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Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

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Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

Last updated: 3 weeks ago
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  • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

    Hello,

    I have also booked 1BHK flat in Monarch Greenscape project last year. Till now there is no progress on project.

    Today I call Shubhangi her mobile was switched off so i called up landline numbers but all numbers are out of service. My wife visited builders office today but Receptionist was not able to give satisfactory answers. I am feeling worried about my money.

    Can any one help!!!
    Last edited April 10 2015, 09:56 PM. Reason: Do not post personal information, such as full names, email addresses, numbers, or home/business name/addresses on the forum.

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    • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

      Please join together and take action by filing case in consumer court.
      Going by the updates, project is stuck and not going to start anytime soon.
      You can get ur hard earned money back faster.. No need to beg the builder to start the project etc, go ahead and Sue him asap and try to get back ur money !!

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      • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

        More bad news.....Is this the same group ?

        http://m.timesofindia.com/city/mumba...se-of-22-flatsClick image for larger version

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        • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

          The same case is with me as well. No construction progress at Monarch Imperial from last 1 year. They took mortgage also from Capri.... some finance company. Heard from sources that they have tied up with some new investor to complete the project.

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          • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

            Good day all . This about Monarch Greenscapes panvel. It appears that the builder is absconding. A new group of new investors have started contacting the Old buyer with below offer , I have made a Facebook group …'Monarch Greenscapes Panvel Buyers Association' for the old buyers , people kindly spread the message and join (kindly include the name , the flat number when you send the joining request) : Quote

            Frequently Asked Questions (FAQ’s)
            Q-1. Is this Offer only for the people who want to Exit from the deal of Monarch ?
            Ans 1. This offer is for the people who have booked the flats and have got allotment letters, most of the people have invested money to earn interest and they have taken allotments, Agreements without signatures, cheques & hundis, Power of Attorneys…ETC.
            People who have registered their flats have also the option to exit in case they don’t want the flat and they have invested for earning interest, for them we will try to bring in new customer, as many people have second thoughts about completion of project they can even sell the property on their own. We can give them offer for price which will be received by the new investor. They can decide for their Exit.
            Q-2 What are the terms and conditions for the exit ?
            Ans.2 Terms of Exit as per the discussions with the new investors are as follows:
            1. If someone wants money very fast i.e. 1 to 4 months then he will get 50% of the Principal Amount. (The period will start from the date of MoU signed between New Investor and the Old Investor )
            2. If someone wants money in mid-term i.e. 4 to 8 months then he will get 75% of the Principal Amount. (The period will start from the date of MoU signed between New Investor and the Old Investor )
            3. The party who will wait for 1 year will get 100% of the principal amount this period will start from the date of MoU between the New Investor and the Old Investor.
            4. If someone wants to earn interest and does not want the flat or property in any of the projects he will be given 12% PA. Locking period will be 18 months from the date of MoU with the New Investor.
            Q-3 What will be the mode of payment from the New investors ?
            Ans-3 Mode of payment will be discussed at the time of making the MoU and it will be mentioned in the MoU and signed by both the parties i.e. New Investor & Old Investor
            Q-4 What is the payment schedule if a member opts for 100% payment in 1 yr plan i.e. frequency and percentage of amount to be released to an individual.
            Ans – 4 It will be mostly one shot payments but then also it will be clear to you while making of MoU.
            Q-5 What if it exceeds the period as defined in the MoU ?
            Ans-5 All the terms and conditions will be written in the MoU , when the New Investor or Buyer will sit across the table all the things will be negotiated and zoted down in the MoU and signed by both the parties.

