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ITWAP and Infosys group

Last updated: November 23 2015
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  • Re : ITWAP and Infosys group

    Insignia is not group housing. It is group booking.
    In group housing, the flow should be that first land is transferred in the name of the coop hsg society, then the society issues contract for construction.
    The payment for the land may be done in instalments or lumpsum. In this way, members are in full control of the entire process.

    In group booking, members directly get a flat alloted to them from the builder.

    In both operations, main issue is to maintain transparency. Consistency of approach is one indicator of transparency.
    That is why offer to "Book a holiday villa in Goa" from DLF leads to suspicion when the group has been formed by first time home buyers.

    Comment


    • Re : ITWAP and Infosys group

      Originally posted by pcpune View Post
      Oh, so now calling a foolish person - foolish is wrong, this is the exact reason Insignia is in such a bad shape, you ask questions - logical questions you are out, What Insignia is doing is only sell Dreams - no different than the Pune builders.

      God help poor Insignia Stuck members.I really do feel pity for them.
      thts a bit rude []

      don't think anyone can predict whether a real estate decision is foolish or not..If the members are happy about their
      decision, let them be..Ultimately they are investing/risking their own money and they are matured people to take their own decisions..and Buying House is just one of those things..U and me don't see any value in it..so we are not part of it..but that doesn't give us the right to call them foolish!!

      If that were so, MBAs and PhDs will be out of window and M iRef (Indian Real Estate Forum) will be the next thing in...
      Last edited by chinmay686; May 20 2010, 05:31 PM.

      Comment


      • Re : ITWAP and Infosys group

        Well, I believe if I can save some of the Insginia members' hard earned money, I would have done my job. That is the exact reason we have this forum for. Spread Awareness.

        Ask everybody in the forum,and read the threads about Insignia and they and you will agree that still continuing to be a member of Insignia is a foolish effort.

        One of my cousin met Nitin D, in some meeting in Infosys, asked him logical questions about FSI and stuff, and he rudely told him to get out of the meting and room.

        If a groupd housing is not TRANSPARENT and HONEST, and if you are a Member, Either you are in it to make some quick MONEY on the expense of others OR you are Foolish.

        I am trying to save the FOOLISH so that the SMART ones dont make EASY MONEY.

        Comment


        • Re : ITWAP and Infosys group

          Simple question to those who support Insignia
          1. How do you expect a well-informed buyer to put 20% downpayment without even knowing the location of the project, let alone floor plan, layout etc.????????
          Man, even in pre-launch offer by the builders, only INR 1L is required to book, here despite being group housing, one is required to pay 20% upfront. And as some members rightly said that Insignia is more of group booking, then where on earth does one need to pay the builder in advance? Why not the builder take the risk & start constro & then offer group discounts?

          So, personally, I feel this is neither group booking, nor is it self housing. To me, it is just a source of some interested parties to get something at the cost of fooling buyers by playing with their sentiments with hand in glove with the builder.
          If you are happy, you are successful.

          Comment


          • Re : ITWAP and Infosys group

            Originally posted by pcpune View Post
            Well, I believe if I can save some of the Insginia members' hard earned money, I would have done my job. That is the exact reason we have this forum for. Spread Awareness.

            Ask everybody in the forum,and read the threads about Insignia and they and you will agree that still continuing to be a member of Insignia is a foolish effort.

            One of my cousin met Nitin D, in some meeting in Infosys, asked him logical questions about FSI and stuff, and he rudely told him to get out of the meting and room.

            If a groupd housing is not TRANSPARENT and HONEST, and if you are a Member, Either you are in it to make some quick MONEY on the expense of others OR you are Foolish.

            I am trying to save the FOOLISH so that the SMART ones dont make EASY MONEY.

            PCP - I am one of those - foolish - as per you. As per me you are making a story of your own about your cousin. (The way you have stated itself reflects it is a cooked story). It appears complete false to me going by the way interactions have happened in all the meetings of Insignia that I have attended. Come on, here you are talking negative about person without giving any credentials of your own! It is completely unfair and inappropriate.

            Nitin as per one of his posts in insignia group has given up visiting this thread as their is too much of bad mouthing out here. However it does not mean that no one will have a say in his support. To me it appears to be a well planned effort of some members of this forum to malign someone in maliciuous manner without supporting the statements.
            Last edited by Blueberry; May 20 2010, 09:11 PM.

