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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  • Service tax

    Brace yourself for this bombshell coming in from IB in the form of service tax claim. Cost of the apt to go up by 3%-4%. They are readying the demand notice to claim the same from buyers.
    Back end operations pathetic, understaffed. Front end guys and back end guys are not in sync. Scary!

    Godrej in Ahmedabad did same quantum of selling and their back ended operations are marvellous.

    Whatever happened to price rise??
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  • Originally Posted by yogi8888
    Brace yourself for this bombshell coming in from IB in the form of service tax claim. Cost of the apt to go up by 3%-4%. They are readying the demand notice to claim the same from buyers.
    Back end operations pathetic, understaffed. Front end guys and back end guys are not in sync. Scary!

    Godrej in Ahmedabad did same quantum of selling and their back ended operations are marvellous.

    Whatever happened to price rise??


    There is 10.3% service tax on 25% of the constructed value of the flat.
    Indabulls is required to pay service tax, and hence recover it from the buyers, only on the labour or services portion and not on the material portion of the sale consideration, since VAT in the form of the works contract tax is already applicable on that portion. Also similar to the VAT, input tax credits could be available to Indiabulls to offset these service taxes and hence the net effect of the tax could be lesser than the 2.575 per cent indicated above, so Indiabulls should pass this on to buyers.
    Hence the service tax should be less than 2.575% of the flat cost.
    This service tax is however w.e.f from 1st July 2010.
    Indiabulls do not have a clue about the constructed value of the flat so they can't yet charge you this money.

    State govt. has decided to levy 1% VAT that will apply on the agreement value which includes everything but the stamp duty and registration charge.
    This is effective from 1st April 2010.
    I presume this is payable when the property is registered so IB still cant charge you this amount.

    If they are somehow thinking of getting an additional 3.5% without any documentation then I think it will be unfair.

    Today's business standard:

    Real estate developers, who need to pay around Rs 25,000 crore (Rs 250 billion) on debt instalments in the current financial year, could face an uphill task. For, equity issuances remain uncertain and cash flows have dwindled.

    According to Reserve Bank of India estimates, developers have piled up debt of Rs 75,000 crore (Rs 750 billion). Public sector banks restructured debt worth Rs 10,000 crore (Rs 100 billion) in 2009 and allowed them a roll over.

    By March 2011, developers need to repay this amount. An additional Rs 15,000 crore (Rs 150 billion) will be due this year, says a recent report by Kim Eng Securities. What has made matters worse for developers is that the Reserve Bank of India has already ruled out fresh restructuring for them.
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  • Hey IBG_Buyer,

    Did you manage to take any snaps of the site ? Also would really appreciate about any interesting information you managed to gather from the IB guys about approvals etc?

    Cheers...Raj
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  • Dear All
    I have also booked one 2 bhk in phase two, and paid second installment also.
    As per the discussion with customer care of IB, they informed that the sale agreement is on and the approval may take more than two month, for the same even they have applied to banks also and also saying that this is a process comes under govt so it may take time.

    At this moment other that IB finance no other banks will give the loan as approval not is in place.IB finance are claiming they are giving the besr competitive rate for home loan...ie there any body who is having any experience of availing home loan with Indiabulls finance ...please share

    And also , have you all applied for home loan to othet bank or just waiting for bank approval...please share...
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  • Hey Greeninvestment,

    I have applied for loan with HDFC Bank, all my documents had been submitted 3 months back and I have received a confirmation letter from the bank saying that my loan has been sanctioned but awaiting disbursement due to non receipt of project appoval papers from the builder.
    I guess if this is the way it continues then I suppose I wont have to avail of any housing loan, I would end up paying the full amount .

    Cheers......Raj
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  • Loan approval

    Dear Rajiv

    I have checked with HDFC agent , as per him HDFC are not going to provide the loan for Indiabulls green project as the approval is not there, awsper him HDFC not touched that area till date and may be upto one year , he suggested to me dont go throught HDFC at this moment ,even he shared that Loan senction will be over but again for disbursement the approval is required or in other word deal with HDFC which not in place.
    I have confirmed that they have submitted the file for approval in HDFC and in other bank also but......

    Kindly once again check with HDFC people and share your discussion....Because I am also having a interst to take the loan from HDFC or any govt. bank instead of Indiabulls finance...
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  • Hi,

    I agree with what you say, thats what I had mentioned in my earlier post that everything is sanctioned but awating project approval from India Bulls. As per my contact in HDFC..theri engineer visited the site ..but the only hassle in disbursement is the project approval.

    And below is the answer which I got from IB guys Customer care :

    "The bank approval from HDFC is already in progress. We shall intimate this to you as soon as we get any revert from HDFC . Once the approval comes through we shall share the APF (Approved project file) number which the banks gives us. With this transaction code you can approach HDFC and they will advice you what papers are required from you. Kindly bear with us in the interim."

