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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  • How does IB fools us?
    1. To attract us first they will give misleading massive ads in leading newspapers.
    2. To make it look mouth watering for us, they will make Initial master plan (this will always change later) with all the good amenities like club moss, school, mall etc.
    3. They will ask us to go for ADF as they will offer it at cheaper rate and again only IB can give us the loan and for reasons they will give an answer understandable by aliens only. And this is the way to squeeze the customers from both end (IB real estate and IB finance).
    4. Once many of us book flat, they will change the master plan and say we have the authority to change the master plan as per your execution of application form (clause no. 7,28 and 29).
    5. The new plan will always have larger area flat than our initial booking so that they can again make the loot by saying we are giving you extra area and you have to pay the proportionate amount at current rates. And then most of us will argue about at current rates or original rate but we will forget that this is to confuse us so that we don't argue about carpet area changes and forcefully selling us the area we didn't book.
    6. Purposely they will give a possession date, which they know is not feasible, reasons are 2 folds, firstly, they can hold our money for extra time and earn interest and secondly, some of us will always cancel the booking for delays and plan changes, and again they will deduct 5% (or more depending on plan is approved or not) before they give us our money back, mind you, meanwhile they have had already earned lots of interest with our money and as if this was not enough, they will again sell the same flat cancelled by us to a new customer, in even higher rates (they call it current rate ). paisa hi paisa
    7. Ok, so some of us might think intelligently and might want to sell our booked flats, but wait .. IB is more intelligent, if you intend to do so, IB will charge us 15% of purchase value before we get the possession or 5% after we get the possession till the formation of corporate body (caluse no. 26)
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  • Bad news for Indiabulls, good news for us :)

    Income Tax Department proposes to tax realtors, developers on unsold inventory ... I am sure this will make developers not to sit on huge inventory and have the monopoly to still keep the prices high and eventually they will have to lower the prices to save tax on unsold inventory. A welcome move if it happens so.

    Read more at:
    Income Tax Department proposes to tax realtors, developers on unsold inventory - The Economic Times
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  • Originally Posted by IB a SCAM
    Income Tax Department proposes to tax realtors, developers on unsold inventory ... I am sure this will make developers not to sit on huge inventory and have the monopoly to still keep the prices high and eventually they will have to lower the prices to save tax on unsold inventory. A welcome move if it happens so.



    Read more at:

    Income Tax Department proposes to tax realtors, developers on unsold inventory - The Economic Times



    If this happens then developers would pay for their stock dearly but I am sure that as wicked a community like a RE developer this act will never get passed and even if it gets passed it will be watered down eye wash version.
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  • 18 E Again stopped.
    No more payment notices from IB after the 6th slab (March end). So it seems this controversial building is again stuck up. Any one has some news on this??
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  • This is a plain and simple case of Indiabullshit has robbed the gullible home buyers of their money... Forget about club moss and all the fancy stuff, even if and when the homes do come up, it shall be extremely unlivable as it is so far from panvel station and other infrastructure.. Those clever enough have cut their losses and exited from this silly project.
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  • As per recent visit, there is good progress in phase I (of course without infrastructure for amenties (gardening parks , play grounds etc). and construction pertaining to premium buildings also started. Some sales people have sold phase 2 flats showing the construction work of of premium buildings, which is totally wrong. Now that CIDCO has taken over the planning and development, still CC approval coould not be procured from CIDCO,which every one is waiting for more than 2 years.

    For any project of reputed builders like that of Godrej, Runwal pre- launch booking normally is 6 to 12months. Beyond that if project doesnot take off, it is obligatory on the part of Builders to compensate atleast on interest (if not on time dimension) based on treasuring rate of RBI. It is high time every body including builders to think on this subject.
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  • How a case proceeds in Competition Commission (CCI)

    On filing a case
    Any person can file an application or information before the Secretary of Commission. CCI has to judge if there is a prima facie case or not within 15 days. If CCI finds that there is a prima facie case, it has to form its opinion on the case within 60 days. However, in practice, it takes much longer.

    On seeking evidence
    At the prima facie stage, the CCI is not required to and generally does not ask for evidence from all parties involved. "The CCI has the discretion to call or not call the opposite party for the prima facie hearing," says Shweta Sroff Chopra, Partner-Competition Practice, Amarchand Mangaldas & Suresh A Shroff & Co.