            Comment


            • Re : ITWAP and Infosys group

              Originally posted by realacres View Post
              1. How do you expect a well-informed buyer to put 20% downpayment without even knowing the location of the project, let alone floor plan, layout etc.????????
              Man, even in pre-launch offer by the builders, only INR 1L is required to book, here despite being group housing, one is required to pay 20% upfront. And as some members rightly said that Insignia is more of group booking, then where on earth does one need to pay the builder in advance? Why not the builder take the risk & start constro & then offer group discounts?

              So, personally, I feel this is neither group booking, nor is it self housing. To me, it is just a source of some interested parties to get something at the cost of fooling buyers by playing with their sentiments with hand in glove with the builder.

              To me, you are blinded by one single moto to demean this effort and hence you are spitting venom about the Insignia Group. We do have benefit as compared to market and the developer we have is a reputed construction company (not a promoter who outsources construction and doesnt bother about quality. This was the criteria even when Rane Group was associated).

              Hope following post answers some of the points. I would appreciate if you have less myopic view about the group and make efforts to know more before making inappropriate comments and calling anyone foolish.

              From: Nitin Degaonkar
              To: VJE Insignia
              Sent: Sun, May 9, 2010 10:34:39 PM
              Subject: Important - Singing MOU and completion of requirement on part of the group.



              Hello All,

              We have initiated the process of MOU singing and Payment. There are certain view points of some members hence to give a perspective I would like to share my thoughts as under -

              As one can see for each type of unit, we are facilitating acquiring land in the a reengineered manner in this MOU. In a way it is like securing land for each type of unit and having the price protection of consrution as well. We can not buy land on our own hence we have aligned with reputed developers. When we approached buying land one our own, the amount of csh dealing made us runaway. Also the complications and inexperince in securing clean title land is another scare. Moreover, we can not complete a large project on our own where substantial clearances and complainces are required and here the developer has a critical role.

              For sake of argument, we consider that for a dwelling unit with all facilation for parking and other requirements we need a land of about 850 to 900 SFT. At current market price the basic cost of land would be close to Rs. 6 .5 to 7.5 lacs and further the expenses toward planning, developement fees and mobilization of site shall work out close to Rs. 1.5 lacs. Thus if we were to do any project on our own, for a flat the member would have to first spend close to 8 to 9 lacs at the initial stage iteself. Further, even after spending this amount we as a group may not be recognized by any home financing bank or company for ability to complete project on our own. Therefore the ability to to obtain home finance for a self made project is as good as nil without associating with a reputed developer.

              Regards,
              Nitin
              __________________________________________________ ___________________

              Comment


              • Re : ITWAP and Infosys group

                Originally posted by Blueberry View Post
                To me, you are blinded by one single moto to demean this effort and hence you are spitting venom about the Insignia Group. We do have benefit as compared to market and the developer we have is a reputed construction company (not a promoter who outsources construction and doesnt bother about quality. This was the criteria even when Rane Group was associated).

                Hope following post answers some of the points. I would appreciate if you have less myopic view about the group and make efforts to know more before making inappropriate comments and calling anyone foolish.
                First & foremost people know what to see & what not to see. I simply post what I think seeing the RE market for few years now. I know well what it takes to buy land & the risks associated with it as well.

                Btw, I haven't called anyone foolish. Show me the verbatim for the same.

                From: Nitin Degaonkar
                To: VJE Insignia
                Sent: Sun, May 9, 2010 10:34:39 PM
                Subject: Important - Singing MOU and completion of requirement on part of the group.



                Hello All,

                We have initiated the process of MOU singing and Payment. There are certain view points of some members hence to give a perspective I would like to share my thoughts as under -

                As one can see for each type of unit, we are facilitating acquiring land in the a reengineered manner in this MOU. In a way it is like securing land for each type of unit and having the price protection of consrution as well. We can not buy land on our own hence we have aligned with reputed developers. When we approached buying land one our own, the amount of csh dealing made us runaway. Also the complications and inexperince in securing clean title land is another scare. Moreover, we can not complete a large project on our own where substantial clearances and complainces are required and here the developer has a critical role.

                For sake of argument, we consider that for a dwelling unit with all facilation for parking and other requirements we need a land of about 850 to 900 SFT. At current market price the basic cost of land would be close to Rs. 6 .5 to 7.5 lacs and further the expenses toward planning, developement fees and mobilization of site shall work out close to Rs. 1.5 lacs. Thus if we were to do any project on our own, for a flat the member would have to first spend close to 8 to 9 lacs at the initial stage iteself. Further, even after spending this amount we as a group may not be recognized by any home financing bank or company for ability to complete project on our own. Therefore the ability to to obtain home finance for a self made project is as good as nil without associating with a reputed developer.

