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- Pls do not get carried away by the fact that they will return money 6% pa in case of cancellation. it is very easy for them to do so because the same money collected from buyers is given out in the market at 4-5 times the rate of interest quoted to buyersOriginally Posted by GreenWorldIndiabulls has already sold 2400 flats out of total 2700 flats in phase-II in the past 3.5 years. CIDCO is ready to give approval (commencement cert.) for 7 floors. Indiabulls is trying for 35+ floors in each building. Indiabulls has already collected a huge sum from the booking of 2400 flats and they are not worried if approvals are delayed by another year or so. CIDCO is also not in a hurry... So the party impacted severely are the phase-II customers who are exploited by the builder with big promises during booking. Hence, unless the builder is dragged to the court and the scam is published in media, they are not going to move an inch... SEBI and the Government departments looking after consumer issues need to be approached as well. The nexus of Indiabulls Real Estate and Indiabulls Finance must be exposed. Both the companies are part of the same group and customers are trapped by them. Can't understand, if other banks are not giving any home loan for phase-2 due to lack of required approvals in place, how come Indiabulls Finance provided the loans (check their 20-80, 10-90 schemes). Then the EMI starts even though the construction has not started (in the first place approvals are not yet received by Indiabulls Real Estate) !!! The application form says that the buyer can cancel the booking by taking 6% interest per annum if agreement registration is not completed within 2 years from the date of booking. Whereas, if the buyer delays any payment to the builder, he will be charged 18% interest !!! What sort of conditions are they ??? Simply one-sided which suits the builder only. This can go against the builder in the court and CCI.CommentQuote0Flag
- Has anyone done cancellation of booking ? I am panning to cancel the booking as this project is not going to fly anytime.. IB is earning good interest on our hard-earned money and they are just not interested to start the project. Every time when we check for the status we hear the same recording ....approval will come in few months... which has now gone in years.CommentQuote0Flag
- Same here, even i am thinking of cancellation, however will lose 5 % of the cost and they will give PDC of 90 days , someone just informed me that there is a clause in the agreement which says that if the project does not take off in 2 yrs of booking , one can cancel the booking and ask for refund along with 6% simple interest. is it true ?
Need to check the agreement in detail for thisCommentQuote0Flag
- Instead of constructing the buildings, Indiabullshit is publishing several full page advertisements in the papers, trying to further sell of his huge inventory. Obviously he is doing so from the money he collected from people who already invested. What a shame, since he has got his priorities all wrong... He is hoping more gullible people fall for his scheme. I would never invest in such a builder who is nothing but a sham...CommentQuote0Flag
- CCI probes realty body Credai, builders for alleged collusion
The Competition Commission of India (CCI) is investigating at least 20 builders and builders body Confederation of Real Estate Developers' Associations of India (CREDAI) for entering into one-sided agreements with buyers and for allegedly colluding with each other to arm-twist them. CREDAI had sought buyer agreements from builders and had called to standardize buyer agreement. The competitive body is now probing if this code of conduct is anti-competitive.
CCI will start one-on-one hearing with builders next week and the investigation is likely to be pan India.
The CCI first received a complaint against NCR-based builders Tulip but is now investigating top builders like Unitech , Omaxe , Parsvnath , Purvankara, Oberoi Realty , Ansal API, Tata Housing, K Raheja Corp, BPTP and TDI, the CNBC-TV18 report said.
Among other charges, these developers are being probed for inserting one-sided clauses in favour of the companies and against the interest of consumers in buyer agreements for sale of flats, apartments and other residential property.
A senior Competition Commission of India official said certain details have also been sought from these real estate players, while they would also be given an opportunity to present their case before the regulator. However, it could not be ascertained whether any company has already been found prima facie guilty of violating any provisions of the Competition Act.
CCI has pulled up realty players in the past for violating fair trade norms, while a huge penalty of R630 crore was earlier imposed on DLF. The order was later upheld by the Supreme Court.
