I have booked a flat in this property.
Anybody who has taken a flat in the same project? Might be good to connect.
Read more
Reply
2945 Replies
Sort by :Filter by :
  • Originally Posted by SKS12345
    Most of the persons who have booked in Phase-1 have paid about 90% as per demand letter. Many have even paid 100% under ADF scheme.


    May I ask you what is your status and your relation with IB
    CommentQuote
  • Originally Posted by subskn
    May I ask you what is your status and your relation with IB


    I am a customer who has booked in Phase-1 at the project launch stage and still waiting. What about you??
    CommentQuote
  • I called up ,Its not Greens project, its a separate project coming on mumbai-goa road
    CommentQuote
  • 3500-4000psf depending on location
    CommentQuote
  • khapoli and indiabulls expects ppl to pay approx 4000 psf ......great ......one can buy a bunglow in 25 lakhs in that area ...y settle for a 1bhk
    CommentQuote
  • ib

    This is their annual report it shows the savroli property as being launched in 2013.
    CommentQuote
  • complete

    Originally Posted by gauravm_022
    khapoli and indiabulls expects ppl to pay approx 4000 psf ......great ......one can buy a bunglow in 25 lakhs in that area ...y settle for a 1bhk


    1st let them complete their ibg panvel project and handover to the consumers. it looks like its going to be delayed by another 2 years. at the pace at which they are moving. they had promised july 2012 it seems they wont handover before december 2013 or march 2014.
    CommentQuote
  • Dear All,
    Phase I seems to be very congested. New people planning to invest should check site and construction personally prior investing. It would be advisable to wait for the end product n then invest. Let them quote per sqft rate whatever they want to. Till date they have not delivered what they said. Most of the project has some or the other issue. Don't get trapped with 18 hole golf club n bla bla.

    Cheers!!!
    CommentQuote
  • Agree

    Originally Posted by Ravish Singh
    Dear All,
    Phase I seems to be very congested. New people planning to invest should check site and construction personally prior investing. It would be advisable to wait for the end product n then invest. Let them quote per sqft rate whatever they want to. Till date they have not delivered what they said. Most of the project has some or the other issue. Don't get trapped with 18 hole golf club n bla bla.

    Cheers!!!


    I had booked looking at the open layout (the one which was the original plan) this new layout has been prepared by some junior at hafeez contractor, further it was planned so poorly it seems like a vertical slum. Would like to meet those brilliant people who approved this layout.
    CommentQuote
  • I am sorry for the situation you are in. You made a mistake of not consulting your CA/thinking-well yourself, before committing to ADF. So, you have to pay for your mistake, at least a small penalty.

    Once the ADF facility is used, it is very costly to undo it. I think its almost impossible, unless you have funds of your own to pay back IB-finance in full. Even then your builder will ask for a penalty for getting out of ADF.

    All the best!

    As a consolation, IB-greens will most likely get approval and start construction for phase-II within six months. From then on, in another one year, they will have collect about 90% of the payment from CC-linked payment guys. So, most likely its better to stay with existing ADF terms, than paying cost for moving to a regular loan, and then again having to pay almost 100% of the payment back again in about 18 months.

    What the builder has done in ADF facility is to shift the risk of approval onto you and provided you a discount. You took the risk by agreeing to the discount, knowingly/unknowingly.


    My suggestion for any one is to never ever book any project without all requisite clearances, including environmental-clearance. If you hurry and book early, hoping for further price-appreciation once all the approvals are in place, then you have to pay for the risk when approvals are not got in time.

    I would prefer to pay a 10-20% premium once approvals are in place, than having to book before that and cry foul at the builder.
    CommentQuote
  • They don't even reply to emails or queries soon....Even after making calls they have problems sorting things out...Not happy with them at all...looks like it will be delayed
    CommentQuote
  • Hi,

    I really doubt that IB will let you get away as they have already received the full payment and have given you a 10% discount. I am probably the only person who has taken an ADF and has not regretted. Before you take an ADF you really need to know what you are getting into. For me ADF was not a bad deal at all. I would have paid way more interest on my home loan if I had taken the normal construction linked scheme.

