I have booked a flat in this property.
Anybody who has taken a flat in the same project? Might be good to connect.
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  • Thanks for the snaps

    Colossus,
    Thanks a lot for posting the latest snaps on the forum. As is said you see to believe. Yes IB has been very aggressive in their construction. Not sure how many floor have they constructed from the sanps. As per IB sector 3 tower has reached 10 th floor. 
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  • i sent couple of emails to IB CC about 2 weeks back, but didnt receive any reply. yesterday, i received SMS giving case number of my query and it said i can check the status by logging in. i have no idea where to log in and check status. as usual, there is no response on IB CC numbers. i was told earlier that all customers will get a customer id and they will be able to interact online. i didnt believe them then but now with this sms, i am wondering if anyone else is aware of this. in case anyone happens to call CC, please check about this.
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  • Originally Posted by nilayk
    I do not reside in India as of today. There was no email or sms , it was only after I called up the customercare & wrote email to them.

    My father went to the office last sunday & the Indiabulls guys have changed the complete plan which a lot of folks out here already know abt it. They have limited options in the new apartment, so I'm redoing the activity which was already done. they are requesting to do it soon before its all gone. They earlier had given old layout of 2 BHK, now they gave the new layout. No change in carpet area just the loading has been increased from 35 % to 50 %.. very strange & unethical on a brand like Indiabulls. however as a consumer its limited choice as I'm not in India & whether to fight it or focus on my job, sign the agreement & make things official

    what about other guys like jia , bhushan & mr. wadia ?? signing the agreement with increased cost or backing off ??


    Not sure about Jia, whereas Wadia (disappeared long time back from this thread) had admitted that he hadn't invested in IB Greens project.
    I have also received all those "appointment for flat selection in new layout" and "20% payment" letters from IB. Since I wasn't in town my brother went to their Elphinstone office within a week of receiving these letters. But the treatment meted out to him by the IB guys can only be termed as extremely inhospitable. After waiting for long time and after repeatedly asking for attention, when they finally attended him, he was shown a flat that they have alloted to us. So there wasn't any such thing called "flat-selection". Our original flat was a PLC 3BHK flat on 5th floor, and they were offering us a non-plc flat on 18th floor or above. original area was 1407sq ft and the new flat on offer was around 1690 sq ft., and above all there was a Rs.9.5L difference in the original total cost of flat and the proposed one.

    I want to take loan from IB Home finance. So I am also hopeful of the IB Finance guys intervening the matter to get me the fair deal from IB Greens. Yesterday I received a call from IB customer care that they want to schedule another "appointment" for me...

    I have decided not to do agreement and registration and in worst case go against IB in consumer court if: 1) IB don't give us our original deal that was made at the time of booking & 2) in case we want to step out of the project, IB refuse to refund our money with interest.

    Mr. Ramesh Singh (another victim of IB's attrocities) has agreed to join me. I contacted Babu Moshai but he has already given up and decided to take back the refund money (that too 5% less).... many groups have been formed before this and they all tried to convince IB to be fair but none of them dared to take legal action against them. With more and more people going for agreement and registration IB is getting more and more confident that all their customers are equally spineless and nobody will dare to take any legal action against them.

    I don't believe in forming groups, because earlier attempts have failed miserably, but as Jia rightly said even if 50 people (signed / not signed agreement) can come to the court and say that they have been cheated by IB, then we will be able to get our well deserved justice!! Please feel free to join us and we will be glad to have your support.
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  • Indiabulls Panvel Project desperate to increase numbers

    Originally Posted by colossus
    Attached image of progress 2 weeks back in Sector 3. Doing well..... Let us unite and take this project move forward.

    Few facts in IB-Panvel project :
    First issue : I booked a 3BHK in Bldg# 38 (Phase-II) recently. On the day of booking, they said that all the approvals/sactions are in place. Now, they are saying that the plan is submitted to concerned department (Government) and waiting for the approval !!! They are unprofessional and lying to the customers. They don't understand that by doing so, they are making a dent in their image/brand. Sales people are arrogant too. All they want is to increase their sales figure.
    Second issue : Though they claim that the buildings are being erected using MiVan technology, that is not completely true. They may be using this technology to erect the pillars and slabs, but certainly not for walls (both exterior and interior). They are using bricks for walls, which is not as per MiVan technology. Here they claim that MiVan technology is used for marketing sake only.
    Third issue : Their brochure shows the buildings separated from each other. But in reality, adjacent buildings in a sector are sharing common walls (no gap between bldgs). If you ask this question, they avoid to answer.
    Here, I don't want to paint a negative image of IndiaBulls. But, my experience with them is not so good.
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  • Originally Posted by singh_isking
    Signed the agreement but not yet registered. I got letter for next 20% payment from IB but I have told that I will pay only after agreement registration. As per rules builder cannot demand more than 20% unless agreement registered.


