Are you an investor who booked into the commercial projects of builders in NCR, and were promised assured returns - but are not getting it now.
Has the builder stopped sending you cheques?
Are the post-dated cheques from the builders bouncing?
Are the builders unfairly deducting money from the amount that they had promised to you?
Are the builders changing the terms and conditions of the Agreement with you?
If so please call us at 9871219911 to share the story. A national magazine is going to run a story on this issue, and is looking for people who can share their stories and experiences. If you want to be quoted you will be quoted, and if you just want to provide information and be unnamed, that is possible too.
Please circulate the fraudulent activities of Universal Buildwell Pvt. Ltd, (of Universal Trade Tower on Sohna Road) builder to as many Real Estate people as possible so that unsuspecting buyers like us stay away from the traps laid by this unscruplous builder in future.
Even after the telecast on CNBC Awaaz on June 23, 2009 the Builder has not shown any courtesy to contact us for registering our flat as requested by us many times. We would also welcome contacts by other victims/buyers under this building ( Universal Trade Tower ) who have been duped by this Builder so that a joint action could be taken against this Builder.
The story is as follows:
I had purchased a 1000 Sqft commercial office space in April 2005 after making full payment in a new project called " Universal Trade Tower "of Universal Buildwell Pvt. Ltd , a New Delhi based builder & developer. The project is located on the main Sohna Road - Gurgaon.
When I had invested in the said office space , the construction of the building was yet to start & so I had opted for committed return payment plan under which I made 100% payment of the sale consideration of the office space & I was to get Rs. 25/sqft / month as committed return on my investment until the building was complete . Since I had opted for Leasing option too, the builder was supposed to put my office space on lease & for the 1st lease for 36 months I was to share equally any incresae in Lease Rental beyond Rs. 25/sqft/month. This was entered in the Builder - Buyer Agreement signed with builder.
The project got completed some time in May/June 2008. There are atleast 60 % of the offices in this building already functioning . But the Builder is neither registering our Flat nor even offering possession even though we had requested him many times verbally & in writing too.
I was called by the builder to his office ( Universal Buildwell Pvt. Ltd , Universal Trade Tower , 8th floor , Gurgaon-Sohna Road , Gurgaon ) and told verbally ( no document & nothing was given to me officially /in writing in the meeting ) as follows :- That I should surrender 300 Sqft (out of 1000 Sqft space booked by me ) back to the builder OR pay additional sum of Rs. 26.5 Lac to the builder as conversion charges ( from assured return plan to leasing plan ). But there is no provision for any such conversion charges in the Builder Buyer Agreement signed with the Builder.
None of these options is acceptable to me , as I have made 100% payment of sale consideration at the time of booking the flat . They have actually devised this blackmailing strategy to force the purchasers/ investors to pay additional sale consideration in lieu of the property appreciation in Gurgaon over the past few years.
If you need a user name and password to access this sheet, without having or creating a google account, please write to Qubrex@gmail.com and we will email this spreadsheet in Excel's xls format to you.
For details please call Qubrex Properties www.qubrex.com at 98 716 70006, 98 105 76028, 98 119 87371.
A spreadsheet with the calculations of the total price for various real estate properties in Gurgaon is given below. You can edit this spreadsheet if
you have a google account (Click here for editing.)
If you need a user name and password to access this sheet, without having or creating a google account, please write to Qubrex@gmail.com and we will email this spreadsheet in Excel's xls format to you.
In keeping with its hyper-aggressive strategy to keep on launching new projects in the near future, Unitech has launched 2 & 3 Br apartments called "The Residences" in the Universal Resorts complex in Sector 33 of Gurgaon.
Booking amount is Rs 3.75 lakhs for 2 BR and 5 lakhs for 3BR.
Great price for everyone to get into the high-end complex at rock bottom rates! Remember, many lucky people have paid crores for their imaginary villas in Unitech's Uniworld Resorts, and you get to live in your imaginary apartments right next to them ... at very very low affordable prices.
The following spreadsheet shows the current prices of properties (esp apartments) in Gurgaon as compared to the highest resale prices of the same apartments. If you don't see the spreadsheet below, click here - Spreadsheet of current Prices vs Highest Prices
The following is a listing of some Gurgaon Residential Projects and the respective Internet based groups formed by the buyers/investors over the past few months.
