Puravankara( Builders ) Windermere – A warning

w 12 · 8th February 2008, 18:30

Quote:

Originally Posted by deepaktpatil

Benbsb29,
I am a existing customer of Puravankara and I am stuck with my booking in their Fountain Square project in Bangalore. There are lot many aggrieved customers who are loosing around Rs 40K per month because of delay in project.

have a friend whose money is also stuck in same project, fountain square. His loan EMIs are going out for a long time, but the flat is nowhere completion.

Samurai · 8th February 2008, 18:35

The ads for fountain square project were mind-blowing, it was like a scene from an European travel brochure. I remember thinking that Purva were building better and better apartments where as I was stuck in an old one. The only thing that got really better was their advertisement budget.

spadival · 8th February 2008, 18:47

You must admit these builders are very good at using some eye catching names for their projects. William Wordsworth must be rolling in his grave, considering it is quite close to the "original" Windermere.

raftaar · 8th February 2008, 19:10

once upon a time, purva used to do small projects and were eager to please. we made some purchases from them in the mid 90s and they delivered.
then came the crash of the mid 90s and the owners vanished from bangy and cooled their heels in an european nation. a lot of people got done then. these included buyers, suppliers, financiers etc.
then they were back in the fray when the property boom started again.
since then, they have recouped all their previous losses and gone from strength to strength. meaning? they've built up their land bank and made heaps of money.
good on them. no probs there. but somewhere down the road, they have become the most insensitive developers in bangalore. today, if you look around, you'll find none of their projects getting finished anywhere close to contracted completion dates. most of them are overdue by even 2-3 years!!
further, there was a split between the 2 promoter brothers. a lot of buyers were dealing with one who is no more in the company. these buyers are given the runaround as everything promised by this brother is now discarded. an example would be the buyers ajmats talking about.
finally...the owners son was sent to chennai to look after the projects there. guess what happened? he was there for 18 months and is now permanently back here. guess why?
i guess, without these tactics of making more money, how will they buy their F430?

BaCkSeAtDrIVeR · 8th February 2008, 19:14

3 pages in 8 hours and not a single good word about the company???

That said, why does nobody invoke the "Mouthshut is not reliable" rule here? That reminder is given to anybody who quotes mouthshut on other threads?

AvinashKeezh · 8th February 2008, 19:49

Quote:

Originally Posted by BaCkSeAtDrIVeR

3 pages in 8 hours and not a single good word about the company???

That said, why does nobody invoke the "Mouthshut is not reliable" rule here? That reminder is given to anybody who quotes mouthshut on other threads?

Coz Most of the other reviews are not of people who have put in lakhs of their hard earned dough...

...

that could be the reason..

speedzak · 8th February 2008, 20:00

If Puravankara has decided to resort to these kind of cheap gimmicks and immoral acts, shame on them. They're one of the nicely reputed builders here. If they continue to do the same and give less respect to customers' needs, then they too will go down the drain like many others who already have. A real shame it is.
One thing is for sure! Customers are not some ignorant lot these days and are more demanding than the earlier times. Many of whom have learnt the hard way when the last crash happened in 90s. Many builders who survived and remained true in those testing times will not take customers for granted that easily. Atleast, I know of some who don't.

Again, no matter which sort of builder you choose for your dream home/office, make sure you go thru all the details and fine print before you put your money down. Especially those boring long pages you get to sign as part of the agreement.

Regarding the agreement, it will be very partial and one sided as it will be prepared by the builder itself. What the customer has to do is; approach a good legal advisor who has experience dealing with builders (if he is known to you, then much better). Get the document checked by him. Find out all the dubious terms in it. Demand for a correction from the builder. Normally they'll find some wierd reasons to avoid it. Stand firm, try and get it corrected so that you can be safe or atleast in a lesser riskier corner.
Remember! As it is a deal which is like a future investment plan and takes time to complete, a customer is always on some risk point like in every other investment plans. It is one's responsibility to study well where his hard earned money goes.

As long as the inflated rates are considered, yes! Builders are part responsible for it. That's the way the world has come to. It's not exclusive to the real estate scene these days, but exists in almost every other business one can think of. Just that it may not be much visible/understandable in some and vice versa.

PatienceWins · 8th February 2008, 22:01

Quote:

Originally Posted by w 12

have a friend whose money is also stuck in same project, fountain square. His loan EMIs are going out for a long time, but the flat is nowhere completion.

How did I miss this thread for such a long time. I got link to this thread from Purva Fountain Square yahoo groups though I spend most of my leisure time in Team-BHP.

My Dear Friends,

I am one of the unlucky guys who have booked an apartment in Purva Fountain Square. Please do not deal with Purva if you want peaceful nights.

Delay is just tip of the iceberg. Other issues we face are sub standard quality, lack of customer service (they just ignore customer grievences), no compensation, interest being charged for no fault of ours at 24% (greedy), not adhering to specifications/ model apartment etc.

gkrishn · 9th February 2008, 09:24

The purvankara web site says "Completion: December 2007" for fountain square. sick joke...

