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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  • Originally Posted by wadia
    Very valid points.
    - 7 days notice is ridiculous
    - Terming excavataion as start of construction, again ridiculous
    There is also a third point.
    - What is the sense in giving 20% (in some cases upto 10 lakhs) without any written proof of purchase. Did IB give you a copy of clearances received, send you the booking agreement or even told you of any plans to get the stamp duty registration done.
    Unlike small builders, big RE companies have wide exposure and huge debt which makes them very susceptible to bankruptcy.
    I am not trying to scare people but rather asking you to be more sensible.
    Ask IB to give you a copy of the commencement of work clearance, the booking agreement and a date for getting the stampt duty registration done before you haste to pay them further 10%.


    IB RE is going to declare their Q4 fiscal 2009-10 results today, so watch for it.

    The fourth quarter of the last fiscal has reported a dramatic downfall in real-estate sales across six cities. But, driven by speculation, Mumbai property rates are still booming

    The realty industry in six cities—Mumbai Metropolitan Region, Pune, Hyderabad, National Capital Region, Bengaluru and Chennai has reported around 25%-35% decline in sales in the fourth quarter of the last fiscal which ended in March 2010 compared to the previous quarter which ended in December 2009.

    In Mumbai, the scenario was the worst, as real-estate sales were almost nil during the fourth quarter of the previous fiscal. “Sales are down by 35% compared to the last quarter in Mumbai. There is a downfall in sales in almost all the six cities in the fourth quarter (of the last fiscal). This shows that inventories are again rising in all these places,” said Pankaj Kapoor, founder, Liases Foras.

    The prices of properties in the western suburbs of Mumbai have dramatically increased in the last quarter. There is no logic behind this increase in price—only speculation seems to be driving the rise. Rates have gone up by 25%-30%, keeping buyers away from the market.
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  • Originally Posted by wadia
    IB RE is going to declare their Q4 fiscal 2009-10 results today, so watch for it.

    The fourth quarter of the last fiscal has reported a dramatic downfall in real-estate sales across six cities. But, driven by speculation, Mumbai property rates are still booming

    The realty industry in six cities—Mumbai Metropolitan Region, Pune, Hyderabad, National Capital Region, Bengaluru and Chennai has reported around 25%-35% decline in sales in the fourth quarter of the last fiscal which ended in March 2010 compared to the previous quarter which ended in December 2009.

    In Mumbai, the scenario was the worst, as real-estate sales were almost nil during the fourth quarter of the previous fiscal. “Sales are down by 35% compared to the last quarter in Mumbai. There is a downfall in sales in almost all the six cities in the fourth quarter (of the last fiscal). This shows that inventories are again rising in all these places,” said Pankaj Kapoor, founder, Liases Foras.

    The prices of properties in the western suburbs of Mumbai have dramatically increased in the last quarter. There is no logic behind this increase in price—only speculation seems to be driving the rise. Rates have gone up by 25%-30%, keeping buyers away from the market.


    Indiabulls Finance FY10 results are indeed out & are very positive.
    IB net profit in 2009-10 jumped nearly three-folds to Rs 307.48 crore.
    But I'm not sure about the immediate impact of this on panvel project.

    Points raised by Mr Wadia regarding the CC are very vaild. Since I've not received any documentation except a computer generated receipt, shall i wait for these documents before making new payment ?
    (BTW, i've booked a flat in phase-I)


    Read more at: http://beta.profit.ndtv.com/news/show/indiabulls-finance-fy10-net-profit-up-300-at-rs-307-48-cr-36439s
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  • Originally Posted by avdhut_s

    Points raised by Mr Wadia regarding the CC are very vaild. Since I've received any documentation except a computer generated receipt, shall i wait for these documents before making new payment ?
    (BTW, i've booked a flat in phase-I)

    Great news avdhut_s. Did you ask IB for these documents?
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  • Originally Posted by wadia
    Great news avdhut_s. Did you ask IB for these documents?


    BTW just as a clarification, the results that you mentioned were for IB Financial services which is a different company.
    IB Real Estate results are still due at the moment. They are still manipulating :bab (60): :bab (65):and will release them some time today (29-04-2010) .
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  • regarding documents, apologies for the typo.. it changed the meaning completely.. though i noticed it & edited earlier post but u replied before that..
    actually I've NOT received any other documents except the receipt.
    I'll visit them on this saturday... lets see what they have to say about this..