    Why don't you insist to complete the registration formalities ASAP ? We as customers, it's very important for us.
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  • Excerpts from Bazaar on CNBC channel

    Originally Posted by singh_isking
    Has anyone visited site recently in this forum? Please post snaps so that we can appreciate the speed with which IB is moving on construction front.


    Right strategy to win customers....

    Plagued by high cost of land, debt issues and slowdown in sales, the real estate pack has been seeing sluggish growth over the quarter. “The lower and mid-segment sales have been reasonable, and that compensated for the slow-moving premium market in Mumbai,” says Gagan Banga, chief executive officer, Indiabulls Group . The group's realty subsidiary, Indiabulls Real Estate has come out with its first quarter numbers for the current fiscal.
    Speaking to CNBC-TV18 in an exclusive interview, Banga says that more than 50% land has already been leased at Lower Parel, Mumbai. “Going forward, we expect lease income for the company to increase by 30-35%,” he says.
    Below is the edited transcript of the interview. Also watch the accompanying video.
    Q: Your numbers were sluggish. Can you take us through which areas you are seeing this sluggishness from?
    A: The Mumbai premium market is kind of slow. The lower-end and the mid-segment is doing reasonably okay. We believe that we had guided that sales this year should go up by about 30%, and given the base from which we come on the residential side, we are reasonably sure that we should be able to do that number.
    Q: No new project for you crossed the revenue recognitions phase in this quarter. I believe even in areas like Navi Mumbai, which I imagine would not be premium housing, have also been seeing a slowdown. What gives you the confidence of hitting that guidance that you have set out? What kind of scale up do you see through the next few quarters?
    A: Construction is on full swing. In times of uncertainty, there is generally a tendency of all types of consumers to prefer and buy both, completed and projects in which construction are on in full swing. Our job is to focus on construction and to ensure that the end product is made ready in time. Execution is what we are focusing on.
    Q: In terms of which projects you think will get recognized by the end of this year where you are seeing initial bookings, what are the key projects in line for FY12?
    A: Both, Panvel and Gurgaon are seeing reasonable traction. I believe that as these projects progress in terms of construction, it’s only a matter of time that sales pickup as well as construction activity allows us to do revenue recognition and increase the sales numbers.
    Q: Your investors are quite concerned about the way Panvel and Gurgaon are going where sales have been quite weak so far. Would you concede that it has been disappointing so far?
    A: I would not relate to Panvel and Gurgaon sales as being weak. I believe that given the overall liquidity, interest rate and therefore, the market sentiment, these projects seem to be doing reasonably well. We also have to keep in context the fact that as buildings will progress, they will see greater tractions. Actually, if the focus continues to be on execution, sales in that segment are just a matter of coming in line. Therefore, I don’t see a particular reason why sales should be tepid or weak.
    Here is an exclusive from moneycontrol: Where to buy real estate?
    Q: What about the leasing market in Lower Parel? Has that also turned a bit lackluster?
    A: Premium markets are lackluster, there is no doubt about it. Premium markets are tending to value completed apartments more than even mid-end and the lower end of the markets. So Lower Parel, no doubt about it, it’s seeing very weak activity right now.
