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Indiabulls Greens by Indiabulls in Panvel, Mumbai

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Indiabulls Greens by Indiabulls in Panvel, Mumbai

Last updated: July 7 2017
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  • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

    Originally posted by yogi8888 View Post
    u know what? ib guys are asking fr 27% on signing of agreement. 10% for basement completion(is it completed?) +10% for agreement signing +5% for stamp duty+ 1% registration. my schedule of payment does not state any agreement linked payment. daylight robbery. no increase in carpet area but chrgeable area has gone up. we are jacked. sue these guys!
    Your are right. Its white-collar looting.
    For under-construction properties its usually:
    15% + registration + stamp duty charges at the time of registration.
    Then slab-wise charges.

    I feel only an absolute idiot can accept this kind of agreement.

    Comment


    • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

      LAWYER

      Originally posted by hitmady View Post
      Your are right. Its white-collar looting.
      For under-construction properties its usually:
      15% + registration + stamp duty charges at the time of registration.
      Then slab-wise charges.

      I feel only an absolute idiot can accept this kind of agreement.

      We all should be compensated for delay in construction and signing of agreement which is more like a pugree system

      Get together IBITES

      LEts all meet on wednesday along with a lawyer

      Comment


      • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

        Originally posted by hitmady View Post
        Your are right. Its white-collar looting.
        For under-construction properties its usually:
        15% + registration + stamp duty charges at the time of registration.
        Then slab-wise charges.

        I feel only an absolute idiot can accept this kind of agreement.
        Then we need to pay 40% on a project that has literally no completion date or could be five to six years away. I have already paid 20% and another 20% for signing the agreement does not make sense.

        Comment


        • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

          Couple of questions..
          When you guys talk about the agreement is it only signing the agreement..

          As per my understanding.. nobody can register an agreement for something that does not exist.. which means.. if you have booked say in the seventh floor.. you cannot register the agreement for sale till the slab is laid and the walls are built..

          This needs to be checked..
          and collection of 40% of the total payment on foundation seems to be the norm these days.. and it 1-2 % on every slab based on number of floors and also on plastering and flooring.. so if you are on a lower floor, you might be suddenly encountering two payments.. in a particular period as they complete the brick work and the flooring pretty fast.. once the slab is laid..

          The final 5-10% + society charges and parking are at the time of possession

          and the interiors is what that takes a whole lot of time..
          I have always found this a big risk in any uc project.. but this is the norm everywhere in Mumbai and IB is not an exception..

          Comment


          • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

            There is also a date of completion mentioned in the agreement.. and the only recourse available to the buyer is to cancel the booking if there is a delay and get an simple interest of 12% on the amount and the amount paid..

            there is no other penalty

            I have never seen anyone use this clause.. In my opinion if you have no interest in RE this is a best method to earn 12% .. all projects are delayed.. and you can activate this clause.. ofcourse if you have a good lawyer.. but the price when you bought it and the price prevailing later makes it difficult to arrive at this decision.. people are always stuck at the notional profits..

            Conveyance is never given till the entire project is completed.. the law is ambigous in terms of townships..
            Builder is responsible and will be involved with you and will charge a transfer fee if you wish to sell the flat later and you need a NOC from him.. This means the Bas*** also take a cut from your profits if you want to encash it..

            It is unfair and unregulated.. If so many people get together you can change something.. manybe.

            Comment


            • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

              Originally posted by subskn View Post
              Then we need to pay 40% on a project that has literally no completion date or could be five to six years away. I have already paid 20% and another 20% for signing the agreement does not make sense.
              Most in the excitement of buying do not properly check area, agreement-terms & legally verify it with regulations (MOFA).

              Buyer's foolishness or naiveness only encourages builders/salesmen to be more crook
              Its general-practice by builders to slow-down construction after initial-bookings. Construction of remaining half including internal-work takes another 2 years to complete. So March 2011 becomes March 2012-2013 and builders mostly has clauses to protect their interests for late-possession.

