[drwat]

Absolutely helpful thread indeed.
I have been looking out in the Thane Market for a year now and still not convinced on taking that plunge. Did not like any of the brand projects like Tata, Godrej, Lodha, Rustomjee etc.
I have been wondering and am pretty convinced to take the redevelopment route. I would like to have some thoughts from fellow bhpians on this.
The benefits I see are that few Co-operative Housing Societies up for redevelopment have Occupation Certificate and Conveyance Deed in-place. The land related issues like landlord, 99-year lease etc are avoided due to this.
Additionally, 50-60% of the occupants are going to be the same as today which helps access the community at large and avoid a scenario where 60% are investor apartments with rental population moving in and out every now and then.
Majority of the large builders have MLCP as a parking solution and in my opinion that is a pain in everyday life. A simple redeveloped standalone CHS would make life easier. And for the amenities, better to have a Gymkhana membership than those clubhouses!
Any thoughts?

[DevilzzzzOwn]

Been there, done that!!

I had booked an apartment with a partnership of 2 builders (A and B) back in 2017. Reason behind the logic was the 1st builder A was the Son In-Law of a Huge Corporation creator (more details to follow) and had 3-4 complete projects through his newly established partnership. Everything was just perfect. The rates were competitive, the area was developing, the builder was reputable, the progress was commendable, the banks were willing to be onboard the project etc. So I went in and procured the booking, the registration, the bank loan, the whole 9 yards.

Within months, with almost 50% of the project completed, I was in for a shock. Turns out, the FIL had allegedly duped thousands of people out of their savings and many banks out of investments. And it turned out that the SIL was a part of the conglomerate when these alleged financial offences took place. I was well aware of the main alleged frauds but was convinced by the Builder A that he was never involved and nothing is going to happen to him or his projects. Plus I had 3-4 project history to rely on.

Turns out, just weeks after my meeting with the builder, he was arrested and his bail was denied numerous times later.

I started cursing my luck. The bank EMIs had started and I had to pay rent since the project was nowhere near completion. Thankfully, in my case, the second partner, Builder B, got onboard and fulfilled his commitments. The project was completed!! There were some pending items from the builder’s side towards the society, but the Completion Certificate and the OC were obtained and I was able to move in.

In hindsight, it was only the Builder B due to whom I have my own roof over my head. But I suspect, it might be because he was too scared to be lodged in a jail for falling in the same trap that his partner fell into (although for a different cause).

If I were looking for a house today, I will never approach any of these builders. I will buy a parcel of land and get a home constructed myself. I know it’s not possible for everyone, but that’s my opinion.
Stay Sharp when dealing in Property and get everything in writing and in writing which is admissible by the court of law.

[bullitt1]

One thing that unites all builders (or any business) is profit and greed. Consumers be damned.

These builders not only default on completion but also cheat on the prices. My in laws have booked a flat near Kanakpura Road with a prominent builder with possession in couple of months. Here are key takeaways:

1. GST of 18% on sq ft value and also on all other chargers, while it should be levied only on services.
2. No clarity on ITC claimed by builder.
3. No breakup on any lump sum charges.
4. No production of receipts on statutory charges.

People are spending helter skelter and these guys exploit that. Buyers have to dance to their tunes with no option.

[bvasista]

I also had such an experience in 2021 but by GOD's grace, got back my money after a delay of 6 months.

In December, 2020 I saw a paper classified stating that a pre launch sale is happening in Manikonda, Hyderabad, Telangana. Usually most of the pre sale launches what I have seen were for huge apartment societies which take atleast 3 year of completion time.

When I visited the office, they showed good plans for a gated 2 tower apartments in Manikonda and mentioned they have a target to complete that within 2 years by starting the construction by March 2021 - by the end of December 2022. They showed my the 2 projects they completed already within good time, the project land also. They looked good, quality construction.