    Q: So is it true that of those two office complexes that you have only about 50% is leased right now and how much of an increase do you expect to see then in leasing income?
    A: Slightly more than 50% is leased. We have given out these complexes to pretty large tenants whose fit-out work is currently going on. So I believe that the lease income should go up by as much as over 30-35% towards the end of the year.
    Q: How soon you see the demerger happening for Indiabulls Power because it was cleared at the start of this year in January but we haven’t heard any words since?
    A: It’s a court-led process, and so far, the progress has been very good. Shareholders gave their approval and then, we had to go and get the approval from the lenders which have also come in. Now the court has convened a date in October for the final hearing. I expect post that, towards the end of the calendar year, the process should be complete. That makes it sometime in mid-December.
    Q: So what's Indiabulls response to a sluggish market? Are you considering reducing rates both on sales and on leases?
    A: We have been reasonably ahead of the curve. Especially on the leasing side, we have seen good traction and good names come to our buildings, essentially because we have priced our products pretty sensibly. So Indiabulls Finance Center today gets priced depending on the quantum that one is taking on lease around Rs 125-150. So at those rates, we are not where the rest of the Lower Parel market is, which continues to price their product at about Rs 180-200. I believe sensible pricing is one aspect of how to grow the business. The other is to continue to focus on execution.
    Q: Just a clarification on the Elphinstone Mill project… there were some reports about work being stopped there because of an environmental clearance. Is everything okay there?
    A: That I believe was completely misunderstood and there was a clarification later. The IT part of the building is complete. There are people who are sitting in that building and the IT Park doesn’t even come under the miniscule approvals for environment. So, there is a deemed approval there. Hence, there was no issue and I am currently sitting in Elphinstone Mill which is the Indiabulls Finance Center.
    Q: If you are working with lower rates than some of your peers in the areas that you function in, are you holding with your FY12 guidance in terms of margins of 25% because this quarter has been half of that?
    A: We believe that sales will grow by about 30%. Margins should be in the range of about 20%.
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  • Originally Posted by GreenWorld
    Few facts in IB-Panvel project :
    First issue : I booked a 3BHK in Bldg# 38 (Phase-II) recently. On the day of booking, they said that all the approvals/sactions are in place. Now, they are saying that the plan is submitted to concerned department (Government) and waiting for the approval !!! They are unprofessional and lying to the customers. They don't understand that by doing so, they are making a dent in their image/brand. Sales people are arrogant too. All they want is to increase their sales figure.
    Second issue : Though they claim that the buildings are being erected using MiVan technology, that is not completely true. They may be using this technology to erect the pillars and slabs, but certainly not for walls (both exterior and interior). They are using bricks for walls, which is not as per MiVan technology. Here they claim that MiVan technology is used for marketing sake only.
    Third issue : Their brochure shows the buildings separated from each other. But in reality, adjacent buildings in a sector are sharing common walls (no gap between bldgs). If you ask this question, they avoid to answer.
    Here, I don't want to paint a negative image of IndiaBulls. But, my experience with them is not so good.


