Indiabulls-Greens – 2700 psf-18 Lakhs-685 sq ft-Medavakkam-Sholinganallur road

First, Let me hope this is not another Purva windermere in making. Its is know fact that Indiabulls is facing cash crunch with stock market taking a severe beating. I am not sure if this is game plan to just extract precious liquidity from people and use it for their own means.

Hope people learnt a lesson from purva’s. Is it a good idea to cancel Purva,DLF and buy this???. All i can say is ….’WISH YOU BEST OF LUCK’

Coming to point, Indiabulls has started a new project in OMR,- Greens starting 2700 sq ft. Off Omr,Medavakkam-Sholinganallur road. Details are as below.

We are excited to offer a prestigious residential project with budget starting as low as INR 18.5 Lakhs* just near the ELCOT SEZ, off Old Mahabalipuram Road , Shollinganallur.
As a special inaugural offer, the subject site is being offered @ INR 2700 Per Sft** with no elements of preferential floor raise in the higher floor levels.
To avail this special invitation, do write into us / call for the Project teaser.
Looking forward to hear from you on your interest in the subject property

Project details:
· Total project spread over 15.9 acres
· Total 37 blocks with G+6 floors, 4 flats per floor
· 1, 2 and 3 BHK flats (685 sq ft to 1615 sq ft)
· Each block has 2 lifts servicing 28 apartments
· Total about 900 apartments

Project USP’s
· Designed by world renowned architect – RSP
· Most flats Vaastu compliant
· Vehicle free podium, all parking in basement
· More than 70% open and green area
· 75% of apartments with no common walls

Amenities:
· Gymnasium, Health Club,
· Swimming Pool, Childrens Play Area, Landscaped Gardens
· Indoor games, Security CCTV.
· Space for Creche/ Play school, Health Centre, Supermarket.
Pricing details

Basic Selling Price (BSP) Rs. 2700/sft Rs.
2710 / sft for 4/5/6th floor Preferential Location Charges: Rs.50/sft
Covered car Park Rs 2,00,000
Club Membership Rs 75,000
E.B. / Water deposits Rs 50,000
Maintenance Rs 25 per sq ft for 2 years Reg, VAT and service tax On actuals

Booking details
Booking amount:
1 BHK apartment: 1.5 lacs
2 BHK apartment: 2 lacs
3 BHK apartment: 3 lacs

Cheque needs to be drawn in favour of “Selene Estate limited-Chennai” .(who are they????)
Payment schedule:
Within 30 days of booking- 15% less the booking amount
Remaining 85% in installments linked to construction progress.

195 Comments

  1. kavitha

    Today 25 feb 2012, I had called India bulls and enquired about Phase # 3 chennai @ perumbakkam area .

    As i had booked with 10% amount and my Booking rate in India Bulls 3 was 2800 PSf since 2011 FEB.

    The reply was within 2 months they can come with a Positive reply and they are sure they will get approval for Phase 3 from government .

    Waiting ,..

    What I understand is that the Phase II six floors approval can be got by them, But They want it as 19 floors construction approval and term PHASE 2 as PHase 3.

  2. kavitha

    I called The Office IB green Phase 3 ( 2f Feb 2102) @ Perumbakam. The latest info is that they can get approval By 2months time as they want Phase 2 with six floors further to convert it to get approval for 19 floors construction.

  3. kavitha

    Is Mono rail project reaching Perumbakam area or sholinganlaur Junction?

  4. kavitha

    Today i enquired the latest status of Phase 3 India bulls green chennai, the reply from India Bulls marketing team was that the project is getting delayed endlessly.
    India bulls
    will communicate within a week. Comments please

  5. samy

    Thank you kavitha for the latest information.

  6. vbj

    I have a booking in phase 3.

    Visited the site couple of days back. External plastering work was going on for phase 1 & foundation for phase 2 seemed almost through. When checked with the sales team, the plans to proceed with phase 3 is on hold and we would get some feedback from the IB team shortly. But i’m still awaiting for some communication from their side. Anyone has further updates pls. share. Im stuck with this project and even thinking of moving out, but at what price. Will it be justifiable. Pls. advice.

  7. Prince

    Hi..heard that Indiabulls is going to refund all phase 3 bookings along with 12% interest as they are not getting approvals and they cannot commit a timeline. Even for phase 2 they supposedly have got a GO and are expecting the planning permit in few weeks. So better start looking out for other options is my guess.

  8. Jeyaraman

    Friday , i had called Prabhavathi madam, for status on Indiabulls Phase 3 , She replied a news will reach to you on two days , Hopefully monday.

    After long waits and repeated phone calls the project getting dropped seems disgusting …

    Hopefully they give back 12 % interest.
    India bulls Not OK

  9. vbj

    Prince, True. They have confirmed the phase 3 bookings will be returned back with 12% interest. This is not right and even if we accept and start looking for a new home we will have to pay additional 15-20 lakhs for the same sized investment. All this increase in within the last 1 year and IB has robbed us of this money. Any other people booked in phase 3 pls. suggest a way forward and give in ur comments.