BaCkSeAtDrIVeR · 9th February 2008, 10:50

This is not confined to Purva contracts.

If you are a consumer, and the courts feel that the contract you have is one sided and / or unfair, the courts will ignore the unfair provisions. Have the guts to stand up and sue the wrongdoer.

The consumer protection act is for situations like this.

raftaar · 9th February 2008, 11:11

to all the people who are suffering at the hands of these builders...please read pg 22 of yesterday's edition of TOI (friday the 8th).
you'll find a mr kulasekaran has taken prestige estates to consumer court and has been awarded compensation for delay in delivery.
i request all who are aggrieved to take similar action. it is absolutely no point in complaining, it is better to be proactive.
i can also tell everyone, prestige isn't the easiest company to deal with either. though most of their projects get completed on time, they are very lackadaisical with investors money. as many of their community invest with them, i have heard a lot of horror stories when it comes time for them to pay up. so investors, beware!

i also draw your attention to the ad in todays TOI by mantri, where they are screaming from the roof top that they have completed a project '2 months in advance'. that only goes to prove, completing projects on time is not the forte of the building industry.

as far as i know, the 2 builders against whom there are least complaints, are adarsh and sobha.

shazikon · 9th February 2008, 13:37

Purvankara is one of the reputed builders in Bangalore.. Have any one invested in their Venezia project. Even this project was delayed initially due to environmental clearance from Central govt. But now they have the clearance and construction is going on. Completion for 1st phase is May 2009 and April 2010 for 2nd phase. Is it a good property for investment? one year back prices were 2600 per sft now it is 3200 per sft for 1st floor...I also heard that its 80% booked already!!

deepaktpatil · 9th February 2008, 19:06

Quote:

Originally Posted by shazikon

Purvankara is one of the reputed builders in Bangalore.. Have any one invested in their Venezia project. Even this project was delayed initially due to environmental clearance from Central govt. But now they have the clearance and construction is going on. Completion for 1st phase is May 2009 and April 2010 for 2nd phase. Is it a good property for investment? one year back prices were 2600 per sft now it is 3200 per sft for 1st floor...I also heard that its 80% booked already!!

shazikon,
With looming slowdown in real estate coupled with the "legendary" service discussed here, I am not sure whats the probability of returns one will be getting.

We have gone through similar incidents of delay because of government approvals in other projects. In fact its one of the reason quoted to shirk the responsibility of giving compensation to customers. So the signs of turbulence are already there.

The purpose I had in mind behind posting my experience is to caution about the pitfalls in dealing with this company

.

Please tread with caution, finally its your money.

rrnsss · 9th February 2008, 19:25

Also with the weakening dollar and IT paycuts prices i n the brookfields area have stagnated if not reduced. same is true for rentals

kb100 · 10th February 2008, 20:35

Real estate is headed south - falling rentals are the first precursor of the impending fall! Buying now may not be prudent!

8th February 2008, 19:10	#34
raftaar BHPian Join Date: Oct 2007 Location: bangalore Posts: 171 Thanked: 0 Times	once upon a time, purva used to do small projects and were eager to please. we made some purchases from them in the mid 90s and they delivered. then came the crash of the mid 90s and the owners vanished from bangy and cooled their heels in an european nation. a lot of people got done then. these included buyers, suppliers, financiers etc. then they were back in the fray when the property boom started again. since then, they have recouped all their previous losses and gone from strength to strength. meaning? they've built up their land bank and made heaps of money. good on them. no probs there. but somewhere down the road, they have become the most insensitive developers in bangalore. today, if you look around, you'll find none of their projects getting finished anywhere close to contracted completion dates. most of them are overdue by even 2-3 years!! further, there was a split between the 2 promoter brothers. a lot of buyers were dealing with one who is no more in the company. these buyers are given the runaround as everything promised by this brother is now discarded. an example would be the buyers ajmats talking about. finally...the owners son was sent to chennai to look after the projects there. guess what happened? he was there for 18 months and is now permanently back here. guess why? i guess, without these tactics of making more money, how will they buy their F430? Last edited by raftaar : 8th February 2008 at 19:11.

9th February 2008, 11:11	#41
raftaar BHPian Join Date: Oct 2007 Location: bangalore Posts: 171 Thanked: 0 Times	to all the people who are suffering at the hands of these builders...please read pg 22 of yesterday's edition of TOI (friday the 8th). you'll find a mr kulasekaran has taken prestige estates to consumer court and has been awarded compensation for delay in delivery. i request all who are aggrieved to take similar action. it is absolutely no point in complaining, it is better to be proactive. i can also tell everyone, prestige isn't the easiest company to deal with either. though most of their projects get completed on time, they are very lackadaisical with investors money. as many of their community invest with them, i have heard a lot of horror stories when it comes time for them to pay up. so investors, beware! i also draw your attention to the ad in todays TOI by mantri, where they are screaming from the roof top that they have completed a project '2 months in advance'. that only goes to prove, completing projects on time is not the forte of the building industry. as far as i know, the 2 builders against whom there are least complaints, are adarsh and sobha. Last edited by raftaar : 9th February 2008 at 11:13.

