I booked a flat in Mumbai in December 2014 through Indiabulls Distributors. At the time they promised that the project would be delivered by May 2016. They assured us that the builder is known for excellent construction and timely deliveries. Later I learned that the project would be delayed by 1 1/2 to 2 yrs. we met Indiabulls GM who kept us (senior citizens) waiting for 6 hours before meeting us. He said his company takes no responsibility for the quality of construction, delivery on time or any other matter. I cancelled my booking before the agreement was signed. Althought there was an Escrow arrangement, Indiabulls Distributors transferred the booking amount to the builder after deducting their commission. We managed to get the builder to refund Rs.13 lacs after filing a police complaint. But Indiabulls Distributors have not returned the amount of over Rs.1lac which they have kept as commission, according to the builder. The company does not reply to emails or letters or telephone calls. It is better not to deal with a dishonest company like Indiabulls Distributors.
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  • Hi aksrikumar;

    Can you please share the builder's name and the project. This would help others to be aware of the project status
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  • I am in same boat I have taken one 2 bhk. In reliance hill view Chembur through them they have promised for discount but not fulfilled also said that they will help for resale but now not giving any attention towards it they already took the profit in rate and now rate is not appreciating any more just beware
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  • So if the rates would have gone up you would have been happy with the profit. But now since there is no increase you feel you have been cheated. Great
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  • I think almost all the projects marketed by indiabulls is stucked like akshar green in airoli,hill view in Chembur,some project in Powai,Panvel and Andheri West now they are not entertaining to those from whom they earned brokerage
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  • I was close to booking a project of Sai builders in Goregaon through Indiabulls Distributors and thankfully i did not go ahead at the last minute. This was 2 years ago and the building is still stuck at the same level. Probably a floor or two must have been added since then.

    The issue here is that Indiabulls Distributor just markets the project by sweetening it with talks of due diligence, approvals in place, brand name, escrow etc. All they do is to get back their (parent company IndiaBulls) money which they have lent to the builder in the first place in addition to commissions as mentioned above. Once a buyer gets in, he is stuck as 60-70% of the payments are collected upfront by citing 'x floors have been completed' and subsequent to which Indiabulls Distributors washes their hand-offs by not entertaining buyer's problem. They can afford to as there is no tripartite agreement (buyer-builder-Indiabulls) to protect the buyer.

    My advice to all readers is just stay away. There is no need to take problems of others (i.e. Indiabulls, in this case) by paying your hard earned money.
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