            Q-6 Who will take the ownership in this entire exit option plan till the said amount is credited to the respective party what will be genuine valid documents available to an individual or party?
            Ans-6 All the deals are being arranged by the group of Investors who have come forward to help the entire Project affected People, we should be thankful to all of them for doing the thankless job, they will not be held responsible for anything whatsoever. All the project affected people are free to take the call, they can go in any deal which suits them, and people can opt for going legal for the old management.
            Q-7. Are the above mentioned Slabs applicable for all the projects and also applicable for those people who have invested long back and will the variation in the waiting period affect the decision of the New Investor to make the exit for the old customer?
            Ans- 7 for the new investor the waiting period is immaterial as the we are not getting money from Monarch Guys or Management, If Monarch guys are repaying then off course the system of payment has to be in favour of investors, but in present conditions where New Investors who are bailing the Old Investors will treat all as same.
            Q-8 If someone wants to continue by retrieving the property in their respective projects what will be the waiting period?
            Ans: The waiting period varies in case of various different projects it will be as follows:
            1. Brooke fields :​​1-1.5 years
            2. Imperial:​​1-1.5 years
            3. Greenscape:​​4-5.0 years
            4. Solitaire​​3-4.0 years
            5. Rise​​​property under negotiations
            Q-9 To whom should the Letter of Intent be Mentioned?
            Ans-9 To the New Investor.
            Q-10 Existing draft of the LoI seems to be one sided, where intention of only seller is getting captured but no details of buyers is there to whom this is getting addressed and what will be authenticity of this ?
            Ans: First of all we all should understand that it can’t be one single buyer who can buy out everything from all of us, there are various buyers and investors who will be coming forward for the bailing of the old investors.
            Q-11 What will be the price of Registering the agreement in case someone wants to keep the flat ?
            Ans-11: Price for registering the flat at Greenscape will be Rs.5500.00 per square feet and Imperial and brookefields might not change as 85% work has been over but final call will be taken by Bhanushali’s as we have given those projects to them for construction which tentatively is going to start by 21st of April. Solitaire price will be decided by the respective builder, at present it is not decided as the project is under a stay order of the court which is expected to be removed by 5 to 6 months.
            *NOTE: THE ABOVE TERMS AND CONDITIONS ARE OPTIONS OFFERED TO THE OLD INVESTORS FROM THE NEW INVESTORS IT IS NOT BINDING TO ANYONE. ALL CAN TAKE IT AS ONE OF THE OPTION AVAILABE. IF ANYONE HAS BETTER DEALS IS ALSO WELCOME TO SEND THE OFFER WE ARE OPEN WITH IT.
            Unquote

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            • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

              You Must Be Kidding

              Are You an investor or part of "a group of new investors" as you portray? Anyways, people must be really mad to join your call for any of the options put out by you. If the builders are absconding, then who this group & what their legitimacy? If the old buyers want their money back, they can always put the builders behind bars & bring the project to a grinding halt, why they need any outside help. Don't they know their rights or the rules governing real estate deals? Only someone who invested black money would choose such route....Anyone who invested their legitimate money need no fear of losing anything.
              There is always a lame argument- " the Indian Legal System takes decades before You get Justice"- used by these unscrupulous elements to scare people into resorting to short cuts.
              Guys just reason out, if it takes decades for you it will take the same for the builder too to get off the hook. When an investor's 20- 25 lakhs gets locked up, a builders 200-500 crore gets locked up right?.... Here who is the loser, not the individual investor but the builder. If anyone wants to exit, approach the builder & take your money out with interest outright (if you have completed the lock-in period, if any agreed), don't use any middlemen. If builder is absconding, approach the authorities & bring in a stay order on all his projects- he will be forced to surface. May be your builder is not even aware that someone is acting on his stead.......
              Our judicial system is still one of the best in the world.......just because we do not have the perseverance or the guts, let's not blame the system... If builder resorts to unlawful methods, can't you do the same? You have to fight only one but he has to fight thousands....

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              • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

                Friends instead of waiting any further it will be good that we all unite & approach legally to get our money back. Please make a group so everyone can join & then plan accordingly.

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                • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

                  Whatsapp group for MG

                  Bittu1977,
                  There is already a whatsapp group formed for Monarch Greenscapes. You can PM one of the group members & they might include you in the group. They are directly dealing with the developers. Read previous messages you will get their info.

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                  • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

                    I talked to some people who are invested in greenscapes. It is learnt that nobody is happy with the current situation. Taking back the money without interest is out of question with whomsoever I talked.
                    People who don't want to exit should start pressurising the builder for immediate commencement of the construction without any chages in the deal which was originally agreed between monarch and buyers.

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                    • Re : Monarch Greenscapes by Monarch Universal in Panvel, Navi Mumbai

                      They are right in their demand & legally correct too. Why would anybody do a favor to the builder? There is no way builder can unilaterally change any of the terms of agreement either.

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