Information has been sought in the present case from Unitech, Omaxe, Puravankara, Parsvnath, Supertech, BPTP, Oberoi Realty, Amrapali, Ansal Properties & Infra, Prestige Estates, Tata Housing, Gaursons, K Raheja, Avalon, Purohit Construction, Aparna Construction and Amit Enterprises, as also from the Confederation of Real Estate Developers' Associations of India (Credai).
Notices were issued following a detailed probe report by CCI's director general that flagged off various issues in the realty sector.
The director general had probed certain alleged common practices by builders and developers who are members of Credai. Some of the companies have already submitted their written responses to CCI on this matter.
CCI probes realty body Credai, builders for alleged collusion - FirstbizCommentQuote0Flag
- Any update on Indaibulls Phase 2 >>>>>. Today, I have written a mail to its CEO. Let's hope that he would reply.CommentQuote0Flag
- Did the CEO of Indiabulls Real Estate reply ?
Did the CEO of Indiabulls Real Estate reply ? They are going the DLF way to see CCI soon. Forum members are contemplating on approaching CCI in next few weeks... Some of the malpractices of this builder in terms of :
1. one-sided agreements,
2. incorrect carpet area calculation,
3. parking charges,
4. dropping of amenities after publishing in leading dailies
5. delay in starting construction of phase-2 after taking huge amount from customers at the time of booking the flats with false promises. ADF customers are the worst affected who have paid 95% of the flat cost 3-4 years back.
6. disparity in penalty charges (6% vs. 18% in application forms)
7. loans provided by IBHF without any approvals (CC)
8. Using the money received from booking for other purposes without keeping it in any escrow account for the GREENS, Panvel project
9. Not compensating the customers for the financial loss due to delay for 3-4 years (still the construction has not started for phase-2)
10. Customer care keeps on replying by e-mail "with start work tentatively in 3-4 months". This has been going on since last 3-4 years. Tentatively 4 months can't be 4 years !!
There are several other reasons for it to face be music of CCI very soon.CommentQuote0Flag
- How a case proceeds in Competition Commission (CCI)
On filing a case
Any person can file an application or information before the Secretary of Commission. CCI has to judge if there is a prima facie case or not within 15 days. If CCI finds that there is a prima facie case, it has to form its opinion on the case within 60 days. However, in practice, it takes much longer.
On seeking evidence
At the prima facie stage, the CCI is not required to and generally does not ask for evidence from all parties involved. "The CCI has the discretion to call or not call the opposite party for the prima facie hearing," says Shweta Sroff Chopra, Partner-Competition Practice, Amarchand Mangaldas & Suresh A Shroff & Co.
On informing the opposite party
Generally, the opposite party is informed of the case only when DG, during the course of its investigation, sends a notice to the party. CCI does not send the prima facie order to the opposite party.
On sharing DG's report with opposite parties
In case the DG does not find a violation, the DG's report is not shared with the parties. However, in case of violation by the opposite parties, once DG submits its report to the CCI, the Commission shares the report with the parties and objections to the DG's report are invited.
After the objections to the DG's report are filed by the parties, the CCI conducts oral hearings in the matter where the parties are allowed to make oral submissions before the CCI to support their case.
On time taken by DG to complete the investigation
When a case comes up for investigation, the DG is required to submit a report on his findings within a period of 60 days. However, the DG generally requests for several extensions before the investigation report is actually submitted to the CCI.
The DG generally takes 8-15 months to complete an investigation, depending on the complexity of the investigation and number of parties involved and such extensions are usually necessary for a fair investigation to be undertaken.
On the process followed in merger cases
In mergers and acquisitions (combination) cases, on receipt of a notification form, the CCI is required to form a prima facie opinion within a period of 30 days. This is Phase I of the review process. If the CCI requires the parties to remove defects in the notification or to provide additional information, it "stops the clock" until the additional information is provided.
This means that it can take much longer than 30 days for the CCI to form such a prima facie opinion. To date, all combinations notified to the CCI have been cleared in Phase I of the review process.