    On informing the opposite party
    Generally, the opposite party is informed of the case only when DG, during the course of its investigation, sends a notice to the party. CCI does not send the prima facie order to the opposite party.

    On sharing DG's report with opposite parties
    In case the DG does not find a violation, the DG's report is not shared with the parties. However, in case of violation by the opposite parties, once DG submits its report to the CCI, the Commission shares the report with the parties and objections to the DG's report are invited.

    After the objections to the DG's report are filed by the parties, the CCI conducts oral hearings in the matter where the parties are allowed to make oral submissions before the CCI to support their case.

    On time taken by DG to complete the investigation
    When a case comes up for investigation, the DG is required to submit a report on his findings within a period of 60 days. However, the DG generally requests for several extensions before the investigation report is actually submitted to the CCI.

    The DG generally takes 8-15 months to complete an investigation, depending on the complexity of the investigation and number of parties involved and such extensions are usually necessary for a fair investigation to be undertaken.

    On the process followed in merger cases
    In mergers and acquisitions (combination) cases, on receipt of a notification form, the CCI is required to form a prima facie opinion within a period of 30 days. This is Phase I of the review process. If the CCI requires the parties to remove defects in the notification or to provide additional information, it "stops the clock" until the additional information is provided.

    This means that it can take much longer than 30 days for the CCI to form such a prima facie opinion. To date, all combinations notified to the CCI have been cleared in Phase I of the review process.

    If the CCI forms a prima facie opinion that a combination causes or is likely to cause an adverse effect on competition, a detailed investigation will follow which is called Phase II of investigation.

    On whether CCI is bound by law to give final order within a certain time period
    The Competition Act does not prescribe a maximum time limit for an investigation initiated - from filing of the information to the final order, in respect of an anti-competitive agreement or an abuse of dominance.


    How a case proceeds in Competition Commission | Business Standard Column
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  • We have formed a buyers group to fight against Indiabulls for all the frauds. Please contact me at just4u.vijay@.com if you also wants to be part of the group.
    I booked a flat (phase 2/44-201) in Feb 2013 with Indiabulls Real Estate Limited (Symbol: IBREALESTISIN: INE069I01010) for which booking was started around Nov 2010 and they told me that phase 1 bookings are complete and no flat is available in phase 1 and phase 2 will be much better product with an international school, club moss, police station, a very big mall and a hospital and construction for phase 2 is just going to start next month (with possession date as Dec 2016) and you will never get same rate again so I have to book today and sign on a standard template for application form. 4 years of start booking, Indiabulls now says that phase 2 might not ever happen and it is entirely on customer's risk and want us to shift to phase 1 (with no same area flat in phase 1, demanding more money or exit on 12% interest on principal part of our payment, which amounts to nearly 3% on total amount of flat). I have been cheated by them badly and all my dreams of owning a house stand scattered as I can't book another house with kind of exit money they are giving me as prices have already gone north in area and neither they are ready to answer any question on amenities if we shift to phase 1 with extra money. This is entirely a loot by big shark like Indiabulls thinking that it is her right to gulp small fishes like us. I am badly stuck with Indiabulls and want to aware people about the big fraud they are doing. Following are some of the clauses from application form (thankfully I have not signed an agreement form which might have left me with no option at all):
    1. Clause number 7, If there is any change in location, preferential location, boundaries or carpet area of said apartment, the same shall be binding on applicant/consumer.
    2. Clause number 9, all the rights including the common area and facilities and amenities therein, shall vest solely with the Indiabulls. Further Indiabulls could give common area rights to a third party by way of sale, transfer, lease, collaboration, join venture, operation and management.
    3. Clause number 17, cancellation before approvals - 5% deduction, after approval - 10% deduction and after signing of agreement - 15%.
    4. Clause number 26, customer/consumer can't sell (transfer, assign) the flat till the society (Body Corporate) is formed. If customer wants to sell before formation of corporate body and before getting possession, he/she will have to give 15% of purchase value to Indiabulls or 5% after getting the possession of the flat.
    5. Clause number 28, Indiabulls can change available FSI/TDR and master plan may undergo changes due to that.
    6. Clause number 29, if there is a change in plan and variation of more than 10% of carpet area, consumer/customer can cancel the reservation without any penalty or interest being payable by either party.
    7. Clause number 30, if company is unable to execute agreement of sale for any legal issues, then the company may at its sole discretion cancel the provisional reservation by giving simple interst 6% per annum.
    8. Clause number 40, Indiabulls at its sole discretion, may decide not to allot any or all the apartments in project to anybody or altogether decide to put in abeyance the project itself.
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  • Any potential investors/buyers, please stay away from Indiabulls, unless you want to see your hard earned monies evaporate away. Buyers from Phase 1 of their project (folks who had booked in 2009) are still awaiting possession, the latest date being quoted is end of 2015 which could very easily slide into 2016. Phase 2 has been a mirage for over 4 years now, IB themselves has claimed that they do not have clearances/approvals in place. They are still aggressively selling Phase 2 without any approvals in hand. IB finance will happily finance this non-existent project with 20:80, ADF and all kinds of creative financing schemes that should be illegal on paper. Look at the plight of the existing buyers and stay away from this Project and from Indiabulls Group.
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  • I also got the option offer through email today. It seems to be reasonable, if builder is paying 12% interest or giving an option to move to phase 1..