If you know of more groups please feel free to add them via posting a comment or writing to us at qubrex@gmail.com or sending an sms of the http:// address of the group to 9871670006
Unitech has launched commercial office space near 32nd Milestone (On NH8 Gurgaon-Jaipur Expressway) at 11% Assured return @ Rs 80 psf. Tentatively called Signature Tower 2, booking is being accepted in multiples of 1000 sq.ft.
DLF has given an offer to the buyers of its New Town Heights Project in Manesar-Gurgaon.
The following is the mail received ...
From: , Sarika (-sarika@dlf.in)
Sent: Wednesday, March 25, 2009 1:54:42 PM
To: @.com
Dear Mr.,
Thank you for investing in DLF Property. The captioned project where you have bought a property, as you will kindly recall was launched by us at a time when the Company felt the necessity to offer "Value for Money" Property to our clients and we had an"overwhelming response" from all of you, and we thank you all for making it an instant success.
As far as "New Town Heights" is concerned, we would like to mention here that the necessary Building Plan Approvals for all the sectors of "New Town Heights" have been received. As you know, we are a highly compliant Organisation, and we would like to start construction only after we have received the final Environment Clearance, which is awaited. As soon as we receive the same, we shall commence.the construction. However, to allay any fear that you might have as far as the handing over period is concerned, we hereby revise the Compensation Clause No. 17 of the Agreement to Sell, to the extent of doubling the Compensation payable to Rs.10/- psft per month, as against Rs. 5/- psft per month, that was applicable earlier. Similarly, if the customer delays in taking over the possession once the possession is offered by the Company, he/she shall also be liable to pay Holding Charges at the same rate, ie., Rs. 10/- psft per month, for the delay involved in taking over the possession.
We stand behind our promised date of delivery as 3 years, as we have already communicated earlier. We have amended this clause to "3 Years from the date of booking" instead of `3 years from the date of Agreement', which was the earlier commitment.
In today's economic scenario to strengthen the value proposition for our esteemed customers, we are re-scheduling the Payment Plan with immediate effect to "Construction Linked Payment Plan" for the amounts over and above 35% of the Sale Price. The Payment Plan for the balance 65% of the Sale Price would be as under :
Within 2 mths. from commencement of construction 7.5% of Sale Price
Within 5 mths / Completion of Foundation* 7.5% "
Within 8 mths / laying of 3rd Floor Slab* 7.5% "
Within 11 mths / laying of 8th Floor Slab* 7.5% "
Within 14 mths / laying of 14th Floor Slab* 7.5% "
Within 17 mths / laying of 20th Floor Slab* 7.5% "
Within 20 mths / laying of Terrace Slab* 7.5% "
On Application of Occupation Certificate 7.5% "
On receipt of Occupation Certificate 5% " + IBMS+ Stamp Duty
(* whichever is later)
The above would mean :-
i) Any payment received over and above 35% of the Sale Price as mentioned above, will be treated as Advance Payment and Advance Payment Rebate equivalent to interest @ 13% p.a. shall be allowed from the date of such payment till the due date as per the revised "Construction Linked Payment Plan", and such rebates will be adjusted against the next installment(s), as and when due.
ii) For dues beyond 35% of the Sale Price, if the Company has already demanded any delayed interest, that will be waived off and if you have already paid the delayed interest, that will be given as a credit, to your account.
iii) Those who have made the booking under `Down Payment' category, and have paid accordingly, additional Down Payment Rebate on the amounts paid over and above 35% of the Sale Price will be allowed, treating it at par with the revised Payment Plan as above, (for computation of additional Rebate).
It is also understood that if anybody has not completed 35% of the Sale Price, where it is already due, they shall be entitled for the revised "Construction Linked Payment Plan" and other benefits as mentioned above, only in case we receive the balance payments to complete 35% of the Sale Price, before April 25, 2009.
In order to further strengthen the value proposition, we have taken the decision to allow you the following discounts also :
(a) 5% discount is hereby allowed on the Basic Sale Price of your Property.
(b) The Area of your property shall be increased by approx. 5% and shall be done absolutely free, thereby decreasing the cost by 5%.
(c) 10% Timely Payment Rebate will be allowed on the Sale Price (excluding the Govt. Charges) and shall be credited to your account in the last installment, in case you make all the future payments as per the revised "Construction Linked Payment Plan" given above, on due dates and without any delay, whatsoever.