    Only had you read my post earlier: Ask them for refund or if you still want to invest, ask for phase 1. As BMC has changed the law, so will MAHA govt do, and you will again see a revision of price as flower beds and lifts will get charged. In such uncertain times, there is not much sense in going for a pre-launch (for the sake of Rs 500 atleast).
    They use MIVAn for slabs, so they can get the payments faster. There is no other motivation. Had the slabs not been linked to payments, they would have put them using wood.
    Originally Posted by jia001
    What happened with Phase 1:
    1. They will show club house in front of your flat and when you have paid 20% they will change the site masterplan and put low income rental housing in front of your flat.
    2. They will say sept 2011, but it will take them 2 years (as in case of phase 1) to get clearance so construction wont start till 2013. Possession will be in 2016. At any point if you ask them if they have clearance, they will say: Ofcourse.
    3. By the time of registration they will increase the loading and the same flat will be 300-500 sqft bigger saleable area. They will also add legal charges, etc.

    Atleast in case of phase 1 they will sign the agreement and register it in 1 month. In case of phase 2, all one can expect is 2 years of sleepless nights.
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  • Please visit to clarify doubts

    Hi greenworld,
    Point 1 is a known fact. Approvals are pending and hence they are quoting 4100 rate for phase 2. Even construction will start only after 1 year. I think IB fellows lied to you.
    Pinot 2 it's indeed mivan as the exterior walls and main internal walls are of concrete. Look the photo it is clear from it. The internsl partition walls might be block work.
    Pinot 3 there is a small gap between buildings about 1.5-3m look the photo it makes it clear. If there is no Gap then they will have to leave steel bars out of constructed building side so that they connect adjacent building ( to bs constructed later) which is not seen in snap above.
    I request guys to properly look at the photos and if not convinced have s vist to site to clarify. IB sales staff are incompetent and get the facts by directly seeing it.
    Thanks
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  • Originally Posted by bhushank3
    Not sure about Jia, whereas Wadia (disappeared long time back from this thread) had admitted that he hadn't invested in IB Greens project.
    I have also received all those "appointment for flat selection in new layout" and "20% payment" letters from IB. Since I wasn't in town my brother went to their Elphinstone office within a week of receiving these letters. But the treatment meted out to him by the IB guys can only be termed as extremely inhospitable. After waiting for long time and after repeatedly asking for attention, when they finally attended him, he was shown a flat that they have alloted to us. So there wasn't any such thing called "flat-selection". Our original flat was a PLC 3BHK flat on 5th floor, and they were offering us a non-plc flat on 18th floor or above. original area was 1407sq ft and the new flat on offer was around 1690 sq ft., and above all there was a Rs.9.5L difference in the original total cost of flat and the proposed one.

    I want to take loan from IB Home finance. So I am also hopeful of the IB Finance guys intervening the matter to get me the fair deal from IB Greens. Yesterday I received a call from IB customer care that they want to schedule another "appointment" for me...

    I have decided not to do agreement and registration and in worst case go against IB in consumer court if: 1) IB don't give us our original deal that was made at the time of booking & 2) in case we want to step out of the project, IB refuse to refund our money with interest.

    Mr. Ramesh Singh (another victim of IB's attrocities) has agreed to join me. I contacted Babu Moshai but he has already given up and decided to take back the refund money (that too 5% less).... many groups have been formed before this and they all tried to convince IB to be fair but none of them dared to take legal action against them. With more and more people going for agreement and registration IB is getting more and more confident that all their customers are equally spineless and nobody will dare to take any legal action against them.

    I don't believe in forming groups, because earlier attempts have failed miserably, but as Jia rightly said even if 50 people (signed / not signed agreement) can come to the court and say that they have been cheated by IB, then we will be able to get our well deserved justice!! Please feel free to join us and we will be glad to have your support. Our contact details are as follows:
    my email id: bhushank4(at)gmail(dot)com
    Ramesh Singh contact number: 9930351281


    Hi Bhushan,
    Did you try asking them for different options ? My experience was CC did offer me 2 choices on the same floor, though this is for a 2 BHK. Regarding increase in saleable area this has been case for people who have booked during Oct- Dec 2009. For people like me who have booked post Jan 2010 the area was always told as 1144 which is now increased to 1156 which is very minor increase. Though I completely agree with the loading part which is ridiculously high and some of the unheard clauses which they have put in the agreement.
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  • Originally Posted by justtp
    Hi Bhushan,
    Did you try asking them for different options ? My experience was CC did offer me 2 choices on the same floor, though this is for a 2 BHK. Regarding increase in saleable area this has been case for people who have booked during Oct- Dec 2009. For people like me who have booked post Jan 2010 the area was always told as 1144 which is now increased to 1156 which is very minor increase. Though I completely agree with the loading part which is ridiculously high and some of the unheard clauses which they have put in the agreement.


    justtp
    fyi the couple of choices that we were offered was one on 18th floor and the other on 25th floor.
    I would like to ask you, what about the increase in per sq ft rate due to the additional floor rise that I have to pay because of being jacked up by IB from 5th floor to 18th floor or higher?... I am opposed to paying this additional cost because any home buyer has a definite budget in mind while investing/booking a flat with a builder. So builder cannot just increase the cost after almost 2 years of booking in the name of changing the site plan.... In my case we are talking about an increase in cost by Rs.9.5L (or more) which is not a small amount at all...
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  • Originally Posted by singh_isking
    Hi greenworld,
    Point 1 is a known fact. Approvals are pending and hence they are quoting 4100 rate for phase 2. Even construction will start only after 1 year. I think IB fellows lied to you.
    Pinot 2 it's indeed mivan as the exterior walls and main internal walls are of concrete. Look the photo it is clear from it. The internsl partition walls might be block work.
    Pinot 3 there is a small gap between buildings about 1.5-3m look the photo it makes it clear. If there is no Gap then they will have to leave steel bars out of constructed building side so that they connect adjacent building ( to bs constructed later) which is not seen in snap above.
    I request guys to properly look at the photos and if not convinced have s vist to site to clarify. IB sales staff are incompetent and get the facts by directly seeing it.
    Thanks