    I wrote many mail to IB as well as Sameer Gehlot to take them to CCI. There was not even a single satisfactory response. After a gap of 1 month or so, I got this mail today. And I am satisfied by the content of the mail.



    Originally Posted by IB a SCAM
    We have formed a buyers group to fight against Indiabulls for all the frauds. Please contact me at just4u.vijay@.com if you also wants to be part of the group.
    I booked a flat (phase 2/44-201) in Feb 2013 with Indiabulls Real Estate Limited (Symbol: IBREALESTISIN: INE069I01010) for which booking was started around Nov 2010 and they told me that phase 1 bookings are complete and no flat is available in phase 1 and phase 2 will be much better product with an international school, club moss, police station, a very big mall and a hospital and construction for phase 2 is just going to start next month (with possession date as Dec 2016) and you will never get same rate again so I have to book today and sign on a standard template for application form. 4 years of start booking, Indiabulls now says that phase 2 might not ever happen and it is entirely on customer's risk and want us to shift to phase 1 (with no same area flat in phase 1, demanding more money or exit on 12% interest on principal part of our payment, which amounts to nearly 3% on total amount of flat). I have been cheated by them badly and all my dreams of owning a house stand scattered as I can't book another house with kind of exit money they are giving me as prices have already gone north in area and neither they are ready to answer any question on amenities if we shift to phase 1 with extra money. This is entirely a loot by big shark like Indiabulls thinking that it is her right to gulp small fishes like us. I am badly stuck with Indiabulls and want to aware people about the big fraud they are doing. Following are some of the clauses from application form (thankfully I have not signed an agreement form which might have left me with no option at all):
    1. Clause number 7, If there is any change in location, preferential location, boundaries or carpet area of said apartment, the same shall be binding on applicant/consumer.
    2. Clause number 9, all the rights including the common area and facilities and amenities therein, shall vest solely with the Indiabulls. Further Indiabulls could give common area rights to a third party by way of sale, transfer, lease, collaboration, join venture, operation and management.
    3. Clause number 17, cancellation before approvals - 5% deduction, after approval - 10% deduction and after signing of agreement - 15%.
    4. Clause number 26, customer/consumer can't sell (transfer, assign) the flat till the society (Body Corporate) is formed. If customer wants to sell before formation of corporate body and before getting possession, he/she will have to give 15% of purchase value to Indiabulls or 5% after getting the possession of the flat.
    5. Clause number 28, Indiabulls can change available FSI/TDR and master plan may undergo changes due to that.
    6. Clause number 29, if there is a change in plan and variation of more than 10% of carpet area, consumer/customer can cancel the reservation without any penalty or interest being payable by either party.
    7. Clause number 30, if company is unable to execute agreement of sale for any legal issues, then the company may at its sole discretion cancel the provisional reservation by giving simple interst 6% per annum.
    8. Clause number 40, Indiabulls at its sole discretion, may decide not to allot any or all the apartments in project to anybody or altogether decide to put in abeyance the project itself.
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  • Got mail from IB that no inventory is available with IB for PH1, though I wrote them mail within few hrs after getting option letter from their side, expressing my interest for moving to ph 1.

