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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  • LAWYER

    Originally Posted by hitmady
    Your are right. Its white-collar looting.
    For under-construction properties its usually:
    15% + registration + stamp duty charges at the time of registration.
    Then slab-wise charges.

    I feel only an absolute idiot can accept this kind of agreement.



    We all should be compensated for delay in construction and signing of agreement which is more like a pugree system

    Get together IBITES

    LEts all meet on wednesday along with a lawyer
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  • Originally Posted by hitmady
    Your are right. Its white-collar looting.
    For under-construction properties its usually:
    15% + registration + stamp duty charges at the time of registration.
    Then slab-wise charges.

    I feel only an absolute idiot can accept this kind of agreement.


    Then we need to pay 40% on a project that has literally no completion date or could be five to six years away. I have already paid 20% and another 20% for signing the agreement does not make sense.
    CommentQuote
  • Couple of questions..
    When you guys talk about the agreement is it only signing the agreement..

    As per my understanding.. nobody can register an agreement for something that does not exist.. which means.. if you have booked say in the seventh floor.. you cannot register the agreement for sale till the slab is laid and the walls are built..

    This needs to be checked..
    and collection of 40% of the total payment on foundation seems to be the norm these days.. and it 1-2 % on every slab based on number of floors and also on plastering and flooring.. so if you are on a lower floor, you might be suddenly encountering two payments.. in a particular period as they complete the brick work and the flooring pretty fast.. once the slab is laid..

    The final 5-10% + society charges and parking are at the time of possession

    and the interiors is what that takes a whole lot of time..
    I have always found this a big risk in any uc project.. but this is the norm everywhere in Mumbai and IB is not an exception..
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  • There is also a date of completion mentioned in the agreement.. and the only recourse available to the buyer is to cancel the booking if there is a delay and get an simple interest of 12% on the amount and the amount paid..

    there is no other penalty

    I have never seen anyone use this clause.. In my opinion if you have no interest in RE this is a best method to earn 12% .. all projects are delayed.. and you can activate this clause.. ofcourse if you have a good lawyer.. but the price when you bought it and the price prevailing later makes it difficult to arrive at this decision.. people are always stuck at the notional profits..

    Conveyance is never given till the entire project is completed.. the law is ambigous in terms of townships..
    Builder is responsible and will be involved with you and will charge a transfer fee if you wish to sell the flat later and you need a NOC from him.. This means the Bas*** also take a cut from your profits if you want to encash it..

    It is unfair and unregulated.. If so many people get together you can change something.. manybe.
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  • Originally Posted by subskn
    Then we need to pay 40% on a project that has literally no completion date or could be five to six years away. I have already paid 20% and another 20% for signing the agreement does not make sense.


    Most in the excitement of buying do not properly check area, agreement-terms & legally verify it with regulations (MOFA).

    Buyer's foolishness or naiveness only encourages builders/salesmen to be more crook :D
    Its general-practice by builders to slow-down construction after initial-bookings. Construction of remaining half including internal-work takes another 2 years to complete. So March 2011 becomes March 2012-2013 and builders mostly has clauses to protect their interests for late-possession.

    To summarize:
    1. Buy only if you need and can afford it else better be on rent.
    Some people buy over-leveraging and then speculate 200% appreciation in 3-5 years.
    2. Show patience. Before going for an UC project check ready-possession options.
    3. Get a copy of the agreement well before registration. Get it verified legally for terms detrimental to your interests. Builders provide copy just before agreement to con buyers.
    4. Measure property-areas (carpet, terrace, balcony) to know exactly how much you are charged for carpet and loading. Builders normally fudge terrace and common-area figures to inflate total-price.
    5. Do not pay for open-car park and not in black.
    6. Be ready to wait and walk out of deal if things are not favorable.
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  • M Kumar

    Well said Hitmady and Sharpji

    -It is the innocence of the buyers which makes builders exploit. Hence going for named builders (ie hira, kalpataru .....etc)may be safe bet although they are bit expensive and may also delay the project completion but not too much
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  • Originally Posted by kumarm77
    Well said Hitmady and Sharpji

    -It is the innocence of the buyers which makes builders exploit. Hence going for named builders (ie hira, kalpataru .....etc)may be safe bet although they are bit expensive and may also delay the project completion but not too much


    Personally feel that NO builder is safe-bet for buyers in the absence of real-estate regulator/watch-dog agency.
    Builders has all incentives to be crook when most buyers are so naive and innocent :D
    Its time for buyers to loose their innocence :D
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  • Agreement Execution or Registration ?

    Originally Posted by Sharpj
    Couple of questions..
    When you guys talk about the agreement is it only signing the agreement..

    As per my understanding.. nobody can register an agreement for something that does not exist.. which means.. if you have booked say in the seventh floor.. you cannot register the agreement for sale till the slab is laid and the walls are built..

    This needs to be checked..
    and collection of 40% of the total payment on foundation seems to be the norm these days.. and it 1-2 % on every slab based on number of floors and also on plastering and flooring.. so if you are on a lower floor, you might be suddenly encountering two payments.. in a particular period as they complete the brick work and the flooring pretty fast.. once the slab is laid..

