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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  • Commencement certificate

    Does anybody know if India Bulls has got the commencement certificate for the Panvel Greens project?

    I have booked in Tower - J
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  • Can you tell us more about the provisional cc?
    Is it till 3rd floor and did IB indicate that they will continue the construction work till the 3d floor irrespective of further clearance?
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  • the doc which i saw was issued by raigad collector and issued to lucina land. Permission granted to start construction at 80mtr away from road
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  • Commencement Certificate

    There is no point in getting permission for upto 3 floors. What about the other floors. I booked on the 12th floor of Tower - J, so will that mean for those who have booked above third floor, they need to still wait? Starting the project without getting full approval as per plan is a blunder.
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  • I am not so sure.
    If they start construction then they will have have already invested so it will be a loss if they don't go ahead with the project.
    Also authorities can be more under pressure from buyers if they have some work done.
    The work may also bring forward the possession date by 3-4 months.

    But then as u said, it may as well be a blunder.
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  • finally , i've received the letter for the 2nd installment.
    Now i'm in dilemma whether to pay the amount or not. I can manage this installment without any loan but if they ask to pay next installment without any papers then its going to be a big trouble...
    Thoughts of cancelling the booking keeps lurking in my mind...
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  • Originally Posted by avdhut_s
    finally , i've received the letter for the 2nd installment.
    Now i'm in dilemma whether to pay the amount or not. I can manage this installment without any loan but if they ask to pay next installment without any papers then its going to be a big trouble...
    Thoughts of cancelling the booking keeps lurking in my mind...


    Call them and ask them to give you in writing that they will not ask the next installment till until they have got all the clearances that banks need for giving home loans.
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  • hi wadia,

    i completely agree with you. the work will avoid further delays. i have also known of other builders that get approvals stage wise for large projects. any idea on how they handle it?

    regards,


    Originally Posted by wadia
    I am not so sure.
    If they start construction then they will have have already invested so it will be a loss if they don't go ahead with the project.
    Also authorities can be more under pressure from buyers if they have some work done.
    The work may also bring forward the possession date by 3-4 months.

    But then as u said, it may as well be a blunder.
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  • Guys , IB has posted their audited annual report on their website.

    It has mentioned some interesting things :

    1. report lists IB green Panvel as "Project under development with work started & permission received"
    2. it is IB's largest & most expensive project at 199.6 Lacs SF & 3400 Rs/Sft
    (includes floor rise, preferred location charges & infrastructure fees. Excludes parking and club charges)
    3. Project completion FY 13-14
    4. Current under construction in phase-I : 49 Lacs Sft
    5. expected completion in 2011 : 50%
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  • Originally Posted by avdhut_s
    Guys , IB has posted their audited annual report on their website.

    It has mentioned some interesting things :

    1. report lists IB green Panvel as "Project under development with work started & permission received"
    2. it is IB's largest & most expensive project at 199.6 Lacs SF & 3400 Rs/Sft
    (includes floor rise, preferred location charges & infrastructure fees. Excludes parking and club charges)
    3. Project completion FY 13-14
    4. Current under construction in phase-I : 49 Lacs Sft
    5. expected completion in 2011 : 50%


    If the project completion has been said to be in FY 13-14 then, from the standard of commitment that IB has shown so far, I think we are looking at FY 15-16 for the Project to get completed for real :bab (41)::bab (41):
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  • Visiting construction site and Vashi office tomorrow

    Hi all,

    We have just joined the forum. We have purchased 2 flats in Phase 1, G-block.

    Tomorrow, my husband and I plan to visit the site to check out what's going on. We will try to take pics, if allowed, and post them here. We also plan to visit the Vashi sales office around 11AM and ask about the Buyer's Agreement and construction-related permissions.
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  • I had paid 10% of the sale value for my flat in Q tower some time in March.

    I received another letter on 30 April demanding another 10%. The funny part is - (though they have acknowledged the first payment of 10%,) they have termed the second demand for 10% as the 1st instalment!!!

    I wonder whether my payment for 10% of sale value was the zeroth instalment or what!!!

    I reverted to the customer care and talked to Dwipa Jani and gave reference of an email exchange earlier when I had received a mail from Rajit Mehta that next payment(beyond the initial 10%) would be demanded only after the following papers are made available:

    Commencement certificate
    Approved plans
    Agreement for sale


    On being asked about these papers the answer has been a NO from them so far. I have given them a mail and have received no reply so far. I have therefore not paid.

    What beats me in the entire episode is that how are they going to demand payments beyond 20% from the customers when they do not execute the agreement for sale. As per "Maharashtra ownership flat Act 63"(MOFA) a builder cannot demand payments of more than 20% before signing the agreement for sale. The agreement for sale would in turn require the commencement certificate and approved plans in place?

    As per MOFA again, the customers are entitled to be shown within seven days the commencement certificate. If the commencement certificate is only for construction upto 3rd floor, is the builder doing the correct thing for demanding payments from those who have booked flats beyond the third floor.

    How are they going to do it when all they have till now is approval for construction of upto only the third floor.

    Can anybody with more experience in dealing with builders elaborate on this?
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  • Good find gyanjit. Atleast someone knows the law here :)

    But if you say the law is that builder cannot demand more than 20% before signing agreement for sale then IB is well within the limits of the law.
    For any further installment demands they will need to sign the agreement of sale (which will require CC and approved plans).

    "Agreement for sale must be executed by builder upon receipt of any payment exceeding 20% of the sale price of the flat. The Carpet area of the flats should be clearly and unambiguously defined in the agreement of sale. The nature, extent and description of all “Amenities” and common facilities must be clearly mentioned in the Agreement."

    Following documents are essential:
    1. Intimation of Disapproval.
    2. Commencement Certificate.
    3. Approved Plan.
    4. Title Certificate.
    5. Land – Free Hold / Lease.
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  • Hi All,
    Even we hv booked a house in Tower "P" . We had been to d site on sunday... Not pleased coz what IB is demanding against dat work is not justified. We are looking forward for a home loan but it seems they havnt tied-up with any banks so far but they expect us to pay on time. Recently, we were asked to get home loan from IB. If this was the intention then why didn't they tell us in advance?
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  • IB operations are so fishy. I will stay away from them.

    Unless and until a Bank approves their projects better to keep they away.
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