I decided to book a 3 bedroom flat for a booking amount of 15 lakhs since I was thinking it is okay to wait for 2 years time and this project plan is only a 2 tower building. They looked promising, I felt it is okay to trust them since they have started new and would be eager to establish themselves. I was added by them to a watsapp group who have been part of this pre launch bookings

Oh boy I realized there is more to this !! I was added by a buyer like me to a different Watsapp group of buyers - who booked way back in June, 2020. Had a zoom call to know that there were people who paid amounts ranging from 35 to 60 lakhs and were shown different plans in June, 2020 than what I was shown. They were all promised that the constructio would start by November, 2020

After the 2 completed projects, the builder is not keen to start building again but choosing to expand on buying and selling plots on the outskirts of Hyderabad. One project was started but stopped after the slab of 2nd floor was complete for a stand alone 5 floor apartment.

I kept following up till April, 2021 hoping and trusting that he would start the building construction. Kept following the updates from other persons in the watsapp group. Each one had a story given by the builder regarding the start of construction activity but never started it.

By the end of May, 2021 I have seen another paper classified and decided to buy a move-in ready apartment and cancelled the booking done. This is where my journey to get the money back started.

1. June, 2021 1st week - cancelled the booking done and was given a cheque dated for September, 2021 for my booking amount
2. September 2021 - When I went to the bank to deposit my cheque, ICICI Alkapuri township branch, they called the accountant and confirmed they cannot process it since they do have funds in the account and the amount was over 2 lakhs which needs confirmation to clear the cheque
3. 3rd week of September 2021 - was given a cash of 5 lakhs and a cheque for 6 lakhs dated for end of September 2021 - got 11 lakhs
4. October 2021 to Jan 2022 - There were mutliple visits done, there were days where I waited for 3 to 4 hours to speak with the builder regarding the pending amount but every time he was sharing his problems to me in starting the construction, financial problems assuring that he would return the money. At times he would be arrogant, at times he would request me to wait for 2 weeks. I got 50000 couple of times, 1 lakh once after such visits

Finally the cheque given for the pending amount of 3 lakhs was cleared by bank after confirmation by the end of January, 2021. Thanks GOD and learned a big lesson

P.S:
1. I am normal citizen with no background to threaten him for my money. So I made multiple visits to the office to get my money back no matter what the wait time was
2. I exited from the buyers's Watsapp group after I got my money back in January, 2021. Got a call from a buyer in June, 2021 and he was enquiring with me if I got my money back. He paid 35 lakhs in June 2020.
3. He started construction in July, 2021, but then did not proceed beyond the foundation stage.
4. Do not know what the status is now
5. Never ever buy a pre launch. Buy a move in ready even if it costs you more for peace of mind

[SN88]

I will just put a short response here. I have never seen my father in tears except once. I am 35 now and he is 72.

The one time I have seen him in tears was when I was a little boy no more than 6 or 7 years of age and I will never forget his face, It was when he had saved years and years of savings and put it all in a house he really couldnt afford and he got conned by the builder then.

So many years have passed but I was so scared seeing my dad that way and I feel it was so scarring for everyone in my family. I feel rage and anger when I hear about thousands of people getting conned of their extremely hard earned money by the greedy builders/ corporation/ political nexus and even more rage when nothing happens to them. In our country justice is very selective and only a few manage to get it although late. But the majority of people dont even matter to the system.It is sickening to the stomach to keep reading on such instances and nothing seems to have changed since decades, just more facaded.

I pray to all, please please be extra vigilant, pay extra but buy verified properties only.

[sukhbirST]

I am sorry to join this topic late but I think we should list the builders who are not cheats. The housing boards of govt,defence, semi govt are also in the list of cheaters. Sad part is even my own relatives etc are in the list.

[lapis_lazuli]

Cheating isn't just restricted to delayed deliveries. It's about missing or perpetually WIP amenities. NCR is full of such. Yes you have 4 walls, a roof, electricity and water. That's just about it. Everything else is WIP. However, I bought a flat from a small builder. Prime location in NCR, was ready to move in, but didn't feel short changed. When I sold it after 14 years, it was still in top shape, despite the age. He was building his reputation and he delivered what was promised. The next one was from a very famous builder. The flat was ready. Nothing else was. Lot of it is still WIP. There are good builders, but negligible percentage.