                Regards,
                Nitin
                __________________________________________________ ___________________


                If you see, I have appreciated Aarohi & Birendra & team for their efforts. Reason:- You can see the project taking shape. Where does Insignia stand today? Making downpayment, agreed to some extent, but I should know for what I am making downpayment for, isn' it? Show me the land first man. You can't marry a girl without seeing her, can you?

                Next, why were you marketing DLF? You should stick to Insignia, shouldn't you?

                What I fail to understand is why is the project based on builder? Rane was shot dead & project ended; god forbid if something happens to other builder, what next?

                In group housing, the builder should be dependent on members & not the other way round.
                If you are happy, you are successful.

                Comment


                • Re : ITWAP and Infosys group

                  Originally posted by Blueberry View Post
                  PCP - I am one of those - foolish - as per you. As per me you are making a story of your own about your cousin. (The way you have stated itself reflects it is a cooked story). It appears complete false to me going by the way interactions have happened in all the meetings of Insignia that I have attended. Come on, here you are talking negative about person without giving any credentials of your own! It is completely unfair and inappropriate.

                  Nitin as per one of his posts in insignia group has given up visiting this thread as their is too much of bad mouthing out here. However it does not mean that no one will have a say in his support. To me it appears to be a well planned effort of some members of this forum to malign someone in maliciuous manner without supporting the statements.
                  Hey Hey . it is not a cooked up story ,.. let me give you some more details - this meeting happened in Food Court & Conference Rooms in Infosys - members were Nitin,some other married girl - he told me Shikha or somebody and one new guy... If you want - let Nitin,you and my cousin have a call as well o verify.

                  The point is - this is a SIMPLE WAY TO FOOL PEOPLE INTO NOTHING BUT A GROUP BOOKING.

                  Also, about the letter, Nitin had earlier said he had already talked to ICICI Bank Head in Infosys Branch, and he is ready to finance the scheme for the group.So, all this crap about initial finance NOT available is a false claim.

                  Even SBI provides loans for land if the construction happens within 3 years to groups and individuals.

                  How do you think the builder borrow money from banks...
                  ?????
                  I think I am stating facts on a lost note here - good luck to all members of Insignia.

                  Comment


                  • Re : ITWAP and Infosys group

                    Originally posted by realacres View Post

                    First & foremost people know what to see & what not to see. I simply post what I think seeing the RE market for few years now. I know well what it takes to buy land & the risks associated with it as well.

                    Btw, I haven't called anyone foolish. Show me the verbatim for the same.
                    You havent called foolish but have supported others calling us foolish.

                    Originally posted by realacres View Post



                    [font=Verdana]If you see, I have appreciated Aarohi & Birendra & team for their efforts. Reason:- You can see the project taking shape. Where does Insignia stand today?
                    Aarohi (Of ITPWAP group which is more thant 4 years old) is a project by Teerth Developers who have no track record and the members there are already suffering. ( I dont rejoice on that however may be some of you will have toast seeing that someone is suffering.) The builder there has increased the floors / sold at higher price and delayed possession. Also location is not at all good. (hence i left it). I sincerely wish them a good luck and hope the folks there get their house early and live there happily.


                    Originally posted by realacres View Post

                    Making downpayment, agreed to some extent, but I should know for what I am making downpayment for, isn' it? Show me the land first man. You can't marry a girl without seeing her, can you?
                    You are not aware about the MOU which has clear mention of the land details including Survey nos. and the place is visited by me! Again you make wrong judgement without caring to know about the facts!

                    Originally posted by realacres View Post

                    What I fail to understand is why is the project based on builder? Rane was shot dead & project ended; god forbid if something happens to other builder, what next?
                    This is worst I can imagine from someone supposed to be a veteran member. Real Acres – Tumhala Koprya pasoon Namaskar.

                    Marathi saying – Nindakache Ghar Asave Shejari. But you are not Nindak- you are an ill-wisher.
                    Last edited by Blueberry; May 20 2010, 09:33 PM.

                    Comment


                    • Re : ITWAP and Infosys group

                      Again, you must be a real supporter with vested interests in InSignia.....only time will either prove you or me wrong...Let us wait for the time till then but I will keep saying - Insignia is nothing but another builder scheme with prearranged group booking.

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