Just to attract your attention towards another important aspect in projects across NOIDA

See the following story..

One person (Samir) went to a landlord (Shanu) and asks for some land, the amount of which Samir will pay to Shanu in 10 years installments. Accordingly, legal papers were prepared & agreed upon 10 years payments, with a clause in case of default of payment by Samir to Shanu, Shanu will have hold over the land & any construction done over it.

Samir sub divides the land into 100 plots.. & start construction on each plot (gives the name of the project as "HUMARA G_HAR"... villagers book the flat in "HUMARA G_HAR" ... Samir collects the money from villagers & construction goes on... in the mean time.... Samir approaches a bank ("AAPKA BANK")... & puts the land on Mortgage.. .. (little tricky but howz that possible..because Samir has not made full payment to Shanu..& Samir doesn't own this land..but still bank gives him loan on this land)....

Now if Samir runs away.... what'll happen to Villagers money....what Shanu'll get... what is the bank's' share...


Friends, please help me solve this puzzle....Please reply.. I am having sleepless nights.. & i am not able to solve this puzzle...
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  • Originally Posted by LChand
    Just to attract your attention towards another important aspect in projects across NOIDA

    See the following story..



    Friends, please help me solve this puzzle....Please reply.. I am having sleepless nights.. & i am not able to solve this puzzle...


    Yes this is real tricky.
    btw one consolation is, 80% of builders dont like to mortgage their land.

    Hamara g.har and aapka bank....:D:D
    if there is 3Cs, we also have 5Bs - Builder, Broker, Bank , Babu, Bmw.:D
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  • I have been asking similar questions to many but have not received a satisfactory reply.

    Many builders have been given out land on 10 year installment basis. Now a big builder A builds a complex and sells the entire project to flat owners.

    He invests the money earned in above project in second project, which runs into disputes and his entire equity gets stuck in this project and he declares bankruptcy.

    Now that he is bankrupt, he will not pay his installment to the authority. Will authority take over the flats from the flat owners in this case, as it is not being given its due installments?
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  • I hope builders in Noida will not turn to 2B (Bunty aur Bubli, bankrupt or bhagode), the speed this BMW picked in the recent past...she was on the way to sell Taj Mahal... who knows...in future we'll see Agra Authority to release a notice for TAJ MAHAL's auction...
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  • Originally Posted by LChand
    Just to attract your attention towards another important aspect in projects across NOIDA

    See the following story..



    Friends, please help me solve this puzzle....Please reply.. I am having sleepless nights.. & i am not able to solve this puzzle...

    Friends, waiting for your views..... this is the most possible situation in Noida... & many buyers will get to know..in a year...

    Many who don't visit IREF or any other forum or haven't read the documents properly.... are really unaware of the possible dangerous scenarios in near future..
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  • Originally Posted by LChand
    Friends, waiting for your views..... this is the most possible situation in Noida... & many buyers will get to know..in a year...

    Many who don't visit IREF or any other forum or haven't read the documents properly.... are really unaware of the possible dangerous scenarios in near future..


    Yaar, chain se baitho aur baithne do nahi to so jao :bab (35):
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  • Originally Posted by rishimanglesh
    Yaar, chain se baitho aur baithne do nahi to so jao :bab (35):

    kyon bhai..kya hua...
    i hope ..you are aware of this situation...or you wanna turn a blind eye to it...?

    Abhi tak toh tension me lag rahe the tum...ki "mera zing safe hai ki nahin..."... ab kya hua...
    bahut neend aa rahi hai...?
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  • Originally Posted by LChand
    kyon bhai..kya hua...
    i hope ..you are aware of this situation...or you wanna turn a blind eye to it...?

    Abhi tak toh tension me lag rahe the tum...ki "mera zing safe hai ki nahin..."... ab kya hua...
    bahut neend aa rahi hai...?


    Sir,

    what if the falt get registered and the BBA comes in to force

    Let us
    First, go thru the agreement under which the Land was allotted by the NOIDA to builders in an open bidding.

    Second , go through the BBA.
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  • Originally Posted by clearhai
    Sir,

    what if the falt get registered and the BBA comes in to force

    Let us
    First, go thru the agreement under which the Land was allotted by the NOIDA to builders in an open bidding.

    Second , go through the BBA.

    have already gone through BBA & Land Lease Deed (by NOIDA to Builders)....

    Now..its the time to have a copy of Sub-lease deed & Tri=Partie agreement which shall be executed during possession....

    I am new to these property dealings...i may be over cautious... but I know... NOIDA lands too are not clear.... not even 3C's projects... there are flaws in the lease deed... favoring builder to maximum extent.... buyer is totally neglected...
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  • Originally Posted by LChand
    Just to attract your attention towards another important aspect in projects across NOIDA

    See the following story..



    Friends, please help me solve this puzzle....Please reply.. I am having sleepless nights.. & i am not able to solve this puzzle...




    I will say banks are main culprit for all this Noida land scam.

    Every scam is done by finance. Banks should not give loan to this leasehold land.

    SBI decision was 100% correct to not provide any loan to this disputed land acquiring scheme.
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  • No one has answer to it... rather I would say, no one would prefer to discuss that can of worms.