The above would mean, discount of 20% in addition to the facilities of Construction Linked Payment Plan coupled with Advance Payment Rebates, etc. as also doubling the compensation payable for any delay beyond the committed handing over date, already elaborated above.
In addition to all the above, the Company is also committed to protecting your Capital in these uncertain times, by giving you "Price Protection, i.e. in the unlikely event of basic selling rate (before any rebate/discount) being reduced by the Company at any time prior to the offer to hand over possession of the property, then you will be eligible to avail such reduced basic selling rate.
To elaborate it further, if you have booked the property @ Rs. 2250/- psft and if in September, 2009 the Company brings down the rate to Rs.2200/- psft, before handing over possession, then, your basic selling rate will also be revised downwards to Rs.2200/- psft, as against Rs.2250/- psft.
Please note that this Price Protection would only apply with respect to the direct selling prices of the Company and not to any re-sale prices in the market.
We are sure that we have addressed all the issues and the above mentioned discounts and rebates would be calculated and credited to your account in the next 2-4 weeks' time. In case you need any other clarification, you are welcome to contact the undersigned or Mr. Deepak Kapur, our G.M. (Customer Services)
We hope you will appreciate the goodwill gesture, as stated above, as shown by the Company towards the above booking made by you.
With regards,
Sincerely yours,
VALSALA
(EXECUTIVE DIRECTOR - MARKETING)
Haryana okays registration of independent flats on HUDA, private plots
Here IS some good news for property buyers in Gurgaon.
After waiting for five long years, the Haryana government has finally legalised the registration of independent floors constructed on plots by private owners, in colonies developed by Haryana Urban Development Authority (HUDA) and private developers such as DLF, Ansals and Unitech.
The decision will not only allow people to buy houses in plotted areas, it will also benefit people who have bought properties on General Power of Attorney (GPA) and were insecure about their ownership rights. Their properties can now be registered in their own names by paying registration charges to the revenue department.
<img align="left" src="http://www.qbtpl.net/images/chng.jpg">HUDA, in a recent directive, has asked applicants to pay one per cent extra stamp duty for "infrastructure up-gradation" as the decision would put stress on the existing civic infrastructure.
"The town & country planning department is likely to issue similar guidelines for the people of private colonies such as DLF City, Sushant Lok, Palam Vihar, South City and others next week," senior town planner Jaswant Singh said.
The Haryana government had put a blanket ban on registration of independent floors in the state in 2003, prohibiting individual property owners from selling their floors separately to buyers. This had left no option for property buyers but to go to the developers.
The sale of independent floors is otherwise allowed by professional developers or group housing societies under the Haryana Apartments Ownership Act only .
In a letter (dated March 13, 2009) issued to the administrators and the estate officers of all districts, the administrator (HQ) R.P Gupta said that .
Overcast outlook: A DLF project in Gurgaon. India's property market is experiencing a downturn that has seen a 20-40% drop in valuations
India's largest real estate developer by market value, DLF Ltd, has started issuing re fund cheques to buyers who bought apartments in an underconstruction project in Chennai when prices were significantly higher than today.
The company's move is being interpreted as one prompted by pending approvals
DLF has reduced sticker prices on the Chennai development, as also at projects in Hyderabad and Bangalore, but customers who booked apartments in Garden City on Old Mahabalipuram Road, on the outskirts of Chennai, are demanding that the developer cut prices by at least 25%.
Some 561 apartment buyers have sought to exit the project in what could be the biggest exodus from a property development in India, according to a grouping of buyers. DLF had earlier said that though it had received 100-150 letters from buyers wishing to exit, the company did not expect more than 100 buyers to opt out.
The refund has been made so far to four buyers who are part of the core group of DLF's Garden City buyer forum on Google Groups, a group run by the Internet search engine Google. Three more refund cheques are ready, but the buyers have not yet collected them, according to group members, who asked not to be named.
"I collected a refund of the booking amount I had paid, which is around Rs5.21 lakh, on Saturday," said a design engineer who is part of the group.
"DLF has given me full refund but the cheque was made in the name of Dream Castle, a direct selling agent of DLF," he said.
Cash-starved realty major Unitech, whose valuation has been hammered down in the Rs6,000-crore stake sale deal with Norwegian telecom operator Telenor (See: Telenor to get 67.25 per cent stake in Unitech Wireless, From domain-b.com), got another jolt with the government putting on hold its proposal for raising Rs5,000 crore through issue of global depository receipts.