    & for the financial report, thanks for pointing out the mistake...
    lets hope for similar result of IBRE.:)
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  • Originally Posted by avdhut_s
    regarding documents, apologies for the typo.. it changed the meaning completely.. though i noticed it & edited earlier post but u replied before that..
    actually I've NOT received any other documents except the receipt.
    I'll visit them on this saturday... lets see what they have to say about this..

    & for the financial report, thanks for pointing out the mistake...
    lets hope for similar result of IBRE.:)


    No worries avdhut_s. 80% of the people in this forum will think Indiabulls is one company. Infact the company handling the panvel development is called lucina land development ltd :bab (30):.
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  • Originally Posted by wadia
    No worries avdhut_s. 80% of the people in this forum will think Indiabulls is one company. Infact the company handling the panvel development is called lucina land development ltd :bab (30):.

    Yes i noticed that .. especially when you write cheque of large amounts to them :)
    So , is it an IB company or they have simply outsourced the job to Lucina ?
    Or is it the classic case of white labeling where IB has let Lucina to use their brand name to attract buyers ?
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  • Originally Posted by avdhut_s
    Yes i noticed that .. especially when you write cheque of large amounts to them :)
    So , is it an IB company or they have simply outsourced the job to Lucina ?
    Or is it the classic case of white labeling where IB has let Lucina to use their brand name to attract buyers ?


    Last I heard, Lucina was an IB company (a subsidary of IB Power Ltd. where IB Power Ltd. was promoted by IBREL). Then IBREL divested its stake in IPL (:bab (39):). So I presume goddess Lucina now works for IBREL directly.

    The ULCA lays restriction on the amount of land owned by any company so all builders have to create many subsidaries in order to own the land.
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  • HI GUYS EVEN I RECEIVED THE LETTER FOR 2ND INSTALLMENT..AND THE EVEN I FEEL 7DAYS IS VRY LESS FOR OWN CONTRIBUTION..AND MR WADIA HAVE PUT UP VRY VALID POINTS I COMPLETELY AGREE..BUT HOW CAN WE GO ABT THIS...:bab (39):
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  • First step first, lets all ask them for the documents. Lets make it clear to them that we need some sensible proof before handing in another 2-5 lakhs.

    There is not much we can do about "start of work" ambiguity. The advantage is in favour of IB.

    As documents are required, you can clearly say that the 7 day deadline does not hold valid. The document were suposed to be given when the bookings were done.
    The fact that they hid the clearance issue from some and have not yet given the documents 7 months since some people have booked, how do they expect you to pay within 7 days.
    Most builders give you the clearance certificate and booking agreement on the very day you book. Stamp duty and registration also takes place within one week.

    In this case instead of 7 days they have taken 7 months. So either they come clean now or await the installment.
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  • Good luck collectiong money

    Good luck collectiong money back from the builder . People believe me you guys dont need additional stress . Please for the sake of everbody who has booked flats come together and join forces and take on the builder .. dont have the " chalta hai " Mumbai attitude cause everytime you guys say that the builder wins
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  • Originally Posted by boldm28
    Good luck collectiong money back from the builder . People believe me you guys dont need additional stress . Please for the sake of everbody who has booked flats come together and join forces and take on the builder .. dont have the " chalta hai " Mumbai attitude cause everytime you guys say that the builder wins


    Agar vada paav mein chatney kam dali tho chalta hai. Paach peti liya aur raseed ka printout pakda diya, nahi chalta hai :bab (61):
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  • Another point: If they have got clearance and they are not trying to be dishonest then why are they not coming forth with the documents.
    Very hesitantly but this only makes me smell fish.
    Everyone should call them and make it clear that we need some written proof before committing another 2-5 lakhs.
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  • Originally Posted by wadia
    Another point: If they have got clearance and they are not trying to be dishonest then why are they not coming forth with the documents.
    Very hesitantly but this only makes me smell fish.
    Everyone should call them and make it clear that we need some written proof before committing another 2-5 lakhs.


    very good point... We'll have to hold the payments till they come up with documents...
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  • i still havent recvd my letter as yet, any bdy else riding in the same boat as me ...??
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