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Whats the Credibility of quot Credit Notes quot

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Whats the Credibility of quot Credit Notes quot

Last updated: December 19 2012
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  • #11

    #11

    Re : Whats the Credibility of quot Credit Notes quot

    Originally posted by Agastya07 View Post
    Nice thread prashu. What you have refered is a very small thing. What happened if project is on hold and developer is not in position to complete the project? And Investor has already paid 40-50% payments. This credit note was issued to investors by a leading international developer with a validity of one years. Even though this has not happened in India but many Indians have suffrered because of this credit notes and and lost more than 50% of their investments. Have a look on the link.

    gulfnews : Emaar denies issuing credit notes


    Yahoo! Groups

    Nice Piece of information ...

    But don't you think that , Indian Real Estate is still not so organized and things are not as systematic as they seems ...

    As per the others views it is quite clear that , Credit note are just a way to misguide the Buyers in terms of discount , in most of time it is not so easy to clear the credit notes , this is just a tool which Brokers use as the part of their marketing strategy.

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    • #12

      #12

      Re : Whats the Credibility of quot Credit Notes quot

      Originally posted by Prashu View Post
      Nice Piece of information ...
      Can you think the state of mind of thousand investors, who has lost 50-70% of their investments?

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      • #13

        #13

        Re : Whats the Credibility of quot Credit Notes quot

        Originally posted by Agastya07 View Post
        Can you think the state of mind of thousand investors, who has lost 50-70% of their investments?
        Won't make really make a difference to them.All are locals with government backing every investment for them.Its just that they couldn't make more profits.
        No Expat can buy property here.

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        • #14

          #14

          Re : Whats the Credibility of quot Credit Notes quot

          Originally posted by Arora_B View Post
          Won't make really make a difference to them.All are locals with government backing every investment for them.Its just that they couldn't make more profits.
          No Expat can buy property here.
          What you said? Can you explain pls??

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          • #15

            #15

            Re : Whats the Credibility of quot Credit Notes quot

            Originally posted by Agastya07 View Post
            What you said? Can you explain pls??
            I hope we are on the same lines,this was in context of the article published where people lost their credit note money in Gulf/Dubai.
            Expats can't buy property there & with only 20% local population,government is backing them for everything even if they don't work.So,don't feel pitty for them.They still have huge investments everywhere.

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            • #16

              #16

              Re : Whats the Credibility of quot Credit Notes quot

              Originally posted by Agastya07 View Post
              Can you think the state of mind of thousand investors, who has lost 50-70% of their investments?
              I doesn't mean to hurt sentiment of anyone ... I just appreciate the information which is shared .... in other hand its noting to feel pity about those investors ...

              Its a part of game ... So I will Not Be Jealous either , when they make a huge profit from this particular property.

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              • #17

                #17

                Re : Whats the Credibility of quot Credit Notes quot

                Credit Notes are just an instrument of brokers to fool innocent buyers. I would like to tell all my exp with Unicon. Unicon is totally an unprofessional company with a malafied intention of fooling inocent investors in property. I Booked a Flat in Supertech EcoVillage on 23rd March, 2010. I was promised a credit note of 2% amount by the Unicon Representative ABHISHEK ARORA (M. No-9718775833). Till date i am running after him and he is just giving one excuse or other. Of late he has stopped picking my call also. This company's one point policy is to sell property by any means and they do not have any principles or policy. Some one has correctly said on this forum that they are nothing but a BIG BUNCH OF THIEVES WHO ARE INTERESTED IN THEIR PROFIT . I Would suggest that nobody should ever try to get property through this company.

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                • #18

                  #18

                  Re : Whats the Credibility of quot Credit Notes quot

                  rimple Bhai, do not run after them, make them run after u, approach a Consumer Court .
                  Please read IREF rules | FAQ's

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                  • #19

                    #19

                    Re : Whats the Credibility of quot Credit Notes quot

                    Rimple bhai,Manoja says correctly.Go to Consumer Court.I am planning to do same with Unicon.Struggling for last 5 months.Not in India otherwise I would have been talking legally with them.Now,I have stopped communication & plan to file a case in april once I will come to India.

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                    • #20

                      #20

                      Re : Whats the Credibility of quot Credit Notes quot

                      It's good to renounce names of such fraud broker cos. on the forum so as to make their business nosedive which is based on nothing else but unethical trade practices.Always remember,if the reputation of any co. goes for a toss for instance the names of 2 brokers mentioned in the above posts,then it's almost their end and i am glad to know their names.I shall not deal with such names and co-incidently i was approached by one above listed broker and neither will i recommend any of my friends to do so.Let's make an effort to expose such unethical bunch of names who fool the fraternity of investors and trust me the right tool to twist their wrists is drag them to the consumer court and then once their name is involved in any such litigation and is known to people then the co.is surely bound to shut its shop and that will be the biggest punishment for the fraud.
                      Also remember,as a law graduate i can share with all of you that consumer court is not the only resort for such kickbuts but criminal proceedings can also be intiated through criminal sections of ipc and if you engage a good lawyer,he can make sure not to enable the promoter and his associates to get bail hence the bail would get rejected and then appeal to apex court and so on.Can you imagine the apathy,in such a situation you would be offered the double amount of what someone would owe you.
                      There are lot of ways to teach such a person a good lesson of the lifetime if you have the guts to do so.

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