    IB is big cheater . Now I am thinking of withdrawing my money and never deal with IB in future. I visited the project yesterday. IB project is more than 6 kilometers from Panvel station and the route experiences daily tariff jam at river bridge. Actually, IB project is about 20 to 30 minutes from Panvel Bus/ Railway station or highway exit towards Mumbai. There are many options available in Karanjade, Panvel for between 4,000 to 4,500 per sq ft. This area is closer to new airport as well as railway stations.
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  • Originally Posted by muk2012
    Got mail from IB that no inventory is available with IB for PH1, though I wrote them mail within few hrs after getting option letter from their side, expressing my interest for moving to ph 1.

    IB is big cheater . Now I am thinking of withdrawing my money and never deal with IB in future. I visited the project yesterday. IB project is more than 6 kilometers from Panvel station and the route experiences daily tariff jam at river bridge. Actually, IB project is about 20 to 30 minutes from Panvel Bus/ Railway station or highway exit towards Mumbai. There are many options available in Karanjade, Panvel for between 4,000 to 4,500 per sq ft. This area is closer to new airport as well as railway stations.


    It is better if you withdraw at least now.You should not have booked without verifying the approval of the project.Just to attract customers these big builders promise a lot of amenities.This project started in 2009,will not be completed in another three years.These MMRDA rental scheme projects are not worth.

    There are hundreds of projects in Navimumbai which are cheaper than this.Wish you all the best.
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  • Originally Posted by muk2012
    I also got the option offer through email today. It seems to be reasonable, if builder is paying 12% interest or giving an option to move to phase 1..

    I wrote many mail to IB as well as Sameer Gehlot to take them to CCI. There was not even a single satisfactory response. After a gap of 1 month or so, I got this mail today. And I am satisfied by the content of the mail.

    I have also written the same things in my earlier posts nearly a year ago. India Bulls are big cheaters.
    When I met their senior executive & her team (a very rude lady executive) at their head office to exit from this project nearly a year ago they have given the same reasons & asked me withdraw money with deduction.

    I did not agree for the deduction & asked for full refund with 4 years interest & said will lodge a complaint with consumer forum. The response from the lady executive was really surprising. She bluntly said do whatever you want to do , no one can do anything to India Bulls as we have signed the papers while purchasing the flats. She further added so many buyers visit to cancel their booking & say same thing but no one can do anything.

    I am constantly posting messages on this forum regarding these cheaters for last one year. At least some initiative has been taken to teach lesson to these cheaters.

    Thank you for sharing the details of clauses so that others will be aware of it & we can get back our hard earned money with interest of 4 years from IndiaBulls.
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  • IB a big scam

    We are a group of people who are planning to go legal against IB, if you want you can join us.
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  • Phase 2 launched

    Hi, i visited Panvel greens site a few days back and have some interesting observations. 18 E has progressed a lot since last two yeas when i had last visited.But such is the beauty of IB design even at 1:30 PM the inside appartments were getting no sunlight.Imagine when all buildings are completed with doors etc. the apartment owners facing podium and paying Preferential Location Charges will be getting No sunlight, No natural air and basically looking into each others apartments. Would not this concrete jungle be most unhygenic, whenever it is completed at sweet wish of IB (in 3-4 years). Are regulatory authorities so stupid as to grant permission to this ghetto where you will have to keep light switched on during daylight also. Lot of other builders are stessing on natural lighting and ventilation to reduce elect. bills and GReen buildings. Solar energy etc are mandatory requiements from govt. Do they have permissions to build so much area when their intial permissions were for 15-16 storeys only? Is this the reason why interior work has come to a stop?
    Now after 3-4 years after collecting money for Phase 2 they have launched Phase 2 with false promises (On paper only with fresh advertiesements yesterday) Will it also reflect Phase1 in terms of No natural light and ventilation. Can we not inform people throgh newspapers, TV etc. Please tell me if big builders like Raheja and DLF can be held accountable for their actions why not Inndiabullls. Please give me your feedback.
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