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8th February 2008, 18:35	#32
Samurai Team-BHP Support Join Date: Jan 2005 Location: B'lore-Manipal Posts: 15,379 Thanked: 2,743 Times View My Garage	The ads for fountain square project were mind-blowing, it was like a scene from an European travel brochure. I remember thinking that Purva were building better and better apartments where as I was stuck in an old one. The only thing that got really better was their advertisement budget.

8th February 2008, 18:47	#33
spadival Senior - BHPian Join Date: Oct 2004 Location: Sydney Posts: 1,769 Thanked: 2 Times View My Garage	You must admit these builders are very good at using some eye catching names for their projects. William Wordsworth must be rolling in his grave, considering it is quite close to the "original" Windermere.

8th February 2008, 19:14	#35
BaCkSeAtDrIVeR Senior - BHPian Join Date: Jun 2007 Location: Kochi Posts: 2,142 Thanked: 129 Times	3 pages in 8 hours and not a single good word about the company??? That said, why does nobody invoke the "Mouthshut is not reliable" rule here? That reminder is given to anybody who quotes mouthshut on other threads?

8th February 2008, 20:00	#37
speedzak BANNED Join Date: Mar 2006 Location: India Posts: 4,348 Thanked: 6 Times	If Puravankara has decided to resort to these kind of cheap gimmicks and immoral acts, shame on them. They're one of the nicely reputed builders here. If they continue to do the same and give less respect to customers' needs, then they too will go down the drain like many others who already have. A real shame it is. One thing is for sure! Customers are not some ignorant lot these days and are more demanding than the earlier times. Many of whom have learnt the hard way when the last crash happened in 90s. Many builders who survived and remained true in those testing times will not take customers for granted that easily. Atleast, I know of some who don't. Again, no matter which sort of builder you choose for your dream home/office, make sure you go thru all the details and fine print before you put your money down. Especially those boring long pages you get to sign as part of the agreement. Regarding the agreement, it will be very partial and one sided as it will be prepared by the builder itself. What the customer has to do is; approach a good legal advisor who has experience dealing with builders (if he is known to you, then much better). Get the document checked by him. Find out all the dubious terms in it. Demand for a correction from the builder. Normally they'll find some wierd reasons to avoid it. Stand firm, try and get it corrected so that you can be safe or atleast in a lesser riskier corner. Remember! As it is a deal which is like a future investment plan and takes time to complete, a customer is always on some risk point like in every other investment plans. It is one's responsibility to study well where his hard earned money goes. As long as the inflated rates are considered, yes! Builders are part responsible for it. That's the way the world has come to. It's not exclusive to the real estate scene these days, but exists in almost every other business one can think of. Just that it may not be much visible/understandable in some and vice versa.

9th February 2008, 09:24	#39
gkrishn BHPian Join Date: Aug 2004 Location: Bangalore Posts: 577 Thanked: 27 Times View My Garage	The purvankara web site says "Completion: December 2007" for fountain square. sick joke...

9th February 2008, 10:50	#40
BaCkSeAtDrIVeR Senior - BHPian Join Date: Jun 2007 Location: Kochi Posts: 2,142 Thanked: 129 Times	This is not confined to Purva contracts. If you are a consumer, and the courts feel that the contract you have is one sided and / or unfair, the courts will ignore the unfair provisions. Have the guts to stand up and sue the wrongdoer. The consumer protection act is for situations like this.

9th February 2008, 13:37	#42
shazikon BHPian Join Date: Jan 2005 Location: Bangalore Posts: 374 Thanked: 6 Times View My Garage	Purvankara is one of the reputed builders in Bangalore.. Have any one invested in their Venezia project. Even this project was delayed initially due to environmental clearance from Central govt. But now they have the clearance and construction is going on. Completion for 1st phase is May 2009 and April 2010 for 2nd phase. Is it a good property for investment? one year back prices were 2600 per sft now it is 3200 per sft for 1st floor...I also heard that its 80% booked already!!

9th February 2008, 19:25	#44
rrnsss BHPian Join Date: Feb 2006 Location: Chennai Posts: 322 Thanked: 28 Times	Also with the weakening dollar and IT paycuts prices i n the brookfields area have stagnated if not reduced. same is true for rentals

10th February 2008, 20:35	#45
kb100 Senior - BHPian Join Date: Feb 2006 Location: Bangy Boy! Posts: 1,554 Thanked: 4 Times	Real estate is headed south - falling rentals are the first precursor of the impending fall! Buying now may not be prudent!