If the CCI forms a prima facie opinion that a combination causes or is likely to cause an adverse effect on competition, a detailed investigation will follow which is called Phase II of investigation.
On whether CCI is bound by law to give final order within a certain time period
The Competition Act does not prescribe a maximum time limit for an investigation initiated - from filing of the information to the final order, in respect of an anti-competitive agreement or an abuse of dominance.
How a case proceeds in Competition Commission | Business Standard Column
- There is no sight for IB phase 2. Plans are still to be approved and layout has got many revision. Many of the buildings planned are no more part of new drawings. I booked the flat in 40E and this building has been removed in the new plan (as per mail received from IB customer care). When I inquired about this, IB said plan is still under approval and IB cant assure anything. IB is willing to refund full money. However, I intend to fight for interest and betrayal by India bulls to its customers.
Is anyone, who has booked in Ph2 and has similar intention as that of me, interested in joining me.CommentQuote0Flag
- Meeting with Indiabulls at Panvel site office on 18th Oct.
A facebook + telegram group is fighting with Indiabulls for the delay in starting construction of phase-2, compensation demand for using our money for past 4 years without starting the work, dropping amenities in the project, changing the master plan, increasing saleable area without increasing carpet area proportionally, loading of the flat was promised to be 33% whereas in reality it is more than 40%, one-sided agreement etc.
More than 100 customers are going to meet Indiabulls project head Kuber Khera at site office at 11:00 AM on 18th Oct. Join the fight against this builder. This builder's intentions are quite fishy. Commitment word is missing in their dictionary. Timely delivery is only on advertisements, they don't have a work delivery calendar. If they do not commit to our demands reasonably in writting on that day, different means are being planned to expose the wrong doings of this builder is in place including going legal and approaching CCI. There has been a number of instances where CCI has brought some of the big buiders to their knees recently including DLF. High courts and supreme court is ruling in favor of CCI. Check facebook and telegram posts for regular updates shared by 200 affected customers.CommentQuote0Flag
- I also got the option offer through email today. It seems to be reasonable, if builder is paying 12% interest or giving an option to move to phase 1..
I wrote many mail to IB as well as Sameer Gehlot to take them to CCI. There was not even a single satisfactory response. After a gap of 1 month or so, I got this mail today. And I am satisfied by the content of the mail.
Originally Posted by IB a SCAM View Post
We have formed a buyers group to fight against Indiabulls for all the frauds. Please contact me at just4u.vijay@.com if you also wants to be part of the group.
I booked a flat (phase 2/44-201) in Feb 2013 with Indiabulls Real Estate Limited (Symbol: IBREALESTISIN: INE069I01010) for which booking was started around Nov 2010 and they told me that phase 1 bookings are complete and no flat is available in phase 1 and phase 2 will be much better product with an international school, club moss, police station, a very big mall and a hospital and construction for phase 2 is just going to start next month (with possession date as Dec 2016) and you will never get same rate again so I have to book today and sign on a standard template for application form. 4 years of start booking, Indiabulls now says that phase 2 might not ever happen and it is entirely on customer's risk and want us to shift to phase 1 (with no same area flat in phase 1, demanding more money or exit on 12% interest on principal part of our payment, which amounts to nearly 3% on total amount of flat). I have been cheated by them badly and all my dreams of owning a house stand scattered as I can't book another house with kind of exit money they are giving me as prices have already gone north in area and neither they are ready to answer any question on amenities if we shift to phase 1 with extra money. This is entirely a loot by big shark like Indiabulls thinking that it is her right to gulp small fishes like us. I am badly stuck with Indiabulls and want to aware people about the big fraud they are doing. Following are some of the clauses from application form (thankfully I have not signed an agreement form which might have left me with no option at all):
1. Clause number 7, If there is any change in location, preferential location, boundaries or carpet area of said apartment, the same shall be binding on applicant/consumer.
2. Clause number 9, all the rights including the common area and facilities and amenities therein, shall vest solely with the Indiabulls. Further Indiabulls could give common area rights to a third party by way of sale, transfer, lease, collaboration, join venture, operation and management.