    Point#2. Exterior wall is made up of bricks. There is a layer of cement on the wall. You can't make out, if it is concrete or the classical way of cement plaster on brick wall. I have visited the site and I'm sure of it. Construction cost is cut down by doing so...
    Point#3. There is no gap between adjacent buildings. If you visit the site, you won't find any gap. I checked with their sales folks too. They confirmed that adjacent buildings share common wall. Another way to save on construction cost.
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  • Is this still the master plan of the project ?

    a) If so, from what i have read in this thread, the central road is a public road .. So, who will this public be and where will they be headed .. does it mean that the school and hospital is open to all ?

    b) Have you guys been told where the MMRDA rental plot would come up ..

    Bhushan buddy,
    If i were in your place, i would say, "it's your mess you clean it up ..i'm not paying anything extra .. I'm happy to take the 18th floor flat at no extra charge .. ".. I know of friends (IB investors) who have done that successfully.
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  • Originally Posted by viv_vin


    Is this still the master plan of the project ?

    a) If so, from what i have read in this thread, the central road is a public road .. So, who will this public be and where will they be headed .. does it mean that the school and hospital is open to all ?

    b) Have you guys been told where the MMRDA rental plot would come up ..

    Bhushan buddy,
    If i were in your place, i would say, "it's your mess you clean it up ..i'm not paying anything extra .. I'm happy to take the 18th floor flat at no extra charge .. ".. I know of friends (IB investors) who have done that successfully.

    Dear Vin Vin, this was the original plan. They have already changed it twice. The current plan shows the MMRDA Road (30 mtrs wide) separating phase-I and Phase-II. The school is in Phase-II. If IB guys were truely professional, they should have informed the change in plan to all of their Panvel-Greens customers. That is the sad part.
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  • Need to confirm

    Greensworld,
    I still feel the walls are of concrete as you do not get such perfect finish in case of brick wall due to plastering. Look at the sharp finish of walls.
    The other reason I feel gap has to be there is otherwise the master bedroom window will open into a closed space open only to sky. 
    I am not sure about it. Need to confirm.

    I agree that bhushan has been given a raw deal. Booked on 5th floor and given options of 18th and 25th floor. Mind you this is 3bhk flat with area of 1690. Bhushan you need to press IB to a lower floor as this is totally unacceptable. I haven't heard of anyone with suh massive varition. IB has tried to give flats with differentce of 1 floor maximum. 
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  • Originally Posted by capt.vishal
    Hi Jia,

    I tend to disagree on this point or renewal of lease. Look at what is happening in South Mumbai, the guys on pagadi system are not even the owners of the flat and till date they cannot be forced to vacate. Further the first flats were sold by CIDCO in Vashi around 1977 so these are the guys who would come up first for renewal. Do you really think that CIDCO or for that matter any Govt body can throw these people out of their houses after their families have stayed in that house for 99 years!!!!! Also you really think that anyone would buy their own house again from CIDCO at the market cost at that time. Till date the guys on Pagadi in South Mumbai are paying monthly rent of sometimes less than Rs 500 pm whereas the market rate would be around Rs 1 lac or more pm for those flats. If what you are saying is correct then do you think anyone would buy any resale flat in Navi Mumbai when lease time left is less than 20 years as that would effectively mean that the buy the flat and then have to buy it again after 20 years!!!! If that is the case then practically no one would buy resale flats in Navi Mumbai after 40 years. CIDCO anyways charges Rs 25K per transfer and they definitely would not want to lose than income either.

    On one more point and I may be totally wrong on this one, but I think the lease period of 99 years starts from the time CIDCO started developing Navi Mumabi so that would be around 1977 (I guess). I am saying this because I vaguely remember that the Seawoods apartment I bought from CIDCO last year (2010 is 33 years after Navi Mumbai was handed over to CIDCO for development) states something about 66 years lease period which falls into place with what I saying. If this is true (I am not saying it is as I am presently don't have a copy of the agreement in front of me) then CIDCO would anyways not be able to sell anything in Navi Mumbai after another 30 to 35 years.

    Cheers!!!

    Dear Vishal, IB bought the land for Greens-Panvel project from farmers. It is a free-hold land. Since it is not on lease, I'm not sure why the lease term is coming into picture in this project. It is not CIDCO plot. This was told by the sales people in Vashi office.
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