    The final 5-10% + society charges and parking are at the time of possession

    and the interiors is what that takes a whole lot of time..
    I have always found this a big risk in any uc project.. but this is the norm everywhere in Mumbai and IB is not an exception..


    I also do not understand if this call is for agreement execution or for registration. My flat is on 23rd flr, so no chance of having the pillars and walls ready for registration in the near future. However, IB customer service mentioned 6% for stamp duty and 1% for registration charges payable on agreement. Is it another scam to take the money well in advance before the actual registration can happen.
    CommentQuote
  • Stamp duty and registration and drafts or pay orders in the name of Mah government..

    You cannot register a flat till the flat itself is ready.. The agreement mentions the flat number, the floor number and name of the tower like A, B, C etc..

    "The purchaser has requested the developer to sell to the purchaser for ownership, Flat 2301 on the 23rd floor D wing of the said building to be known as IB Greens (herein mentioned as the said flat)..

    It also mentions the size of the flat.. but these days builders just mention the total consideration amount..

    You cannot register an agreement until the slab is laid and walls are built.. Pay orders are
    1) DD favoring "Some" Bank A/c stamp duty to be given to the builder..
    2) Registration DD favoring Joint sub registrar.. Mumbai/Navi Mumbai as the case maybe when the registration is done at the registration office..



    Originally Posted by subskn
    I also do not understand if this call is for agreement execution or for registration. My flat is on 23rd flr, so no chance of having the pillars and walls ready for registration in the near future. However, IB customer service mentioned 6% for stamp duty and 1% for registration charges payable on agreement. Is it another scam to take the money well in advance before the actual registration can happen.
    CommentQuote
  • Registration

    Originally Posted by Sharpj
    Stamp duty and registration and drafts or pay orders in the name of Mah government..

    You cannot register a flat till the flat itself is ready.. The agreement mentions the flat number, the floor number and name of the tower like A, B, C etc..

    "The purchaser has requested the developer to sell to the purchaser for ownership, Flat 2301 on the 23rd floor D wing of the said building to be known as IB Greens (herein mentioned as the said flat)..

    It also mentions the size of the flat.. but these days builders just mention the total consideration amount..

    You cannot register an agreement until the slab is laid and walls are built.. Pay orders are
    1) DD favoring "Some" Bank A/c stamp duty to be given to the builder..
    2) Registration DD favoring Joint sub registrar.. Mumbai/Navi Mumbai as the case maybe when the registration is done at the registration office..


    So any demand for registration money way in advance should not be considered legal? Specially in situation with IB where permits are still due.
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  • I guess it is being asked by some sales person who has no knowledge of things..
    No.. there are 2 draft prepared favoring... the exact name is usually provided by the builder.. and not to be paid to the builder..
    I think 1% VAT also is to be paid.. by a separate draft (not 100% certain)
    at the time of registration..

    Ravi Group, – Know the modus operandi of Ravi Group and suggestions to protect you!!! | claims - complaints - scams | Complaints from India! - latest scams frauds & complaints

    Read this link.. very informative..

    Originally Posted by subskn
    So any demand for registration money way in advance should not be considered legal? Specially in situation with IB where permits are still due.
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  • Me too

    Hey there,
    I have sent you an email as well, please add my name to your list...
    Tks,
    Vikas



    Originally Posted by ibrel_pan
    Dear all,
    I have a list of 18 persons provided by our friend wadia. Initially we try to gather as many people who has invested in IB panvel with their email id.

    I have sent an Email from the account Ibrel_panyahoo.in to all 18 people. Please check for an email titled "a unite call to all IB Panvel investors". Also check the spam folder in case if the mail goes there.
    Please confirm receipt of this Email. Incase if you did not receive any email by today, Please send an email to the address :-

    Ibrel_panyahoo.in

    Lets set the ball rolling.
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  • Registration

    Guys, I am just a layman where norms are concerned regarding registration, though from my experience my registration was executed upon completion of the plinth of the building and not when it reached the floor one had booked, I assume its once the builder has received the CC for those many floors the agreement can be registered as was in my case. The CC for some of the higher floors came in later and those flats as well as agreements were sold & executed later.

    Just for information was at the site on Sunday morning and for sure four buildings have reached the 2/3rd slab, some more maybe at plinth level and from what I saw in November last, work is going on quite rapidly as was apparent by workers on the site at 8.30 am. Couple of the buildings were at the far end of the perimeter hence I assume both phases are worked on simultaneously. If these are hte building which anyone of us have booked into well there may be a demand for 2 maybe three installments apart from Stamp Duty and registration.

    It would be prudent to have the agreement looked into by a legal entity if you feel there are several clauses blatantly detrimental to our interests. So the one who has a copy please raise your hand.
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  • yahoo groups invitation/ soft copy of agreement

    Friends,
    Please accept the invitation sent to your email id for our yahoo group ibgpanvel
    Once everyone accepts the invitation and becomes a member of this group, the agreement copy will be sent.
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  • add me also IBREL_pen

    Hi
    Ibrel_pen

    still I have not received any mail from ur side


    Once again i kept mail today

    revert back
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