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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

    IB MOTILAL OSWAL

    This is the report prepared on IB Real Estae

    Shows the following:


    In 4QFY11 IBREL launched ~2.1msf of residential projects including a new launch in
    Vizag and phase II at Indiabulls Green, Panvel. The base launch price for its Panvel
    phase II is Rs4,000/sf against Rs4,700/sf for phase I. The company is in process of
    launching its 300acre of projects in Sabroli (Mumbai-extended suburbs) in 1QFY12.

    They Are planning to launch a MUMBAI MEGA TOWNSHIP near Khalapur toll naka. in 1Q FY-2012.

    Also the phase II is priced at Rs.4000/-
    Attached Files

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    • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

      Work at snails pace in indiabulls office

      Any news on registrations ? I am still awaiting call from indiabulls for signing of agreement.  

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      • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

        Originally posted by singh_isking View Post
        Any news on registrations ? I am still awaiting call from indiabulls for signing of agreement.
        In which phase did you book?

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        • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

          No call yet on agreement signing

          I have booked in phase 1 sector 3.

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          • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

            One of my friend who has booked a 1.5 bhk has not been chased however all of us who had booked 2 BHK have been followed up. Probably they are saving the 1 & 1.5 bhk for later, my assumption

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            • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

              Originally posted by sagi7 View Post
              One of my friend who has booked a 1.5 bhk has not been chased however all of us who had booked 2 BHK have been followed up. Probably they are saving the 1 & 1.5 bhk for later, my assumption
              I have booked 3BHK in phase 1, and haven't received any communication as yet from IB w.r.t. agreement / registration.

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              • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                Meet at IB office, lower parel on Wed,25May at 1030hrs

                Just for the information of all forum members on this thread and the investors in Indiabulls Panvel Greens project following message is from Adv. Manorama Mohanty who is also one of the buyers in this project and who is taking an initiative against IB for the unfair clauses in their agreement:

                Dear all,

                As I have informed you that we can take appropriate legal action against IBL. Before taking any legal action and spending money for that, we have decided to meet the Management people of IBL. Even I am hopeful that we will get the desired results. I came to know that the Directors and Managing Directors of IBL are available at their Lower Parel office at the morning session only from Monday to Friday.
                You all are requested to come to the Lower Parel office of IBL on 25/05/2011 at 10.30 a.m so that we can meet them in group to have some effect. You all are also requested to confirm me your attendance. You may bring your family members and friends so that there will be a good gathering.

                Anticipating your positive response,

                With regards
                Last edited by Malvish; January 17 2016, 02:40 AM. Reason: personal information

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                • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                  Meeting with IBL Management -Initiated by Ms Mohanty Advocate

                  Dear Forum members,
                  Today at 11.00 am a few of us visited indiabulls office in Lower Parel. The persons we met are:
                  Mr. Vipul Bansal CEO
                  Tel No. 30439701
                  Mr. O.P Agarwal Chief operating Officer
                  Tel No. 30439708
                  Ms Dweepa Jani Head, Customer Relations
                  Tel No. 30440623

                  The meeting started with a member of our forum explaining the grievances which we had with the company. Mr Bansal reacted by saying that they were following industry practice and there was no deviations from what they had promised initially. This drew a lot of protests from all of us and we pointed out the following;
                  a) the saleable area had been increased without a corresponding increase in the carpet area
                  b) there were other charges included (legal charges etc) which were not indicated in the booking form
                  c) There was no fixed timeline being indicated for completion of the project
                  d) Allotment of new buildings were being done as per their choice and not as we had originally booked.

                  Mr Bansal and others of his team tried to explain that a project of this size is highy dependant on several permits abd approvals hence there was always a likelyhood of the project changing in shape and size from what is originally envisaged.
                  They also tried to defend the other objections which we had. However, by the time I left the meeting (at 12.00 noon, before others) I had two facts clear which I wish to share:
                  1. The increase in saleable area from 1203 to 1246 sqft is without any corresponding incease in carpet area. IBL has just reworked the plan to include reduces wall sise and pillar size to show that the carpet area is increasing. They tried to sell it as an engineering marvel (which I seriously doubt)
                  2. They have no timeframe in mind for the completion of the project since several permits/ approval are yet to be received.
                  They are however willing to let anyone cancel their bookings without levying penalty. If it get purchased simultaneously by someone at the new rate, they will pass on the benifit after deducting 15% as tranfer charges.

                  After the meeting, which was at the highest level possible, it is clear that they are not ready to relent. So, if we have to take any action it has to be through a PIL/ WP in a court of law.
                  However, the other members in the forum who were present in the meeting may please share their thoughts and observations which will crystalise the issues.
                  Any other suggestions welcome before I meet them next week.
                  Last edited by Baner2010; May 26 2011, 09:54 AM.

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                  • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                    Firstly many thanks to Mr. Banerji that we got an immediate audience with Mr. Bansal and Senior management and the observations are spot on, its a fait accompli.

                    In my opinion something like a PIL or similar though causing adverse publicity to IB, will in no way help our cause vis a vis the project. Subsequent alternative is to cancel the booking or proceed with the agreement, but the time has come to take the call one way or the other one can't sit on the fence.

                    During discussion, as Mr. Banerji pointed the booking could be cancelled without a charge and also that for a transfer fee of 15% if there was a corresponding purchase the seller could get better realisation. Mr Banerjee I propose you sent a mailer to each of them highlighting this issue (cancellation), if not already done so it remains on record.

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                    • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                      Next Steps

                      Only if we stay united and fight we would be able to WIN against the mighty bulider, so now that we have a legal expert to guide us on what to do next lets follow him and FIGHT for our RIGHTS.

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