Hello experts,

As everyone says in his or her first thread, yes, I have been following posts in this forum and this is my first one. I need your help in deciding an apartment to buy in OMR.

I looked for apartment in OMR just because I am from IT field and thought owning an apartment would help me in future. My budget is 50L (inclusive of all additional charges such as, car park, service tax, government tax, corpus fund, etc etc).

I started to look for 3 BHK in mind thinking that I would need one room to accommodate my parents. With that mind I went with my venture for hunting an apartment for nearly 6 months.

Since my budget is very tight I could not able to buy any property anything before siruseri. I too was looking for a decent builder and with amenities.

As the time goes the price went high. Finally I thought to finalize Jains Inseli Park at Padur.

The reason behind choosing Jain's:

* I am not a great fan of Jains or neither has known one staying at Jains project for recommended. Only reason because it fitted my budget.

* I was looking for 3 BHk and it comes to more than 60L. hence narrow down to 52L for 2BHK in jains compromising my desires.

* Jains brochure says world-class amenities and project is on the Main road (OMR).

USD comes to be 33%. Rs 3450 per sq feet.

Honestly, its all my hard earned money and wanted to invest somewhere for a better living and good returns. Planning to go for loan.

Can any one from experts and genuine advices (agents / brokers please excuse lets have a good humanity) suggest me is this worth buying.

I have read many notes saying falls comments on Jain housing. But still i went ahead with no option due to budget constraint. I am not interested in projects after kelambakkam. I did my studies from one of the college in OMR and I know how the place looks after 7 PM. Good to know things are changing quite a lot in OMR. I use to hate going on OMR road during college days and today narrow down to the same place :)

Thank you for taking time to read my post and your suggestions.

NBK
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  • GreaterFools - i like your nick name - sums up all of us in the RE market
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  • I booked in Inseli Park in 2008 thru' ADF scheme (20, 80 %) with a promise made by Jain builders that Inseli will be completed by 2009 end. But then i didnt see much progress at all. Even now in 2013 we are unable to see project getting completed. So I immediately cancelled my booking in 2009 December since i dont want myself end up paying pre EMI from 2010. had i gone this pre emi route i would have wasted considerable amount by now.
    But then, i did lose 8.7 lacs of my booking amount during cancellation in 2009 end, where builder quoted that thru ADF scheme cancellation would demand NO REFUND. Even the ST of 1.89 lacs wasnt returned to me by builder. ideally he is supposed to get the same from government for me, since he has made the necessary ST payment to Govt.
    So I filed a consumer case early 2010 and initially he didnt appear for the case. Then a EP was filed against builder. Initially the order came in my favour, because i clearly told the builder that triparty agreement (ADF) is technically invalid as well as construction agreement completion duration of 3 yrs was breached and hence i am cancelling the booking.
    But later, the builder went for EP appeal in state court and the case came back to district court again and now i see the order in builder's favour inspite of project not getting completed at all. the order says that since i agreed to cancel mentioning that there are no dues from builder, i cannot complain about builder. But, i was forced to cancel since i had no other option, because builder breached the construction agreement and has cheated us thru' triparty agreement as well. so then how is my cancellation valid at all? cant i complain at all. hence i have decided to appeal to state consumer court.

    I have decided to appeal in state court for the huge delays (2007 till 2013 and still work in progress. hope atleast your children can occupy this flat when they are married) and the other fradulent business tactics followed by Jain builder, by diverting funds, enjoying the funds that came from buyers using 20, 80 scheme at low interest etc., I have also decided to take all these issues to media in the immediate future.

    If someone, can support me in this cause, do let me know. We all can put a combined state court case and have it publicly announced thru media as well.

    I am now really happy that i made a wise decision of cancelling the bookin in 2009, else the pre-emi would have eaten my earnings. But i seriously repent that i made a bad decision way back in 2008 believing and trusting this day light robber.

