built up area

    Originally posted by Natarajg007 View Post
    See you can compare apples with apples and "madmen" with "wiseman" too sometimes...LOL.

    What I meant is in Madras and Bangalore the comparison is Superbuilt area, in Singapore and Bombay it is carpet area and so on. Suppose carpet area is 900sqft and super built area is 1200sqft. If I charged in Madras at 3K psft then it will be 36L for the flat using 1200sqft. Now the same builder if using the carpet area logic like Bombay might charge 4Kpsft and make it the same 36L. So you got to compare the apples with apples. Ofcourse be careful with Pseudo Wiseman as they should be compared only with Madmen. Cheers.
    Dear natarajg007, I am afraid, you have not caught me right. What I meant is that in Chennai, builders sell in terms of super built up area. For example, say in a specific area, one builder X offers at Rs. 3000/sq.ft a flat with super built up of 1300 sq. ft. with the ratio of carpet to superbuilt up of 68% , it means the buyer gets an actual carpet area of 1300 x 0.68 = 884 sq. ft at a total basic price of Rs. 1300 x 3000= Rs. 39 lakhs. Where as, if builder Y sells at the same rate of Rs. 3000/sq.ft same super built up area of 1300 sq. ft. , but with the ratio of carpet area to super built up of, say 75%, the buyer gets a carpet area of, 1300 x 0.75= 975 sq. ft. for the same basic price of Rs. 39 lakhs. That is, in terms of usable actual floor area- carpet area, the buyer gets 10% higher area. It also means, the saleable sq. ft. area on the basis of carpet area should be less by about 10%. Hence it is better to check up the carpet area one will actually get/end up for comparison rather than on the basis of super built up area. In a nut shell, one should not go on comparing the superbuilt up area alone but consider the carpet area also. Sorry for this long explanatory message, but found it necessary for members to appreciate the necessity for the right and fair way of comparison for their hard earned money being put in flat.

    However, I don't think it is fair on your part to pull wiseman into this.

    Dear wiseman, Please do offer your valued/expert opinion on the subject of carpet vs super built up area comparison for the selection of flat.

    ks2071746

    Leave a comment:


  • Guest's Avatar
    Guest replied
    Maybe it shows that NRIs have no idea of CHennai realestate and they are assuming that if Bush caughs, Madrasis will get cold! LOL!

    Leave a comment:


  • Guest's Avatar
    Guest replied
    See you can compare apples with apples and "madmen" with "wiseman" too sometimes...LOL.
    What I meant is in Madras and Bangalore the comparison is Superbuilt area, in Singapore and Bombay it is carpet area and so on. Suppose carpet area is 900sqft and super built area is 1200sqft. If I charged in Madras at 3K psft then it will be 36L for the flat using 1200sqft. Now the same builder if using the carpet area logic like Bombay might charge 4Kpsft and make it the same 36L. So you got to compare the apples with apples. Ofcourse be careful with Pseudo Wiseman as they should be compared only with Madmen. Cheers.

    Leave a comment:


  • ks2071746
    replied
    carpet area vs saleable area.

    Originally posted by Natarajg007 View Post
    Incidentally in Bangalore I know of a flat where the superbuilt area registered is 1100sqft while the Katha (Patta in your language but that is the measure on which corporation collects tax even for Buildings in Bangalore) mentions superbuilt area as 1350sqft. This was because the builder was liberal in his first project and did not charge for a lot of area which essentially was common area.
    Thanks natarajg007. How does the individual get benefitted with swimming pool, club etc. counted under the common area for which the chap pays with his hard earned money? Is it not the actual floor area excluding the wall , purposefully useful to the flat owner which he can fully make use of within his flat area for his own? Many of the buyers do not care to verify and check up the actual carpet area that will be available in the flat he buys/proposes to buy. Most people go by the saleable area indicated by the builders and compare with other builders on the total prices they have to shell out rather than the actual carpet area one will get in a particular flat.

    ks2071746

    Leave a comment:


  • Guest's Avatar
    Guest replied
    Incidentally in Bangalore I know of a flat where the superbuilt area registered is 1100sqft while the Katha (Patta in your language but that is the measure on which corporation collects tax even for Buildings in Bangalore) mentions superbuilt area as 1350sqft. This was because the builder was liberal in his first project and did not charge for a lot of area which essentially was common area.

    Leave a comment:

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