  10. Jeyaraman

    Actually They booked us at rate of 2800 Persqft so we gave them 10% of booking amount. Since we knew other properties are appreciated we just waited.
    Now they gave money to us and they can open booking price later at 3900 Per SqFT.

    Unfair.

  11. Jeyaraman

    I have recived the mail that will be submitt me the booking amount with 12 % interest . India Bulls have Cheated all of us.

  12. ravi

    i also booked the flat in phase3, to-day they sent the letter stating that they are cancelling the agreement and send the payment within this month shall we go for legal aution through consumr court

  13. Amrit

    All – Yes, This is true, as I got a formal notification saying that land acquired for Phase 3 have some issues and company has decided to refund the entire money paid by the customer along with @ 12% per annum. They shall remit the amount of refund into respective bank account as per the details available with them on or before 31st Mar’12.

    Share your experience and a way forward approach. Thanks

  14. Prince

    Well i think the best approach is to get your money back and also look to identifying another property. 

  15. vbj

    Getting the money back is good. But what about the compensation for the 1 year incremental property costs. We need to demand for a higher value to compensate for our losses.

  16. avp

    Dear All ….I also booked unfortunately with this Phase 3 and got the formal communication that they are going to return back the money with 12% intrest. All our time/money wasted for the last 1 year. We need to pay extra 20-25lacs now if we need to search a property and also we need to start right from the scratch again for seaching ….Getting the money refunded is fine…as earlier said but what about the compensation?? Had it been a year ago we had lot of same options with other good builders as well….now u have options less…either u land up paying more for less sq.feet area…which means a huge loss for all of us…we need to actually form a group and put out the concerns directly and talk to them…approaching by one or two persons will not help and will not be taken for seriosuly… all think about it….and we all can take it forward….lets bring our friends who are effected by this and then we can work it out and put our concerns forward directly to them as a huge mass group…talking to these customer care guys or sending mails will not be considered for sure….this should be heard to their top management…who knows after a year or so these guys may sell Phase 3 for 4000+ bucks for a sq.feet and make the profit….while they close our bookings and they start of fresh all again…so who is the loser here ??? They or We?? Lets all keep posting the updates or communications through this blog….and take the necessary action of possible….scrapping a project afte one year of holding is not at all acceptable…need to get a fair compensation….

  17. Shruthi

    Hello. Does anyone has news on phase 2? Did they get approval for it? Customer service is too bad and last time we talked to them the approval is still pending. In a dillemma whether to retain the booking. Please advice.

  18. Shruthi

    What is the status on phase2? does anyone know if they got approval for it? Last time we talked to customer care they said few blocks from phase 2 are removed. Please advice.

  19. Prince

    Well I tried my best to see what more I could extract in terms of a better compensation but no luck. They have clearly told me that this is the best they can do. In fact as per the booking form they are supposed to pay only 6% interest but they have given 12% the company people told me. I have taken my money back and have started hunting for other properties. 

  20. vbj

    True. We were foolish enought to sign on the application blindly. The last clause in the form for an arbitration has ruled out any possibility of legal procedures against IB.
    These are learnings for the future. All the best.

  21. supraja

    Hi all,

     Last week some phase 2 owners met IB and the update is they showed some Govt order which has 7 floor approval. Please join indiabulls greens google groups.

  22. Kamesh

    Hello Friends,
    we invested 8 Lakhs in India bulls for Phase 2. its been 19months now, still we didn’t hear anything from them. looking at this thread i am really scared if my investment worth it. does anyone have any idea on the Phase 2 project.

    Please let me know and lets pass on the message of india bulls being worst in this field to all our friends so they don’t loose their money and time.

    they initially promised to proceed for first 6 floors and now they want to plan for 19 floors.

    Regards,
    Kamesh

  23. vbj

    Kamesh,

    lot of IB owners are registered in common floor IB page & google groups. u can check there for upates on IB.

  24. Tamil

    Hi ,
    I have booked an apartment in IB – Phase 2. Pls lemme know the status of the project.

    Thanks.

  25. ganesh

    Has anybody booked a flat in phase1, can you please update the current status and the completion date ?

    Thanks.

  26. Rani Sudhir

    We have booking with India Bulls second phase .. recently received the payment notification. I am not sure whether they have received the approval for phase 2. In a dilemma whether to trust them or cancel the booking. The cancellation clause are also favoring teh builders.. :( really disppointed.

    It was not a wise decision made to go with india bulls..regretting for that..

  27. Hari

    Phase 1 ; almost all the civil has been completed an year ago. but the final finishing with plastering work is extending beyond limit. inbetween ECCI contract also been cancelled. I am not sure who is the new contract and what is his reputation. When ECCI was in place, the civil work went tremendously fast. With the recent contract no one knows what will be the handover date. it seems it takes another six months to complete phase 1 construction. they are operating with out any manpower. also the quality of job is very poor. not sure how IB is going to assure about the quality.