3. Clause number 17, cancellation before approvals - 5% deduction, after approval - 10% deduction and after signing of agreement - 15%.
4. Clause number 26, customer/consumer can't sell (transfer, assign) the flat till the society (Body Corporate) is formed. If customer wants to sell before formation of corporate body and before getting possession, he/she will have to give 15% of purchase value to Indiabulls or 5% after getting the possession of the flat.
5. Clause number 28, Indiabulls can change available FSI/TDR and master plan may undergo changes due to that.
6. Clause number 29, if there is a change in plan and variation of more than 10% of carpet area, consumer/customer can cancel the reservation without any penalty or interest being payable by either party.
7. Clause number 30, if company is unable to execute agreement of sale for any legal issues, then the company may at its sole discretion cancel the provisional reservation by giving simple interst 6% per annum.
8. Clause number 40, Indiabulls at its sole discretion, may decide not to allot any or all the apartments in project to anybody or altogether decide to put in abeyance the project itself.CommentQuote0Flag
- Hi Muk2012, I too have received this offer today, which is valid till 30th November, i fail to understand the reason for this offer, as we all know IB are shrud people and are known not to give money easily, if they are offering refund with 12% interest, it is good to get the money out atleast u r not loosing out 5% of the agreement value if one would have cancelled the booking.
Now coming to the Reasons for this Offer,
1. Is IB cancelling Phase II completely
2. Are permissions not coming in due to changes in law
3. Is IB thinking of selling Phase II at higher price when the infra projects get cleared (Metro / Nava seva link) etc effect of BJP (Modi) in center and state.
Whatever a normal person who is stuck from 4 years and was thinking of getting out , this offer comes as god gift to get out of the project / company who are not reliable and have been making false promises.
What say friends, please give your thoughts.CommentQuote0Flag
- I dont know what is wrong with IB. As per un-confirmed report in circulation, IB was just front ending the real estate investment of Gandhi family. Promoters have linkages to Congress; the wife of the MD of IB was congress MP from Rajasthan in last Lok shaba. Probably, after change of Govt., it seems things are not favourable for IB. Plus there are numerous complaints against IB in various agencies such as CCI, that have forced IB to provide the option letter.
However, after receipt of option letter, I felt elated and requested IB to provide me the the details on inventory available in phase 1. I have received no reply even after sending one reminder. Now I have serious doubts about the intention of IB. It is simply a gimmick to keep the customers remain invested. I am seriously thinking about getting out of IB project and opt for option 1.CommentQuote0Flag
- Got mail from IB that no inventory is available with IB for PH1, though I wrote them mail within few hrs after getting option letter from their side, expressing my interest for moving to ph 1.
IB is big cheater . Now I am thinking of withdrawing my money and never deal with IB in future. I visited the project yesterday. IB project is more than 6 kilometers from Panvel station and the route experiences daily tariff jam at river bridge. Actually, IB project is about 20 to 30 minutes from Panvel Bus/ Railway station or highway exit towards Mumbai. There are many options available in Karanjade, Panvel for between 4,000 to 4,500 sq ft. This area is closer to new airport as well as railway stations.CommentQuote0Flag
- Dear Mam,
We had personally submitted the complete documents (hard copies ) on 23.12.2014 at : Indiabulls House, Indiabulls Finance Centre, Tower 1, 15th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai 400013. The same was accepted by you.
The refund became due immediately on submission of documents. But as per your trailing mail you committed to refund the amount within 45 days (I,e. due date 06.02.2015) and we accepted the same in good faith.
Now you are further delaying the refund by saying the same will be released by end of February. The same is not acceptable to us.
Please note in-case we don’t receive the refund on or before 06.02.2015 we will have no choice but to pursue legal action against you.
Therefore we once again request you to do the needful immediately, awaiting your confirmation.
After 5-6 Reminders have sent them above email.
I plan to follow it up with a legal notice, will keep group updated on outcomeCommentQuote2Flag