    Some of the buyers may be skeptical to join me for this cause. but atleast those of you, who can courageously come out and support me, pl do so. ofcourse here i am talking about delay alone and nothing about quality of construction. So in essence dont worry that the project will get devaluated if its exposed in media and be brave to discuss the cause publicly.
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  • Originally Posted by prakashraja
    I booked in Inseli Park in 2008 thru' ADF scheme (20, 80 %) with a promise made by Jain builders that Inseli will be completed by 2009 end. But then i didnt see much progress at all. Even now in 2013 we are unable to see project getting completed. So I immediately cancelled my booking in 2009 December since i dont want myself end up paying pre EMI from 2010. had i gone this pre emi route i would have wasted considerable amount by now.
    But then, i did lose 8.7 lacs of my booking amount during cancellation in 2009 end, where builder quoted that thru ADF scheme cancellation would demand NO REFUND. Even the ST of 1.89 lacs wasnt returned to me by builder. ideally he is supposed to get the same from government for me, since he has made the necessary ST payment to Govt.
    So I filed a consumer case early 2010 and initially he didnt appear for the case. Then a EP was filed against builder. Initially the order came in my favour, because i clearly told the builder that triparty agreement (ADF) is technically invalid as well as construction agreement completion duration of 3 yrs was breached and hence i am cancelling the booking.
    But later, the builder went for EP appeal in state court and the case came back to district court again and now i see the order in builder's favour inspite of project not getting completed at all. the order says that since i agreed to cancel mentioning that there are no dues from builder, i cannot complain about builder. But, i was forced to cancel since i had no other option, because builder breached the construction agreement and has cheated us thru' triparty agreement as well. so then how is my cancellation valid at all? cant i complain at all. hence i have decided to appeal to state consumer court.

    I have decided to appeal in state court for the huge delays (2007 till 2013 and still work in progress. hope atleast your children can occupy this flat when they are married) and the other fradulent business tactics followed by Jain builder, by diverting funds, enjoying the funds that came from buyers using 20, 80 scheme at low interest etc., I have also decided to take all these issues to media in the immediate future.

    If someone, can support me in this cause, do let me know. We all can put a combined state court case and have it publicly announced thru media as well.

    I am now really happy that i made a wise decision of cancelling the bookin in 2009, else the pre-emi would have eaten my earnings. But i seriously repent that i made a bad decision way back in 2008 believing and trusting this day light robber.

    Some of the buyers may be skeptical to join me for this cause. but atleast those of you, who can courageously come out and support me, pl do so. ofcourse here i am talking about delay alone and nothing about quality of construction. So in essence dont worry that the project will get devaluated if its exposed in media and be brave to discuss the cause publicly.


    Exploiting buyer's mentality, the builders thrive.You may refer to one of Jain's project in Coimbatore which had problems and 6- 7 flat owners filed a case and they won something around 85 lakhs as compensation. You may contact their association and build your case much stronger. Though I am not a lawyer, since the builder too has violated the terms of his own conditions , you alone are not at fault. Moreover all these terms & conditions being one sided favoring the builders, the same too can be quashed , this has again happened, you probably need to do some more ground work to research on this ..i remember reading it in websites. Finally most of these builders do all sort of things to win over opponent lawyers thru various means and this one is no exception. Finally most of the builders do not pay the service tax amount collected fully from the buyers to the Govt treasury ...they pay less than 25 %. Ask the builder the proof that he has remitted the ST amount, am sure if at all you get a copy of the amount paid to the Govt, no way it would match...you may try using this mismatch to your advantage and atleast get back your amount if not anything higher than that.
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  • yes, if someone wishes to consolidate with my state consumer court case, pl do PM me. especially the ADF people who should have suffered a huge loss; i believe consolidation will help us get better compensation.
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  • Sorry to hear about your problem, mate. It's a shame these type of reputed builders screw their own names. You should publish about them all over online.
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  • NRI's I am coming

    Enough of cheating domestic buyers. They have become smart. I am changing my strategy to cheat NRI's who have more money because dollar working in favor. I am coming US folks
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  • Hi all,

    Please note that there is already a thread running on Jains Inseli Park here https://www.indianrealestateforum.com/forum/city-forums/chennai-real-estate/78565-jains-inseli-park-jain-housing-padur-chennai?t=79561

    We prefer not to have parallel threads running on the same topic as this dilutes the information shared. Request you all to repost your comments on the above posted link.

    Thank you
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