The Foreign Investment Promotion Board (FIPB) is reported to have deferred a decision on Unitech's proposal for a GDR issue citing ''lack of transparency and disclosures'' in its business.
The FIPB action of deferring a decision on the GDR issue has also stymied Unitech's proposal to convert itself into an operating-cum-holding entity, reports quoted sources as saying.
Unitech, the country's second largest real estate developer, was seeking change in the corporate structure - from an 'operating' firm to a holding company - to enable it make downstream investments.
The FIPB decision follows observations made by the department of revenue at a meeting last month that the Unitech Group has a large number of direct and indirect subsidiaries and joint ventures in India and overseas and that it would be difficult for the government to monitor these investments.
Officials of the department of revenue also are believed to have expressed the view that the group ''lacks in transparency and key disclosures of their business.''
Unitech, which carries a debt burden of Rs8,000 crore, said it would receive around Rs400 crore ($80 million) - against an earlier estimate of around Rs280 crore - that could be used to repay debt from the sale of a controlling stake in Unitech Wireless, its telecom unit.
But, months of uncertainty and a free fall in stock prices, have affected valuation of companies and buyout firms are aggressively renegotiating acquisition deals struck earlier.
In a decision that could lift property prices in Haryana despite the present slump in the market, the Haryana Urban Development Authority is ready with a draft policy for registration of independent floors of residential buildings.
“The instructions, approved by Chief Minister Bhupinder Singh Hooda, will be circulated to all HUDA administrators shortly and the registration of independent floors is likely to begin by next week,” TC Gupta, Chief Administrator, HUDA, stated.
While HUDA had initially resisted the move when the case of allowing the registration of independent floors was put up to the Group of Ministers, political will prevailed in the matter. Some builders in Gurgaon had already made two floors and sold these to independent owners on the GPA. With the coming through of this proposal, this sale, too, will be regularised and registered.
The registration of independent floors in HUDA sectors will be allowed only in case of buildings constructed on plots of 180 sq yards and above area. However, this restriction in size of plot will not be applicable to vacant plots existing in old and new sectors of HUDA.
Laying down the parameters for floorwise registration of buildings, an independent unit can exist on each floor, entitled to separate utility connections such as water and power supply.
However, a basement will not be considered an independent floor but will form a part of the ground floor or can even be used as a common area for parking by owners of the different floors. Similarly, a garage, servant quarters, store and open spaces will be a part of the ground floor.
While HUDA has decided not to allow any increase in the maximum permissible floor area ratio, an additional 1 per stamp duty will be charged from the owners. HUDA’s policy, approved by Chief Minister Bhupinder Singh Hooda recently, states that owners will be eligible to transfer ownership if all three floors are completed in accordance with the building plans and bylaws. Also, a joint undertaking by way of an affidavit from the “transferee” and “transferors” to complete construction of their respective floors in a specified period for plans approved for all floors has been provided for. While payment of the full cost of the plot, clearance of all dues are mandatory, it has been laid down that adequate arrangement for parking within the premises to avoid misuse of roads and public property is a must.
All an owner needs to do for transfer of ownership of floors is to apply on the prescribed pro forma with copies of documents like copies of building plans, occupation certificate, the original allotment letter and Rs 10,000. This shall have to be done within 90 days failing which a fresh application will have to be made. The Estate Officer, upon fulfillment of conditions and payment of fee, will grant permission.
Your's truly Sanjay, editor of this website, will be featured on CNBC Awaaz's program on buying property. The title of the current episode is "Discount Per Property" It covers data and reports from 6 cities with reporters and experts
The program cities in India and provides a good roadmap of the property market going forward.
You can catch the episode at
5:30 pm today (Feb 21, 2009) and the repeat episode at
Sanjay recording for the property show on IBN7 broadcast every Sunday at 12:30 pm.
Yours truly Sanjay, editor of this site, will be answering questions on the Property show "Property Guru" related to property issues all over India. If you are interested in having your questions answered on-air, please email them to property.bazar@network18online.com or to qubrex@gmail.com
The "Property Guru" show is broadcast every Sunday at 12:30 pm - just at the right time for your viewing pleasure.
Your's truly Sanjay, editor of this site, will be on IBN7's Saturday morning TV show called "Property Guru." The program is broadcast every Saturday at 12:30 PM, and this particular episode is going to be broadcast on January 03, 2009.
