Gurus,

I have zeroed on Vatika Next Bellevue Residence 240 Sq yard Simplex Villas . Is it good investment 1.2cr - 1.3 cr range. As I checked Nirvana country 2 simplex villa for which asking is from 1.95 cr - 2 cr ..

I am aware of Vatika's pathetic crm department and late delivery practise but I previously hold one of Vatika's property which gave me exceptional returns and construction quality was not bad.

I have time frame of 5 years for this investment and I am targeting 2.5 cr target for this villa investment once property is ready and people starts moving in nearby properties.

Please, let me know your views on this as I have to take decision soon.

Thanks in Advance
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  • Hi, Can anyone confirm the current price for a 240 Sq Yard Duplex Signature 2 Villa that is nearing completion
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  • Hi ,

    I have a Vatika Signature 2 240 Duplex Villa. few things and wanted advice:
    1. delay penalty - its 7 years since the agreement has been signed, do you think we should get delay penalty
    2. They have raised a separate payment request for VAT, should we pay?
    3. My villa is nearing possession and vatika is saying they will raise a additional demand for area increase. And they are talking hefty amount, Not even sure what multiplier they will use. How can they increase the area just like this.

    Please suggest.

    Thanks in advance.
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  • Could I be added ro WhatsApp group if any that exists for signature villa. Pls let me know and I can send tel no through PM.
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  • Hi Friends,
    Can anyone shed light on the exact nature of dispute between Vatika and Shri Shyam Gaushala of Sikanderpur Village, which falls in signature 2 Villa Land. Is a court case going on? Is Vatika yet to acquire the land.
    Will be grateful if anyone can clarify.
    Regards.
    Col Vikas Sharma
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  • Originally Posted by sakivs
    Hi Friends,
    Can anyone shed light on the exact nature of dispute between Vatika and Shri Shyam Gaushala of Sikanderpur Village, which falls in signature 2 Villa Land. Is a court case going on? Is Vatika yet to acquire the land.
    Will be grateful if anyone can clarify.
    Regards.
    Col Vikas Sharma

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  • Check below
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  • Mr @saibal I was told that there was some dispute regarding signature 2 land as well. Can you shed some light.
    Regards.
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  • Delayed by nearly a decade, NRI buyers fret over Signature 2 villas in Gurgaon An FIR was registered against the developer in May 2016. During the investigation (TOI has copy), it was found that the land on which the delayed units were supposed to be constructed is under litigation.Bagish Jha | TNN | April 25, 2017, 10:30 IST

    GURUGRAM: Yet another premium residential project, yet another broken promise. This time, it involves NRIs, who, lured by the real estate boom of the late 2000s, had booked premium villas in the Signature Two project in Sector 82 in 2008. Nearly a decade later, having most of the payment, they find construction of the villas is far from over. A few units are ready for possession, some more are currently under construction, but for a majority of the units, construction hasn’t even begun.

    There are 163 units in the project. Work is yet to start on around 50 units, mostly booked by NRIs. Disgruntled buyers alleged that for the units whose construction is complete, the developer is asking for a huge additional payment, claiming built-up area has increased, even though the villa’s total plot size hasn’t changed. No explanation is being provided for how the calculation of the additional amount has been done, nor is the developer ready to compensate for the eight-year-delay in delivering possession, alleged buyers.

    An FIR was registered against the developer in May 2016. During the investigation (TOI has copy), it was found that the land on which the delayed units were supposed to be constructed is under litigation. “I booked the villa in August 2011. The builder didn’t mention any land issues, and even charged transfer fees,” said Satish Sharma, who lives in the US, continuing, “Almost six years later, I now feel like being looted, as no construction has started. Whenever I contacted the developer regarding status, they provide false assurances. I live in the US and feel I have no recourse left. I request the government to take note and help us.”

    Pankaj Agarwal, who lives in the UAE, now regrets his decision to invest in the property. “I booked a 240 sq yds villa in 2010, and paid up over 50% of the amount, while 25% was financed. But seven-and-a-half years later, construction is yet to begin. I’m paying huge EMI without any construction.” He said the FIR was filed with the economic offences wing (EOW) of Gurgaon police in 2016, but there has been no action taken till date. “Last week, I filed a complaint at the Haryana CM Window. There seems to be no law and order in India,” said Agarwal.

    Four years after the project was launched in 2008, the developer changed the layout, villa locations and project name in 2012, from Bellevue Residence to ‘Signature Two’.

    The buyers allege the developer gave them false declaration to seek bank finance, saying the property is free and with no encumbrances, charges or liability of any kind whatsoever. But the police probe found the land is under litigation. “I had tried to approach the developer many times, but they refuse to respond,” said Sunil Verma, another investor.

    Talking to TOI, the developer’s representative denied the allegations and said delay was due to several reasons, including changes by the government in road alignment and the area’s master plan. “Work is going on in full swing, and we’re offering possession to some buyers already,” he said.










    http://realty.economictimes.indiatimes.com/news/residential/delayed-by-nearly-a-decade-nri-buyers-fret-over-signature-2-villas-in-gurgaon/58355127
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  • I have also heard that Vatika has increased size by 500 sqm and asking payment of increased size at market rate on possession.
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  • Originally Posted by piyaliroy
    Hi ,

    I have a Vatika Signature 2 240 Duplex Villa. few things and wanted advice:
    1. delay penalty - its 7 years since the agreement has been signed, do you think we should get delay penalty
    2. They have raised a separate payment request for VAT, should we pay?
    3. My villa is nearing possession and vatika is saying they will raise a additional demand for area increase. And they are talking hefty amount, Not even sure what multiplier they will use. How can they increase the area just like this.

    Please suggest.

    Thanks in advance.


    Did Vatika raise additional demand for area increase and did you pay it. Vatika is behaving like frauds. They should pay delayed penalty.
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  • Originally Posted by bobbish2009
    I have also heard that Vatika has increased size by 500 sqm and asking payment of increased size at market rate on possession.


    How are people handling these additional demands.Is there any court case on this issue.
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  • I have not got possession of villa. Vatika keep twisting story - not confirmed anything in writing as to what is this increased amount for - over phone says that this additional amount is due to increased area and now changing story to say that this additional amount is due to Service tax. They do not have a clear conscience.
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    1 Comments
    • manu8131 years ago
      Vatika is a fraud builder. Are they saying that if you don't pay for increased area or whatever they will not give possession. Only hope is RERA. Could you share how much extra they are asking from you. From me they asked 38 lakhs more for relocation to different unit. That is insane.
  • Same story which they did few years back of area increase in floor's, nothing was increased that time also.
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