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Indiabulls Greens by Indiabulls in Panvel, Mumbai

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Indiabulls Greens by Indiabulls in Panvel, Mumbai

Last updated: 5 days ago
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  • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

    IT raids strike Parel's Indiabulls office

    Evidence gathered by IT officials showing 'undisclosed and disproportionate assets' prompted the nation-wide raids; Indiabulls denies any wrong doing

    The Income Tax department, on Wednesday, raided over 80 of Indiabulls's offices across the country, including its Lower Parel office. Consequently, the shares of the company fell by nearly 7 per cent after news of the raids surfaced in the media.Sources in the Income Tax department confirmed the same and said that the raids were conducted after the department had secured evidence of the group's `undisclosed and disproportionate assets'.

    Describing the details of the nationwide raids, Income Tax sources said that they were being conducted in over 80 places across the country.“Over 80 places have been covered in these raids. There could be several offices in some of these places. In the city, the group's office in central Mumbai was raided,“ the source from the Income Tax department said.

    The source added that the raids at Indiabulls Housing Finance, Indiabulls Ventures and Indiabulls Real Estate were carried out under the direction of the investigation unit of Mumbai's Directorate of Income Tax.

    Approximately 800 Income Tax officers were deployed for the raids all over the country, which is expected to go on for at least two days. An officer from the department said, “At least eight officers have been deployed at each office. The raids began at around 8.30am on Wednesday and are expected to go on till Thursday.“ While no one in the department was willing to comment on the exact reason for Wednesday's raids, one of the IT sources said that evidences of disproportionate assets prompted the raids. The source linked the same to the Income Declaration Scheme of 2016, which is a one-time opportunity to declare unaccounted income they might have from the past.

    Following several reports on Wednesday's raids, the group's shares saw a slump of nearly 7 per cent. Indiabulls Housing Finance's shares in Mumbai dropped by 3.89 per cent while Indiabulls Real Estate and Indiabulls Wholesale Services dropped by 4.23 per cent and 4.89 per cent respectively. The shares of Indiabulls Ventures were most affected as it slumped by 6.86 per cent in the city on Wednesday evening.

    Indiabulls, in their comments, said, “This is to inform you that the Income Tax Department came to some of our offices to check our books as a normal course of events. We have extended all assistance and provided all desired information to the team of officials. During the last year, the Indiabulls Group has paid an aggregate of Rs 782 crore as income tax and Rs 372 crore as service tax to the department. We are confident that these on-the-spot checks, and the normal course of events will vindicate the same. At Indiabulls Group, we follow ethical and legal standards of the highest order in all our businesses and have robust institutional measures to monitor as well as implement corporate governance of the highest standards.“



    Attached Files
    Last edited by yogeshraja; July 16 2016, 09:17 PM.

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    • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

      Guys,

      Is anyone aware whether the real estate bill is already in effect or not. Indiabulls Greens have given us so much pain in terms of exploiting all our hard earned money, now this bill could be potential hope for us to recover something from them. The Project is in delay for almost 4 years, all money paid, a huge interest paid on loans etc brought only tears for us. There is no significant appreciation even after 6 years of booking. If we can file a case for paying us the penalty for the delay then why not.

      I recently visited one of the top floors in Tower 1E and when I went to the balcony, Oh my God!!! They did not perform any Safety Risk Assessment in terms of protection at higher floors from falling down. It is so scary that one don't need to experience an accident to feel the trauma.

      I don't know whether anyone have noticed that. Indiabulls must take immediate measure to mitigate this, otherwise we are going to see many fatalities in this project.