The episode is a look back on 2008, and what to expect in the Property market in 2009 ... must-see for end-users and investors.
Your's truly Sanjay, editor of this site, will be on IBN7's Saturday morning TV show called "Property Guru" today. The program is broadcast every Saturday at 12:30 PM, and this particular episode is going to be broadcast on December 27, 2008.
More details soon on Sanjay's appearance on Sahara NCR TV Channel's program "Zameen Jaidaad." The program will be broadcast on the Sahara NCR channel at 11:30 AM on Sunday, December 28, 2008 with a repeat telecast at 11:30 PM the same day.
On the afternoon of December 20, 2008 many customers who feel cheated by Navin Raheja led Raheja Developers gheraoed the Saket, New Delhi, office of the Builder. They were not satisfied by the offer to meet Mr. Harinder Dhillon, GM Marketing, as his assurances have so far proved to be hollow, and the customers suspect that he has not been transmitting their concerns faithfully to Mr. Navin Raheja.
The aggrieved customers who have numerous issues regarding misrepresentation, coercion, lack of approvals, etc about the projects of Rahejas, namely Atharva, Vedaanta, and Navodaya insisted on meeting the Managing Director himself and no one else. They finally obtained written assurance from the builder that Mr. Navin Raheja will make himself available on Monday, December 22, 2008 at 5 pm to answer the numerous questions.
We will update this story with the signed memorandum of the customers soon.
Here are some photographs from the confrontation:
Aggreived customers gather outside the main door of the Raheja Developers Office. More customers gather and the customers confront the Raheja Staff. Raheja employees gather to see the stunning gherao of their offices. Public Relations expert Dimple Bhardwaj gives in writing that Navin Raheja will meet the customers on December 22, 2008 at 5 pm. Customers who signed the memorandum.
In response to complaints by a customer Mr. SK Bangia, a senior executive of Delhi based Raheja Developers has been cited in a legal notice saying "ISKO THANDA KAR DO," (matlab?) The legal notices have been served through Mr. Navin Raheja, Managing Director of Raheja Developers, based in Saket, Delhi.
You may recall that a legal notice served by Mr. SK Bangia to Raheja Developers had been published on this and our sister-sites, e.g. http://rahejaatharva.qubrex.org After that the Developers forcibly cancelled the unit of Mr. Bangia, in response to which Mr. Bangia has sent another legal notice. In addition, another customer Mr. Girish Minocha has also filed a legal notice against Raheja Developers.
The main assertions of both the legal notices are:
That the reasons adduced in the cancellation of the flat are wrong, concoted, and baseless. The cancellation letter was back-dated and sent after the time window of cancellation had been passed - with the ulterior motive of cancellation because the company would reclaim the flat at a lower price (approx Rs 2665 psf) and then sell it at the current Company rate of Rs 3050 psf at a later date.
That the Developer claimed in a demand note for further payment that "The Building plan have been approved after license by the Director, Town and Country Planning, Haryana" when in fact NO such approval has been obtained by the Developer. In absence of approvals NO banks are disbursing loans for this project (except one Kerala-based "Federal Bank", which according to a buyer's email to Raheja Developers has less than 1% of market share of the home loans in the country. The Developer is also forcibly trying to get all its buyers to switch from their banks of choice and get loans for Raheja Atharva from this particular bank).
It is the responsibility of the Company to provide a sanctioned plan to the banks of their choice, in absence of which the buyer is entitled to his/her money back with an additional interest at 18% pa. The buyer is also entitled to 18% interest in case of cancellation of the flat due to failure on part of the Developer, or on account of bad-faith actions of the Developer.
That the Developer gave blank "Flat Buyers Agreements" for the buyers to sign and return to the Developer.
That the Developer is adopting dilatory and mischievous tactics in extracting money from (buyer) with no sign of any progress in construction of the flat since last one year and there is no transparency in Company's working.
As there are no legal or regulatory bodies to oversee the Real Estate Developers, it is fitting that this and other such cases play out in the people's court of public discussion - which starts right here.
Both legal notices are presented below. (Please click on the images below to ENLARGE them.)
Mr SK Bangia - Page 1 of legal Notice (Please click on the image above to ENLARGE.)
Mr SK Bangia - Page 2 of legal Notice (Please click on the image above to ENLARGE.)
Mr SK Bangia - Page 3 of legal Notice (Please click on the image above to ENLARGE.)
