We need a Regulator urgently to keep a check and control on companies like Indiabulls Real Estate.
1. Bad process and after sale service
2. No proper communication to investors on update on projects and construction
3. High attrition rate of employee resulting in bad service and experience for the client
4. Bad reputation amongst channel partners - brokerages promised but not paid, brokerages promised by denied later claiming it as management reference, not honouring the terms of the fees as agreed and signed in the MOU agreement.
5. Internal mismanagement and factual error- different broker stamp on the application form, post submitting the application form. Wrong brokerage paid and not rectifying later.

the main problem is how to claim long due legitimate money, which they disagree to release.

Need to know if any one has faced similar experiences with Indiabulls Real Estate or any other developer as an investor or a Channel Partner.

Look forward to hear views an feedbacks.

Thanks & Regards,
SM
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  • Indiabulls were not known for timely delivery and this problem is there for last many years now.. they are essentially into debt management and they rotates their money either to generate more debt and land banks etc. So all gullible investors money are into that business, mostly and only a small portion goes towards the project. In any case, one should do his homework with respect to the builders credentials before the purchases, specially under construction ones which are taking forever to complete. There are enough information available these days on the net about them. Despite that if someone has put in their money I think it was a pure gamble on his part.


    With regard to the Real Estate Regulator, not sure how effective they will be and how much teeth they will have. It will be ideal if there is a validity clause in the CC, and beyond that the builder shall be penalized heavily for any extension. Any extension shall not be for more than 1 year and if he fails to complete by then and apply for OC it shall be auctioned, keeping the buyers interest intact, if possible. Else buyers shall be compensated pro rata based one the official carpet area he has bought in the project from the sale proceeds and the builder shall get only the left over. This kind of rules/ regulations only will force builders to deliver timely.


    But I am sure builder lobby will not allow to happen any such thing in the near future.
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