[Engine_Roars]

We booked a flat in 2017 with one of the biggest builders of Maharashtra "Paranjpe", with committed possession in 2020.

You guessed it right, we still dont know when will we get the flat. As per Rera, completion date was 2022, he got it extended to 2023 using COVID as an excuse and then to 2024.

This has been one of the biggest mistake of my life, we are stuck between paying EMI and rent.

[DCEite]

After my father got cheated in 90's by reputed builders, I had vowed to never invest in under construction properties.

All my properties have been invested in ready to move or >95% completition status (with some towers getting full occupancy in same project) only.

Ofcourse, that meant I had to shell out more, but then it meant peace of mind.

Consumers law even today with RERA in place are too long a battle to find and waste your prime years on. Given a choice, always prefer ready to move property with Occupancy certificate in hand the property free from any land dues and encumbrances.

[IamNikhil]

With the advent of R.E.R.A., things were expected to be streamlined; however from what is evident, not much has changed. Yes, R.E.R.A. does seem to take stringent action at times, but call it cynicism built over years of being disillusioned with the system or whatever, even that seems like well-orchestrated action. All the govt agencies are always hand-in-glove with the builders/developers, especially because the construction/infrastructure space is doubly lucrative for all stakeholders involved.

One thing is clear, for a middle-class customer looking to invest his life-savings in making an asset for himself and his family, there is always the government alongwith the builder in question to take the customer for a ride, in whichever way they can. I'm yet to hear of a flat sale transaction in which the customer truly enjoys the whole process; there's always some or the other wrangling involved.

[Lovecars]

We are also a victim of cheating by a builder.
My father purchased a flat in Angel Jupiter in Indirapuram around 10,12 years back. He paid him amount in cheque and cash but didnt take any receiving of payment. The owner name is Mr. Praveen Jain. He has been fooling us for more than a decade now. He picks up the call once in 2,3 months and when he picks, he give the next date or promises to pay after some coming festival.
Beware of such builders. I hope someday we get our money back from him.

[Spaced Out]

Originally Posted by lapis_lazuli

However, I bought a flat from a small builder. Prime location in NCR, was ready to move in, but didn't feel short changed. When I sold it after 14 years, it was still in top shape, despite the age. He was building his reputation and he delivered what was promised.

Please name the good guys. This thread can do with good news and featuring good builders as well.

[dsuman]

Very informative thread. I think we should publish a list of documents to be checked and checks to be done while buying a property whether an Apartment or a land. Just like Teambhp checklist for new car and used car purchase.

[Arun_S]

Originally Posted by Arun_S

I went ahead with a loan, he got the money and the registration was done. But he didn't complete it. Till date it is stuck as he didn't hand it over. I had to close the home loan with my own money and am now running behind courts to solve this issue.

Funny part - the builder studied and became a lawyer so that if any court case comes up, he can argue as he knows the legal loopholes which will help him escape.

I would like to add the second half of the story, why I am running behind courts and how the builder conned me. Giving only the outline as it is a long story of more than decade.


In 2009 there was no concept of Memorandum of Deposit(MoD), and here in TN at that time, the register office just registers only the undivided share of land, you need not give even the flat number.

The builder registered some UDS square feet in my name and I submitted the registration documents to bank. Meanwhile he kept on delaying the handover.

He then approached a Govt Bank, showed the same house, registered some UDS and got a big loan. All this time he was sweet talking me, i will handover or give back your money. If there is any idiot award to be given out, you can consider my name for that, for believing him .

The Govt bank sealed my property as the builder did not pay EMI. Now I am running to courts saying the Govt bank has illegally seized my property as I am the rightful owner.

My sincere request to all who are going to small builders is, check the financial health of the builder, if he is handling more than 2 projects be careful.
If you have given some booking advance, cancel the booking and move on to the next. You might loose some money but you won't end up in the situation like me.