Mr SK Girish Minocha - Page 1 of legal Notice (Please click on the image above to ENLARGE.)
Mr Girish Minocha - Page 2 of legal Notice (Please click on the image above to ENLARGE.)
Part 1 of Sanjay's appearance on Sahara NCR's program Zameen Jaidaad.
Yours truly, Sanjay, was on Sahara TV's weeky program on Real Estate called "Zameen Jaidaad" which is broadcast every Sunday at 11 AM with repeat telecast at 11 PM. This November 09, 2008 program was on Commercial & Residential Rentals in National Capital Region (NCR) including Delhi, Gurgaon, Noida, and Ghaziabad.
Part 2 of Sanjay's appearance on Sahara NCR's program Zameen Jaidaad.
Editor's Note: After we received this story, we talked to Raheja Developers Pvt. Ltd's Mr. Harinder Dhillon (GM - Marketing, 9971091903) has given us the following response.
-- Start of Rahejas Response ---
We are a customer oriented company & focus not only on the quality aspect but also track the time overrun. Excavation work at the Atharva site in Sector 109, Gurgaon is already complete in all respects. We are the only developers in the new Gurgaon master-plan who have commenced construction activity in the new master-plan sectors. As construction at the site is a great concern for our esteemed customers who have invested their hard earned money to us, we do value their eagerness & do assure that during the project execution, they are most welcome to see the quality and efforts as keen developers we put in our projects. We would request all our customers to keep faith in our organization and also in our projects, which will blossom into major landmarks in the city in the times to come. Our esteemed customers are most welcome to visit the project site now as well as in the times to come to see the progress for themselves.
Also, bank disbursements for Vedaanta commenced six months back by Bank of Baroda, PNB, Axis Bank, HDFC, LIC Housing Finance & PNB Housing Finance. For Navodaya, bank disbursements have already commenced three months back from Bank of Baroda as well as Union Bank of India. For Atharva, Federal Bank is disbursing down payment cases as well as installment payment cases.
The installment payment plans for all our projects are very much construction linked in nature. The application forms as well as agreement to sell installment payment plan section are testimony to the same.
We have already received the in-principal approval on the Atharva building plans & the copy of the minutes of the meeting of Building Plan Approval Committee held under the chairmanship of Sh. Dhare Singh, CTP, Haryana has been scanned for anyone’s reference.
And the final line says that "the committee decided to approve the building plans subject to corrections and submission from NOC from the Airport Authority of India" ...
-- END of Rahejas Response ----
The submission that our website received is reproduced below.
Hello,
We have invested in Raheja Developers residential project Raheja Atharva in Sector 109, and the following is our story. We would appreciate it if you could help us resolve some of the issues mentioned below.
A legal notice has been served to Mr. Navin Raheja, Managing Director of Raheja Developers Pvt Ltd and is attached below.
We received letter from Rahejas in Aug/Sept 2008 that stated "there have been favorable developments at Atharva. The Building plans have been approved after licence by the Director, Town & Country Planning, Haryana. The bhoomi Pujan was solemnized on 29th July 2008." This was false and the building plans have NOT yet been approved by the DTCP. The scan of the letter is below:
Even though the plans had not been been approved, Rahejas as written in the 2nd page of the same Bhoomi Pujan letter, they went ahead and created the Flat-Buyers Agreement - which are already in possession of some of the buyers. How can a buyer agreement be made when the plans have not yet even been approved? Here is the page 2 of the letter telling about the Bhoomi Pujan
Now we are being pressured by Rahejas to make payments on this project. Coercion via sms, calls, demand notes etc is being made to buyers even though the company had agreed that it would not demand further payments till banks had approved and started disbursing loans. As plans have not yet been approved, and requisite papers have not been submitted to banks, no bank - except a minor one - are disbursing any loans. Despite this the company is threatening to impose interest on "late payments" if payments are not immediately made. And as a way out Rahejas is forcing people with longstanding relations with other banks to take their loans from the only bank - Kerala based Federal Bank - that is disbursing loans.
This only bank that is disbursing loans on Raheja Atharva even without the approval of the Building Plans of the Atharva project is Federal bank. And there is news in the market that the money collected in early payments was diverted to pay costs towards the land for Atharva - as the legal notice presented earlier state, it is almost sure that Rs 20,33,78,493 of the money that we paid was later used to pay for the land on which Atharva is to be built.
