If anyone is planning to book Phase III in Medavakkam sholinganallur, please do not do so. We did a preferrential booking for a 2bhk in Feb 11 by paying 1 Lakh. They said they would have the plan approved in a week or two, but its been three months, they don’t have a plan yet.
Now in May 2011 they are asking for 20% downpayment of around 8 Lakhs immediately for some nonsensical reasons, even without the approved plan. They have no idea when plan will be approved but they are keen on extracting money. They aim to use the money collected from phaseIII customers to fund the construction of phase II, which is a typical ponzy scheme.
They are gracefully offering to refund the 1Lakh paid during pre-booking, which is a cheating because they are trying to sell the prebooked flats at a higher rate now. I heard about problems faced by people in Phase II, but I overlooked it because of the brand name of India bulls. But I realise I made a mistake. I suggest everyone to avoid this builder.
Whoever booked the flat, don’t pay any money until atleast the plan is approved, even if it needs a police complaint. I just started to hear other problems like lack of commitment to schedule where they overshoot schedule by atleast 6 months to 1 yr, unethical payment terms like taking most of the money well in advance before even starting the construction, and forcing unreasonable clauses in contact like building retaining ownership of club houses, asking extra monthly fees in addition to the 1lakh downpayment for club house usage by customers etc. Be careful with this builder. Regards