      Please contact me in case you have any suggestion.
      Last edited by Malvish; July 18 2016, 11:32 AM. Reason: personal information

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      • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

        there is significant of appreciation from last 6 years earlier booking started at 2000 per square feet and now it is 5500 per square feet
        yes there is delay but station and road is coming up quite nicely
        buildings are quite high and close to each other
        even Hiranandani in close vicinity has delayed possession but now they are giving possession work is back on track
        the area is still not developed it is in pre initial stage once they are not of offices and job this area will grow that is after 15 years

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        • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

          Personal Information
          Don't post personal information like full names, email addresses, numbers, or home / business names, addresses on the forum. If need be, share such in private messages. Personal information of any individual, whether member or not, will be deleted. DON'T reveal real world information about a member, administrator or a moderator from any source, public or private. DON'T post any information about members, revealing legal names, addresses, occupations or other sensitive or personally identifiable information.
          Talk TRUE; Talk IREF

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          • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

            Indiabulls
            Attached Files

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            • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

              Income tax department call for indiabulls chief

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              • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                Indiabulls Hsg Plans Rs 7,700-cr NCD Issue

                Indiabulls Housing Finance said it plans to raise a total `. 7,700 crore by issuing nonconvertible debentures (NCDs) on a private placement basis.Earlier in the day, the company informed about raising ` . 700 crore by issuing NCDs, with a green shoe option, also on a private placement basis.

                Meanwhile, an additional ` . 7,000crore money raising plan was approved by the board of directors at a meeting held on Friday . The board has granted permission for public issue of “secured redeemable non-convertible debentures and unsecured redeemable non-convertible debentures having face value of ` . 1,000 each for an amount of `. 35,000 million with an option to retain over-subscription . 35,000 million for issuance up to ` of additional NCDs aggregating . 70,000 million“, the compaup to ` ny said in a BSE filing.

                The company said it can raise the fund by way of public issue of secured and unsecured non-convertible debentures as well as issue of rupee denominated bonds overseas. The Bond Issue Committee has also approved the draft prospectus for the issue

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                • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                  Originally posted by mumbaimaster View Post
                  there is significant of appreciation from last 6 years earlier booking started at 2000 per square feet and now it is 5500 per square feet
                  yes there is delay but station and road is coming up quite nicely
                  buildings are quite high and close to each other
                  even Hiranandani in close vicinity has delayed possession but now they are giving possession work is back on track
                  the area is still not developed it is in pre initial stage once they are not of offices and job this area will grow that is after 15 years
                  If you look at the first few posts on this thread, the prices in 2009 were 2500 or 2600. That too prices had come down from 2008 levels. So appreciation in 7 to 8 years is nothing spectacular considering the risk taken by the buyer..

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                  • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                    Originally posted by Chinuboy View Post
                    If you look at the first few posts on this thread, the prices in 2009 were 2500 or 2600. That too prices had come down from 2008 levels. So appreciation in 7 to 8 years is nothing spectacular considering the risk taken by the buyer..

                    Also not to forget these "appreciated" rates are self inflated and jacked up prices by Indiabulls it self.
                    Not sure what is the secondary market rate in the vicinity (if there is one)

                    One of my colleague is stuck big time in this project and not able to exit.
                    He was telling me he had a discussion for buy back and Indiabulls were offering <4K for buyback which doesn't cover his cost after considering interest he has already paid forget about any profit.

                    Based on buyback negotiation experience, he exclaimed ...'These people are such a Goons!!!'

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                    • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                      Dear All,

                      Visited IB site few days back. Few updates as below:
                      - They are going to deliver the towers sector wise, not all together !! To start with Sector 2 (3 bhk i think). They say they will receive OC very soon. Building looks ready. After Sector 2, it will be 3,4, 5 etc
                      - My flat is booked in Sector 5. Looks like IB will take 1 more year to come to sector 5 !! Not much work is going on for these sectors.
                      - Approach road till IB green is pathetic. Toll booth is demolished now. IB says they will repair the road till the towers.
                      - I think IB is concentrating on Phase-2 work to show some progress and try selling phase-2 flats. Ground work for phase-2 is going on. Probably, phase-1 is getting neglected in this regard
                      - Entrance lobby looks very small and cramped for such a tall tower with so many flats.

                      Few snap shots from recent visit attached. Enjoy !!

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