Accusations are flying, and now buyers in Projects like Raheja Vedaanta & Raheja Navodaya are also protesting that money is being demanded from them while there is no discernible progress on ground.
Please help us clarify what the actual situation is as we are getting very worried about the safety of our investments, and also the fact that we are being almost daily pressured by Rahejas to make more payments to them.
The payment plan has 3 columns - time linked schedule, a construction linked schedule, and the payment due. Even though the project as sold on basis that it is construction linked (column 2), it is now being claimed that it is actually time-linked (i.e column 1). This has caused major confusion amongst the owners who are gathering in force to dispute these claims.
We are not able to get satisfactory answers from the builder Raheja Developers ( telephone 011 406 11111) and would appreciate if other visitors on this forum can pool together their knowledge and experience to help us cope with this situation where our lifetime earnings are at risk.
Please share your experience on this forum via comments, or email to Shri Surinder Kumar Bangia bangia_sk AT hotmail.com who has filed the legal notice, or email to qubrex AT gmail.com who help run this website.
Have you invested in Raheja Atharva, or thinking about it? Looking forward to the dream home in an excellent location, or to a property that is going to yield good investment returns. Then this website is for you ...
The journey to getting possession of your apartment in Raheja Atharva is going to be long, and till we get there http://rahejaatharva.qubrex.org is your place to discuss issues, observations, and pose any questions to the builder (Raheja Developers) or other owners/investors in the apartment complex.
Your's truly, Sanjay, editor of this website, will be appearing as Industry Expert in a panel discussion on rental market for Residential and Commercial Real Estate sectors in NCR.
The real estate program "Zameen Jaidaad" is a 1 hour program on the National Capital Region Channel of Sahara called Sahara Samay NCR. It is broadcast every Sunday at 11 AM with repeat telecast at 11 PM.
The Program on Sunday, Nov 09, 2008 at 11 AM and 11 PM will be featuring Sanjay ... please tune in ...
Source: SHABANA HUSSAIN & MADHURIMA NANDY From Live MInt, October-18-2008
An investor who had put in Rs3 lakh in a realty project of New Delhi-based Triveni Infrastructure Development Co.Ltd is in a fix.
After launching the project in 2006 and promising to complete it in 24 months, the company has not allotted the apartment to the investor who asked not to be named as he fears the company would not give back his money.
The investor, 30, who lives in Rampur, Uttar Pradesh, paid Triveni the money as booking amount for an apartment in Triveni Galaxy, a high-rise complex coming up in Sector 78, Faridabad, a suburb of New Delhi.
"I paid the booking amount when the pre-launch of the project took place in 2005," he said. "But since then, the allotment of the apartment hasn't been done, and they insist that I pay up the remaining instalments for it." A spokesperson for Triveni said: "Work is in full swing in the sector 78 project. Around 40-45% of the total work has been completed and we are trying our best to give the possession before the start of the Commonwealth Games (to be held in Delhi) in 2010." After a three-year boom, developers have slowed construction on projects as they are facing a financial crunch.
High raw material costs, rising interest rates and spiralling inflation have pushed up construction costs, making it difficult for developers to complete projects on time.
There are many people who have been left in the lurch by developers who have delayed completing projects they launched during the real estate boom of 2005-06.
There are examples galore especially in New Delhi's suburb of Gurgaon. Work on the high-rise apartments in Parsvnath Green Ville, a project by Parsvnath Developers Ltd on Gurgaon-Sohna Road, has been delayed by six-eight months, property brokers said.
While low-rise apartments under the project have been handed over to buyers, possession of high-rise flats has been delayed by six months, said Rajiv Sinha of Veena Estate, a real estate agency.
Parsvnath's spokesperson, Neetal Narang, however, denied any delay. "The project is on track," she said.
Apartments in The Close, a Gurgaon housing project launched by Unitech Ltd, India's second largest developer, in October 2004 have still not been handed over to buyers.
"There are 17 towers in the north wing, of which 10 are close to possession and six towers are over a year behind completion date," said Sanjay Sharma of real estate agency Gurgaonscoop.com.
Unitech declined to comment on the delay.
The story repeats itself in other cities. An information technology (IT) professional booked a Rs24 lakh two-bedroom flat at Electronic City in Bangalore in early 2007 when the property market was up and about. The project is now delayed by a year. Many of the buyers shot emails to the builder, Ittina Group, seeking reasons for the delay, but there has been no response.
