Seeing the constant ads in news paper and FM radio about the big project of GM infinite Global Techies town at E City, I visited their site. The staff was very good in explaining the features and convincing us that its once in a life time opportunity. No much negotiation was also agreed on as they told that its the offer price and the same lowest that we can get. They showed some diaries in which others have booked at a higher rate. They told me to block the flat by giving the advance. I paid 25K as advance. They gave a receipt for the same. They even linked me to bankers for the loan. I worked with the banks guys for almost 15 days giving all sorts of the documents to get the loans approved.
In parallel I received their construction and sale agreement. That agreement gave me the real picture. Its such an one sided agreement that even if you sneeze they will terminate the agreement and take 20% of the flat cost.
There is a clause that If I blog or write any negative review in internet against their company the agreement stands cancelled and no refund. Then I understood why no one has given any review about them online.
Another clause is that even after fully buying the property including the club membership, when I sell the property to any one, they have the right to charge any amount which they feel suitable at that time to do the transfer of membership to the next owner.( No cap for the amount)
They will start charging the maintenance fee from the date of hand over of the flat though all amenities will get ready only after 2 years from the date of hand over.
There is no time limit for providing occupancy certificate. They only says they will give it for sure.
There is a clause which says that they will pay penalty in case of delay beyond 6 months( after 4 years of agreed time). But everything under the sun which can cause a delay( like labour shortage, material shortage, legal issues etc.) have been excluded from the reason for delay.
The other surprising element was When I went for discussion on the clauses with their sales head, he himself first told me that such clauses cannot be there in the agreement. Then when he opened and saw that such clauses are there, he started justifying it. He told that no one looks at these clauses and nothing will happen so pls go ahead and sign it. I am not sure if it’s of no value why they should put everything in the agreement.
Now they have cancelled my booking and are have not returned my money also.
When I enquired I understand that they are not prompt in completing their projects. Their project in Hessragatta main road which was told to be ready by 2014 is still not fully ready.
So I would request you to be careful before booking or giving advance to this flat.