    So im curently playing the waiting game..........


    Cheers....Raj
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  • Loan approval

    Dear Rajeev
    you are right, but when I applied to HDFC that agent was simply saying with confidence that you can send the paper ans he was assuring that the sanctining of loan is not a problem , but also he was saying that 95% HDFC will not giving approval to them as the reason is that place is very far and HDFC will not go for giving loan in village area.....

    One more thing I got to know from SBI that the file from Indiabulls alraedy received in HDFC , SBI and also in IDBI for approval that is confirml.

    I am just juggling in the same and not able to decide to take loan from where because one more fact is that FINALLY EVERYBODY is SAYING THAT PROJECT IS BIG ANYHOW APPROVAL WILL COME.

    kindly share some more information and also confirm with HDFC person and check what is the status.

    One more thing I got to know from SBI that the file from Indiabulls alraedy received in HDFC , SBI and also in IDBI for approval that is confirml.

    I am just juggling in the same and not able to decide to take loan from where because one more fact is that FINALLY EVERYBODY is SAYING THAT PROJECT IS BIG ANYHOW APPROVAL WILL COME.

    kindly share some more information and also confirm with HDFC person and check what is the status.
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  • Hi,

    I am one of the IB Greens Panvel buyer. This forum is the only source of information on current updates on the project. What was told to me in Oct 09, and the current scenario are vastly different. We invested on the brand name.

    I have paid the 2nd installment this month. Since we are in a forum, we could jointly agree to pay the next installment only on agreement registration. (when given in writing):) We can raise this now before they call for the next down-payment.
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  • Yes dear the latest update is what i got the file for approval is already placed in HDFC/IDBI etc bank but approval may take time as per the HDFC person may bank will not give now.....kindly update if u have any other update
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  • commencement at green

    hi all ,

    self kamaal who has recently brought in phase 2 ...and seeing ur comments looks like ...not all so well .....with regard to doc's in hand with IB .

    Regarding site visit ,i did make one 2 days back ..they hv 2 L shaped dig out and u/stand for 3 building each phase 1 & 2 as cud u/stand from their engineers ..they are in process for 15-18 storey building and not 30 as claimed earlier...but that too are in process .

    i feel there wud be slight delay but project shud move on :bab (35):... and over a period of time ,can forsee good appreciation upto 4000-4200 till possesion time (3 yrs from now) .

    what do u hv to say ??
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  • Calling in experts.
    As per the Environment Impact Assessment (EIA) report, IB falls in airport zone.
    See attached image extracted from the following cidco document:
    http://mpcb.gov.in/notices/Summary/VOLUME-I-EXECUTIVE%20SUMMERY.pdf

    It however does not describe the funnel area, the access path for the planes.
    From what I know, 30 metres (12 floors) does not require NAAI permission. Is there someone who has more information?
    Attachments:
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  • An update:

    Quote: "According to airport rules, no construction is allowed upto 150 metres from runways. From 150 metres to around 500 metres, construction is allowed only for airport operations. After that, a 1-metre high construction is allowed for every 7 metres one moves further from the runways, except for the take-off and landing paths, for which a 1-metre-high construction is allowed for every 20 metres one moves further from the runways.

    Roughly speaking, this means that a 100-metre-high construction can be 1.2 km from the runways and a 150-metre-high construction can be around 1.5 km from runways. But whereas earlier the construction limit would be capped at this distance, now builders can go in for taller structures the further a plot is from the airport. A 200-metre-high construction could be 1.9 km away and a 300-metre-tall building could be 2.6 km away.

    Similarly, in the take-off and landing paths, earlier a 150-metre-high building could be 3.5 km from runways. Beyond that buildings could not go higher. Now, contructions can gradually climb with a 200-metre-high building 4.5 km away and a 300-metre building 6.5 km way."



    Looks like IB is within the rules. Anyways I did not expect them to put 100s of crores at stake without doing their homework.
    Let me get back to my :bab (4):
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  • Originally Posted by Kamaal
    hi all ,

    self kamaal who has recently brought in phase 2 ...and seeing ur comments looks like ...not all so well .....with regard to doc's in hand with IB .

    Regarding site visit ,i did make one 2 days back ..they hv 2 L shaped dig out and u/stand for 3 building each phase 1 & 2 as cud u/stand from their engineers ..they are in process for 15-18 storey building and not 30 as claimed earlier...but that too are in process .

    i feel there wud be slight delay but project shud move on :bab (35):... and over a period of time ,can forsee good appreciation upto 4000-4200 till possesion time (3 yrs from now) .

    what do u hv to say ??

    I don't have anything to say. But if you insist "Ameen", "Zuma Ameen", "Amen" :bab (4):
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  • nice work wadia,
    well ive finally recieved my letter for the 2nd installment & gonna pay it tomo
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