UPDATED: October 12, 2008 - The following offers have been added for the last day of the Property Show ...
Raheja Developers is giving a 10% discount
Tata Housing is offering an all paid trip to London/ for 2 to Switzerland
Real Orchard is offering 10% off
Orris is offering free AC (Air Conditioner)
ARN is offering free trip to Singapore for booking 500 sq.ft, or a free trip to Switzerland for booking 1000 sq.ft in their commercial property
Organic Bio Farms is offering 5 Day/ 4 Night trip for 2 to Malaysia & Singapore
Original story posted on October 11, 2008: It is now time to declare the "real estate boom" story over, as builders desperately try to snare buyers with whatever-it-takes.
There were no customers at the property expo when GurgaonScoop.com visited the Epicenter in Sector 44, Gurgaon on October 09, 2008 as the doors were swung open at 11 am. Zero people who were interested in buying ... a possible mitigating reason was that it was Dussehra. But the offers being dangled now as the property show gets ready to close indicates that possibly the problem is deeper.
We were motivated to go there as builders like DLF and Unitech, who generally disdain property shows like this, were supposed to be present there. And present they were .. and here are the offers now for buying from them:
DLF is offering free gold coins
Unitech is offering free LCD TV
Jaypee Greens is offering free economy/luxury car with every apartment
BPTP is offering Rs 50,000 off
Bestech is offering upto 5% discount
Pal Infrastructure is offering jewellery worth Rs 1,00,000 in addition to 6% discount
Dwarkadhis is giving a free economy car
Antriksh is offering free economy car
Mapsko is offering free economy/ luxury car
Tulip is offering a Solitaire diamond worth Rs 1,25,000
Gaursons is offering Rs 1,00,000 off
Dhingra Developers are giving a 32' Plasma TV
Mahamedha is giving a 10% discount
SRS is giving a free gold coin, and 7% discount
SVP is giving a 50 gm gold coin
Innovative is offering gold coin and 5% discount
Amrapali is offering a 5% discount
Roots Developers is offering a 4% discount
Landcraft is offering gold coin and 3% discount
Raison is offering 3% discount
it would be interesting to see what the other builders at the show will soon be offering, and these builders include
Qubrex has launched a new website Raheja Sristhi - www.srishti109.com to provide details and discussion about the new project called Raheja Srishti, located in sector 109, Gurgaon.
In addition to proximity to the 150m Dwarka Expressway, along which the Metro is slated to run, the site is one of the closest to Delhi border. Qubrex recommends this as a good investment with a time-horizon of 2 years and more.
For details, booking, or application forms,
please call 9811987371, 9871670006, or 9810576028,
Intended to protect the consumers involved in transactions of real estate, it has the potential to create another govt. bureaucracy with its attendant bribes/extortion ...
FYI here is an SMS that was received by many Airtel consumers. We were told by the Airtel Customer Service that this is a new joint initiative between Govt and Telecom providers, but we have our doubts .... Imagine, CBI Getting into the business of sending spam and collecting dirt on people so that they could ....
Here is the text of the SMS that was sent out:
Sender: CBI
Date: September 10, 2008
Message: If a Central/Delhi Govt/PSU/Bank Employee demands bribe for any official work in Delhi, pl contact SP CBI at 24361535/ 3541/ 2494 or 9968081216 / 17 / 18.
A new residential project will be launching in a few hours by one of the top builders in India in collaboration with a Middle Eastern World Class Builder.
Price details will be available by August 29, 2008 evening. Please send sms to 9811987371 with "em76" to be updated the moment the price is announced.
For details, floor plans etc please send email to Qubrex@gmail.com or call 9811987371, 9871670006, 9810576028.
DLF Homes will be soon launching a New Project - "EXPRESS Greens" in Sector M-1, Manesar on NH 8
Location: Sector- M 1, Manesar.
Site Size: Approx. 14 Acres
High rise Apartments along with Townhouses and Independent Floors.
Area:
Apartments:
1760 sq ft ( 3 Bedroom with Servant Room)
2125 sq ft (4 Bedroom with Servant Room)
Townhouses : 2960 sq ft & 3070 sq ft
Independent Floors : 2860 sq ft
Contact us for locations and discounts that DLF won't offer you directly ...
For booking and more details including Location Map, Site Plan & Layout of the project please send email to Qubrex@gmail.com or sms/call 9811987371, 9871670006, 9810576028.
