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- Lotus Zing
Lotus group and it's directors have already lost market credibility.
LB & LP launched 5-6 yrs back yet to complete. Both are over crowded.
Buyers of both the projecs left in limbo & running from pillar to post to get possession.
In 2014 they formed another group company Lotus Greens and launched Lotus Arena phase I (9 towers)) & phase II in Sec 79.
In pre launch they collected Crores from buyers. In 2014 they collected two instalments even before formal launch of the project .
BBA executed in mid 2015 & project launched and time count started from mid 2015 i.e. one yr after bookings done in 2014 - a great fraud in very beginning.
They started Digging and collected 3rd installment. Digging continued till Nov'2015.
Worked stopped and since then no work at all.
Buyers are running from site to office in Sec 100.
No reply except- company to deliver as per BBA .
Lotus name in Noida has become synonymous with fraud.CommentQuote1Flag
- Is any update, if work is happening or it has got again stopped? Also, any positive hope for those who were promised to get possession in April 2016? Has it been delivered or just a new date, once more?CommentQuote0Flag
- i moved out this project exactly after seeing LB first phase delivery. Sorry to see current state of best located property in Eway..CommentQuote0Flag
- You did the right thing at right time, many of us would do the same now if we get one more opportunity of 4800+ priceCommentQuote0Flag
- Originally Posted by yogsharmapost your complaints on ABP news
Mera Ghar Mera Haq: An ABP News Initiative
I think whatever work started was only to escape from being seen on TV channels, once this wave settles down, all work might stop again.CommentQuote0Flag
- has anyone been to the site lately? is the construction (whatever little there is) still going on or has it stopped?CommentQuote0Flag
- passed by Zing on 18 May....some work was in progress in tower 1 and 16 probably finishing......painting work on tower 1.....some horticulture work in front of towers 1,2,16....security rooms near front gate......it looks like towers 1 and 16 may be offered for possession in June end or July.......project looks quite open and well laid out compared to other projects in sector 168, 137 and 143 and quality also seems to be good so far.......looking at the size of project 17.5 acre... very little work is going on on ground.....CommentQuote1Flag
- Received demand letter for plumbering work complete. For .tower 3... did anyone else received the same. ... what to be doneCommentQuote0Flag
- You are lucky I received and paid for 3rd floor @tower3 abut 8-9 months backCommentQuote0Flag
- Does not look like to have the possession started in next 2 years...CommentQuote0Flag
- Dear Friends,
On the onset, I would like to sincerely apologize for the delay in handover of my prime and the only project on the expressway. I completely understand and sincerely regret for this delay which has caused extreme frustration, anxiety and a financial loss in your personal life. There have been many reasons for this delay but I would not like to dwell on those today. From this point onwards, I only wish to stay positive and focused in quickly finishing Lotus Zing as a flag ship sustainable project which was designed by me. Before I go any further, I want to thank you for the extreme patience and tolerance you have shown towards me.
In that meeting, I had proposed that we shall start finishing the project from Tower 1 followed by Tower 2, 15, 16 so and so forth and to expedite the process for faster completion with a transparent model with the customers to ensure that finishing of towers is the first and only priority. As part of the proposal, I had put across that we will create 13 escrow accounts for Tower 3 to 16.
In my last meeting with some of the key representatives of the larger group, I had proposed a method of how we can come together to expedite the completion of the project which was probably miscommunicated from my side to the group, thus to further clarify I would like to put it on the table the methodology:
1. We start completing the project from Tower 1 and start issuing letters from 7th of June onwards for the top 5 floors, subsequently 5 floors every 10 days.
2. We start finishing Tower 2 from Mid-June and take out the first set of top 5 floor’s letters by end June and subsequently rest of the floors with a set of 5 floors each shall follow every 10 days.
3. Hence all demands raised and the money received from Zing including recent demand shall be allocated/deposited to the respective escrow accounts of each Tower which have already been created for each tower and to be utilized for construction. The details of escrow of of each tower will be shared shortly.
4. Escrow Account will be operated by the representatives of the company and association jointly and payment will be released after checking the details of the expenditure/ construction/ development in each tower. Association will be at liberty to appoint an independent agency for operating the escrow account,
5. Company has hired an independent agency (Syad Khursheed Musanna) to monitor the time, cost and expediting the time schedule of construction and share with the association.
- asking the members of the LZ residents welfare association who have personally met with VB and discussed these points with him above.. how credible does the information on this mail look? Can we really look at trusting these words and expect possession to start from 7th june onwards for the first 5 floors of Tower 1? Given the current financial condition of the builder.. will it be possible for him to hand over subsequent 5 floors every 10 days? And by when will the information of the escrow accounts be shared? Tower 10, for example, have asked for all their demand notes and only 5% at the time of possession demand is left. Since the escrow accounts are being started now.. how are they placed in terms of distributing the monies among the various towers for which all demand notes had been sent last year only? (which they have probably spent on other projects)CommentQuote0Flag
- Regarding a new demand letter for Tower 3 for plumbing, I have received another email from 3C that it was sent in error and a new demand will be generated once work is completed. Though, I had already replied that I am not going to pay a single penny when I know that no work was being done in T3 for the last 2 years.
I don't trust such emails from VB. what he plans to do is to make first 3-4 towers ready and keep rest of the towers as is, the way he has played that game in LP. few towers delivered and people are living with no amenities or facilities in the society.CommentQuote2Flag
- why they are so crunch of money..they have nothing pending...all inventory sold out..simple drama of excrow account and put blame on buyers..CommentQuote0Flag
- Originally Posted by aktmtlwhy they are so crunch of money..they have nothing pending...all inventory sold out..simple drama of excrow account and put blame on buyers..
Not only with 3c but with majority builders of naveda
Lot of flats sold in black component spl to underwriters....
3C seperated and cash shared
Money extracted from buyers was used to buy LAND BANKS all over in difference names
To start a project in NAVEDA...one needs to pay in installments to authority for 9 years
But buyer will pay in 3 years !!
Its SIMPLE MATHS
Take his money and buy land in other regions...CASH DOWN
Builders have 2 major incomes....Black component and land bank
Courts cant do anything about them...CommentQuote0Flag