    Kiska saman,
    kisne becha,
    kisne kharida,
    kis ke paise se,
    kis ke liye,
    kisko faida hua,
    kisko nuksan hua.....


    Confusion mein hi sab ko faida hain and that's the reason most of the things in India, including laws, policies are intentionally made GREY... so that everything comes under the interpretation and you can have colored money to interpret on your own way.

    I do not believe that we Indians are not capable enough to make everything black and white... I would say, we are smart enough to make everything intentionally grey and unclear.

    Chodo bhai, aaj Saturday hain ...:bab (48):
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  • Originally Posted by LChand
    kyon bhai..kya hua...
    i hope ..you are aware of this situation...or you wanna turn a blind eye to it...?

    Abhi tak toh tension me lag rahe the tum...ki "mera zing safe hai ki nahin..."... ab kya hua...
    bahut neend aa rahi hai...?


    Bhai main to yahi kahoonga ki agar dar lag raha hai to Gurgaon mein invest karo aur chain se so jao. agar UP mein invest kiya hai to thori bahut tension to rehni hi hai vo chahe govt ki taraf se ho, kisano ki taraf se ya authority/builder se. another issue is the leased land as compared to freehold in most of the cities nearby.
    I have learnt it hard way that ggn is priced at premium as compared to noida bcoz of all this????
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  • Noida deals open the doors for home-buyers :)
    Attachments:
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  • Patwari Deal a Betrayal ?
    Attachments:
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  • Arriving at a solution?
    Attachments:
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  • Letter to 3C sent

    Dear 3C,

    This letter is on behalf of buyers (list attached) in your prestigious residential projects, Lotus Boulevard, Lotus Panache, and Lotus Zing.

    We all are very excited to have purchased an apartment in 3C’s projects and are looking forward to turn this apartment into our permanent homes. We all have strong belief/trust in your company and consider you as one of the best builder in Noida region in terms of quality, Customer Service and transparency, while dealing with end-users. Till date, 3C’s Customer Service has been more than satisfactory and has resolved most of our concerns.

    Since many of us are first-time buyers with no previous experience, we seek to clarify certain points, and trust you will consider the below points most positively. Given the recent land disputes in NOIDA and NE, we are naturally anxious and hence seek some clarity w.r.t land acquisition. You may find multiple questions in a single point but they are related, kindly reply to each question within each point made below.

    1. Per our understanding, NOIDA Authority has given flexibility to all builders in NOIDA region to pay the premium of allotted plot(s) over a period of 8-10 years. For LB, this period is until 2016, for LP same is 2019 & for LZ it is 2020 respectively. However, the construction of all projects is scheduled to be completed by 2013-2015. While we deem as 3C is financially very strong company, will pay 100% premium of these lands to NOIDA Authority by 2013-2015 (i.e; at completion of respective project) and no dues shall remain further to be paid, please clarify if our understanding is in line with yours on issues of premium payment to NOIDA.

    2. We believe that 3C must have cleared (with NOIDA Authority) about the conditions/clauses/terms under which the flats shall have sub-lease deed during project planning phase. We therefore request you to please share these conditions/clauses/terms ASAP.

    3. We also request to you provide the formats of TPA cum Sub-lease deed for these projects to respective buyers.

    4. Hypothetically, if a buyer is paying 100% payment to 3C through self-funding (no loan), can the buyer after possession put his flat on mortgage? Will this require an NOC from NOIDA Authority or any financial institution if the land for the project is already mortgaged?

    5. Please also clarify the difference between “Standard Registration” (as is done in most of the clear cases) & “Registration of Sub-lease deed”. While carrying out the “Registration of Sub-lease deed”, what would be the charges? Will these be calculated based on circle rates (Stamp Duty + Registration Charges ~11-14% of BSP) or will these be some nominal amount as in Notary?

    6. We also request to you clarify the clauses/conditions/terms under which land of these projects have been (or will be) mortgaged to some banks / financial institutions. In case there's a payment default, will the buyers of flat still have ownership over their respective flat in these projects?

    7. Please clarify the difference between ‘one time lease rent’ and ‘Lease rent every 10 years with an increase of 50% on the then lease rent’? If 3C has opted for later, who is going to pay the lease rent once first 10 years get completed? If there is going to be a burden of lease rent over the apartment owners after every 10 years, how’ll that be calculated for each flat? If 3C has opted for second option, please point us to the clause in the Builder-Buyer-Agreement wherein the same is mentioned?

    8. Last, in a worst-case hypothetical scenario, if 3C defaults/fails to pay back to NOIDA Authority, who’ll have hold over the plots (along with the apartments built over them) of these projects? Will the buyers of flat still have ownership over their respective flat in these projects (given the registry in place for individual units) OR will NOIDA have the legal possession rights over all the apartments? Will this amount to the individual owners end up paying the balance premium due to NOIDA, which actually was to be paid by 3C?

    Please give this matter your preferential attention. We have immense confidence in 3C and your prompt & comprehensive response will further cement our trust in you.

    Kindly acknowledge the receipt of this mail.

    Regards,

    With trust in 3C,

    Buyers in 3C’s Projects (LB, LP & LZ)
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