    Frankly I do not understand how you are paying more interest by taking ADF? What is the interest rate that you are paying for your home loan with ADF. I am paying 11% to IB Finance for my home loan with ADF and paying nearly the same to HDFC for my another home loan. So I really need to understand how you feel that you are paying more interest.

    The other point you have mentioned that you are paying twice the cost of your flat in 15 to 20 years as you have taken an ADF from IB. As far as my calculations go if you take a loan tenure of around 15 to 20 years with any bank today you will end up paying twice the amount. Just to give you an example if you take a loan toady at an interest rate of 10.75% for 15 years you will end up paying twice the principal amount of your flat no matter what the loan amount is - check it out yourself on - Loan EMI calculator | Calculate Loan EMI from Interest Rate - BankBazaar

    For more details on why ADF worked well for me please see my comments on page 173.

    There is no doubt that ADF is a risk as you are paying the entire amount upfront. In my case I had the appetite to take that risk as I did some calculations and they made sense to me. By the time I took ADF I had already paid IB 20% of the flat value and was required to pay another 20%. So it made more sense to me to get some discount and pay the entire amount to IB as 40% itself is not a small amount. There are several buyers who have received demand letters in Phase 1 for nearly 60% to 70% the total flat amount. I have paid 100% and received a discount of 10% so my risk exposure is not very different as compared to others.

    In my personal opinion, if you have taken the ADF and even if that is a mistake just stick with it now as I can assure you that it will not be easy to get out of it. By reducing you loan tenure (if possible) you can actually use the ADF to you advantage as I have explained on page 173.

    Good luck.

    Cheers.
    CommentQuote
  • Thank you all,

    I have been reading your responses and analysing my position. I will however, approach IB Housing Finance as they have disbursed 80% to IB Reality (basically from one pocket to another) under the ADF Scheme considering that even the Construction work for phase II has not even started yet due to delay in Govt Approvals. Besides, I have already been asked to pay up the Service Tax which is over 1 lac on this loan amount disbursed. Basically, pay Service Tax for no Service recieved. Will approach them sounding my concerns anyways. Let's see if the big fish really cares or can't even be bothered of my existence. :)
    Regards...
    CommentQuote
  • Originally Posted by zahabiyalok
    Thank you all,

    I have been reading your responses and analysing my position. I will however, approach IB Housing Finance as they have disbursed 80% to IB Reality (basically from one pocket to another) under the ADF Scheme considering that even the Construction work for phase II has not even started yet due to delay in Govt Approvals. Besides, I have already been asked to pay up the Service Tax which is over 1 lac on this loan amount disbursed. Basically, pay Service Tax for no Service recieved. Will approach them sounding my concerns anyways. Let's see if the big fish really cares or can't even be bothered of my existence. :)
    Regards...

    It is unethical on the part of IB to accept ADF but delay in starting the work. On top of this, as you rightly said service tax is also charged. If you ask for proof (letter that the service tax paid is for your booked flat), you won't get it !!! Hence you can't be sure if the service tax paid is utilized for some other purpose. Since there is a delay from IB side, they should pay the penalty for the loss of interest on the amount paid.
    CommentQuote
  • Anybody having idea about 30 mtr MMRDA road diving Phase 1 and Phase 2. How they going to connect both the phases?? As per the latest plan, there is nothing in phase 1 , except all building and phase II has everything ( if it gets passed ). If there is clear division between phase 1 and phase 2, that is clear loss for phase 1 people. Whats the use of booking in tall towers with good name but with no amenities?

    Master plan doesn't show any subway or bridge connecting the two phases.

    Also heard club moss ( phase 2 or 3 ) would have recurring yearly club charges. Is that true ?
    CommentQuote