  28. Hari

    phase 2; IB is quoting that it will pursue with 19 floor in future. think of even for 6 floor they are going to two years from now. in case of 19 floor, if you are ready to wait for another two more years, then you can proceed further.
    from my side, i would not even advise to deal with IB. better to look with other renowed builders.

  29. VG

    Today I got mail from Indiabulls Phase II that they are going ahead with 7 floors of construction and has called for agreement proceedings. Looks like a good news finally for Phase II customers. Not sure about the handover though, as they are still hoping to get approval for 19 floors.

  30. Velan

    What is the status of Phase-II?? Last time I checked about six months back, they were not selling anything above the seventh floor for Phase-II. Have they started selling the rest?? How about approvals above the seventh floor??

    Thanks in advance!

  31. kamesh

    Guys — please join the active IB owners forum ( Phase 1 & Phase II)

    : http://groups.google.com/group/IB-Greens/topics

  32. Hari

    Guys ! dont weven think of India bulls. think of some better options.
    IB has lost their reputation in Chennai. If someone has waste money, then better drop in the IB well and forget it.

  33. Vinoth

    Hi All,

    I bought an apartment in IB phase I. Last week i received a mail saying that 

    There has been a marginal increase in the Super Area of your Apartment, the details of which are provided in Annexure A.  We wish to draw your attention to the terms of the Construction Agreement (clause 2.1 and 25.1) whereby, it has been agreed that any change in the Super Area of Apartment booked, is chargeable at the original booking rate and same shall be paid by the Purchaser.

    Now they are asking me to pay for additional 115 sq.ft of common area chargeable at the original booking rate. Its really pathetic, how can they ask for additional 115sq.ft of amount without an increase in carpet area… 

    How can we approach this issue… I would like to bring this issue to all your attention and combine as a group and take it forward legally.. If you are also one of the buyer facing such issue send me an email, we will work together legally and face the issue. 

    vinkumrect@gmail.com

    Thanks and Regards,
    Vinothkumar Balasubramanian

  34. Navin

    I received a similar mail mentioning increase in super area and asking to pay about 3.89 L additional to proceed with sale deed/registration formalities. They are not confirming the occupation date and have delayed endlessly. Not sure how to proceed on this.

  35. Vinoth

    Hi Navin,

    Join this group, we all are planned to go with legal route… You will get to know more details when u join this group…

    https://groups.google.com/forum/?fromgroups#!forum/ib-greens

  36. john solomon

    I have tried to join the google groups, am not able to jin the group. I have booked E4-104. Kindly add mine in this group with solomonsweet16@gmail.com

  37. Ashok Murugan

    I am one of the flat owner in India Bulls Greens, Chennai. Kindly add me as a member in google groups to participate in forums. My Email Id is acmurugan@gmail.com

  38. sridhar

    Folks – I have bought an apartment in IB phase 1 . till date the completion and handover date is not known. Their quality is pathetic . there is water seepage in the apartment and i have sent multiple emails to their customer service team and i have had no response from them. they were supposed to handover by september 2012 but till date no clue on the status. pls refrain from buying from IB property. all those builders who started after IB have finished and have handed over. They are inexperienced and it clearly shows in the building and their quality. Never buy any from IB atleast in Chennai.

  39. Sankar

    I am one of those unfortunate ones who has booked in India bulls phase 2 and had to cancel it. The best part of this project is there is always pending approvals and hidden information that escalates with time.some of friends are looking at consumer courts to retaliate from such unethical corporate morons. This is just a piece of information and awareness creation amount ppl who would want to book a flat here.
    Be smart be afraid ……………

  40. Dear friends,
    Yesterday I received a mail demanding 20% of total  installment for “Internal Plastering”. 
    (amounting 70% of total payment ) If any other customer is asked to pay for “Internal plastering”. When they claim they will go for 19 floors, what is the urgency at this stage to go for “internal plastering”. Friends may comment please

  41. Venkat S

    I booked E1- 501 in IB pahse 2 last month without knowing anything,, I paid Rs.3 Lakhs for booking in 20:80 Scheme. No EMi/Interrest until posession. What should I do now?

  42. T Sivasankaran

    Do not expect wonders in IB. If they commit a price, there will be 20% more you may have to pay towards the end. Facilities are not provided as promised I am staying inside now and wonder how an experienced promoter can deliver such a worse product. Design, finish, electrical items are not worth mentioning In fact they are bad Service is very poor Phase 2 or phase 3 will take 5 to 10 years time in fact I booked in 2008 and got it in 2013 in unfinished stage

  43. Raju

    Venkat S: What proce you have booked .
    What is the current price IB is quating for Ph2 ?

  44. MAT MALY

    Pls. do not burn your hands with IB. If any issues to be addressed you will not even know whom you need to talk to . Even after 5 years I dont know whom to talk to.
    They promise & even documented proof can not be claimed. Cheap builder. Worst experience.  The buildings have problem in structure itself. They are not efficient in converting papers in to real construction in quality. Inefficient work force. IB staffs dont even stay with them as they are not given proper responsibilities or duties. Don’t go with this in experienced people. Pls. try meeting the residents of phase 1 to experience it yourself.

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