              To summarize:
              1. Buy only if you need and can afford it else better be on rent.
              Some people buy over-leveraging and then speculate 200% appreciation in 3-5 years.
              2. Show patience. Before going for an UC project check ready-possession options.
              3. Get a copy of the agreement well before registration. Get it verified legally for terms detrimental to your interests. Builders provide copy just before agreement to con buyers.
              4. Measure property-areas (carpet, terrace, balcony) to know exactly how much you are charged for carpet and loading. Builders normally fudge terrace and common-area figures to inflate total-price.
              5. Do not pay for open-car park and not in black.
              6. Be ready to wait and walk out of deal if things are not favorable.
              Last edited by hitmady; February 27 2011, 01:42 PM.

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              • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                M Kumar

                Well said Hitmady and Sharpji

                -It is the innocence of the buyers which makes builders exploit. Hence going for named builders (ie hira, kalpataru .....etc)may be safe bet although they are bit expensive and may also delay the project completion but not too much

                Comment


                • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                  Originally posted by kumarm77 View Post
                  Well said Hitmady and Sharpji

                  -It is the innocence of the buyers which makes builders exploit. Hence going for named builders (ie hira, kalpataru .....etc)may be safe bet although they are bit expensive and may also delay the project completion but not too much
                  Personally feel that NO builder is safe-bet for buyers in the absence of real-estate regulator/watch-dog agency.
                  Builders has all incentives to be crook when most buyers are so naive and innocent
                  Its time for buyers to loose their innocence

                  Comment


                  • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                    Agreement Execution or Registration ?

                    Originally posted by Sharpj View Post
                    Couple of questions..
                    When you guys talk about the agreement is it only signing the agreement..

                    As per my understanding.. nobody can register an agreement for something that does not exist.. which means.. if you have booked say in the seventh floor.. you cannot register the agreement for sale till the slab is laid and the walls are built..

                    This needs to be checked..
                    and collection of 40% of the total payment on foundation seems to be the norm these days.. and it 1-2 % on every slab based on number of floors and also on plastering and flooring.. so if you are on a lower floor, you might be suddenly encountering two payments.. in a particular period as they complete the brick work and the flooring pretty fast.. once the slab is laid..

                    The final 5-10% + society charges and parking are at the time of possession

                    and the interiors is what that takes a whole lot of time..
                    I have always found this a big risk in any uc project.. but this is the norm everywhere in Mumbai and IB is not an exception..
                    I also do not understand if this call is for agreement execution or for registration. My flat is on 23rd flr, so no chance of having the pillars and walls ready for registration in the near future. However, IB customer service mentioned 6% for stamp duty and 1% for registration charges payable on agreement. Is it another scam to take the money well in advance before the actual registration can happen.
                    Last edited by subskn; February 27 2011, 07:44 PM.

                    Comment


                    • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                      Stamp duty and registration and drafts or pay orders in the name of Mah government..

                      You cannot register a flat till the flat itself is ready.. The agreement mentions the flat number, the floor number and name of the tower like A, B, C etc..

                      "The purchaser has requested the developer to sell to the purchaser for ownership, Flat 2301 on the 23rd floor D wing of the said building to be known as IB Greens (herein mentioned as the said flat)..

                      It also mentions the size of the flat.. but these days builders just mention the total consideration amount..

                      You cannot register an agreement until the slab is laid and walls are built.. Pay orders are
                      1) DD favoring "Some" Bank A/c stamp duty to be given to the builder..
                      2) Registration DD favoring Joint sub registrar.. Mumbai/Navi Mumbai as the case maybe when the registration is done at the registration office..



                      Originally posted by subskn View Post
                      I also do not understand if this call is for agreement execution or for registration. My flat is on 23rd flr, so no chance of having the pillars and walls ready for registration in the near future. However, IB customer service mentioned 6% for stamp duty and 1% for registration charges payable on agreement. Is it another scam to take the money well in advance before the actual registration can happen.

                      Comment

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