Sale Agreement

[Dadi Raja Ramesh]

I have booked a 3 BHK in C block in March and have received the draft agreement of sale . The sale agreement seems to be completely in seller's favour when I compared the sale agreements from my previous apartment. I am not sure if anyone of you have suggested any changes to the the sale agreement.

I would like to get your views before signing the sale agreement.

Thanks

Ramesh

[Madhu Boyina]

Hello Ramesh

Appreciate your efforts in starting mailing group for Indiabulls Seirra project. I had booked 2.5 bhk in 'A' block last Aug. I had also received draft copy of sale agreement, did not go through it in detail. 

Do you have any updates on the project, it's almost an year and there seems to be zero progress, i heard still they are waiting for approvals and i seriously doubt if they are going to start any work this year.

If you have any updates please share. Did you visit the site in recent times? What is your view on the location, are there any new ventures coming up in this location.

Regards

Madhu

[Dadi Raja Ramesh]

Hi Madhu

I dont have any updates regarding the construction start etc. and I agree with you that they may not start the construction this year.

I live in US , but I think this location has growth potential( I visited it in 2013) and I relied on indiabulls brand to buy the flat here.

I request all of the buyers to go through the sale agreement properly before signing it. Per the agreement , we cant do anything even if the builders walks away after 2-3 years without starting the construction and we would loose the service tax amount that we have paid while making the payments ( 20%).

Also Idid not understand the undivided share of the land that they are going to register . 

Thanks

Ramesh

[Madhu Boyina]

Hello Ramesh

I also went by brand Indiabulls hoping it would be good investment option. I am based out of Dubai and planning to go for site visit next month. What i had came to know is they are some issues with approvals and it is worrisome that they are still not able to sort this out. Appreciate if you could please share the details (page no etc..) of the sale agreement where you had noticed issues.

Regards

Madhu

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Regards
Madhu Boyina

[Dadi Raja Ramesh]

Hi Madhu

Keep us posted on the status after your site visit . Also you can discuss about the sale deed clauses . 

Drop your india number and I will call you to discuss the sale deed .

Thanks

Ramesh

[Dadi Raja Ramesh]

Hi Madhu

Did you visit the site ??? 

Also I see a different version of the master plan in 99acres.com . The location of the club house seems to have changed .

Did you guys ask for the version of the master plan ???

Thanks

Ramesh

[Ravi Ogirala]

Hi, just an update, ground breaking ceremony was performed on site yesterday 8/22.
I'm not sure if this is to appease the customers or things are going to really move forward. Let' see.

Thanks
Ravi

[Dadi Raja Ramesh]

That's a great news ..Lets hope they would start the construction asap . It's been a long wait :-)

Thanks

Ramesh

[Raj Sadhanala]

Dear All,

I have received the draft sale agreement and it has absurd clauses which I can never sign it. Do you guys intend to sign it? The entire draft agreement is made just for promoters sake and it seems we are forced to sign off because of our 20% deposit.

Attached is the link which everyone should go through the unfair practices of builders and real estate developers. Each one of us can go against them or as a group.  If we happen to sign this sale agreement then there is not even one clause that protects the Purchaser. I agree that it is lot of effort and energy to go against and fight back but it can be a good experience to learn and help us in our future.

http://www.helplinelaw.com/real-estate-wills-probate-and-trust/RBRE/remedies-against-unfair-practices-of-builders-and-real-estate-developers.html

Let me know your views.

Regards

Raj

[Dadi Raja Ramesh]

Hi Raj

I dont intend to sign it as is , but unfortunately we are stuck because of the 20% payment. I checked with Indiabulls guys and they dont want to change the sale agreement clauses. This should be a collective effort ,not an individual effort . They would not care if I alone ask.

As I mentioned in my original post , my other apartment sale agreement protects both seller and buyer . This sale agreement is purely for sellers .

I request others to go through the sale agreement and post your views.

Thanks

Ramesh

[Raj Sadhanala]

Dear Ramesh,

I agree with you that we are stuck with 20% payment but that does not push us to sign the agreement where we don't have any protection. 

One of the funny point is that they can increase the number of floors later if they wish to.. like this many clauses. Lets see how we can proceed further, I am looking forward to hear from others too.

I will start to find out some leads on how to proceed with this issue as a start.

Regards

Raj

[Dadi Raja Ramesh]

Hello Everyone

Did you guys go through the sale deed ? Did anyone sign it ?

Please share your thoughts

Thanks

Ramesh

[Raj Sadhanala]

Dear Ramesh,

I have put it on hold for now with that agreement. I maybe engaging a lawyer shortly to settle this issue.  I am also keen to resale the flat if the agreement is not changed to be neutral for buyer and seller.

Regards

Raj

[Raj Sadhanala]

Dear All,

I am in Vizag now to discuss with Indiabulls team.

Does anyone have an idea of how 21% of undivided share has been calculated and it means how many square yards roughly. I will keep u updated on the outcome.

Cheers

Raj

[Dadi Raja Ramesh]

Hi Raj

What I understood from 21% UDS is that we would get 210 sq ft of land for 1000 sq ft flat . 

Please have a detailed discussion on the issues we have discussed earlier in the forum and also keep us posted on the constuction status.

Thanks

Ramesh

[Kumar Bethapudi]

Hi All,

I am planning to book a flat in indiabulls but just wondering if the sale deed issue are sorted out.

I live in Bangalore and will be in Vizag during the last week of dec. 

Could you please mention the changes (sale deed) that are required so that I can have a discussion with them during my visit?

Any help on this is appreciated. Thanks!

Regards,

Kumar B

On Saturday, December 19, 2015 at 8:37:17 PM UTC+5:30, Dadi Raja Ramesh wrote:

Hi Raj

What I understood from 21% UDS is that we would get 210 sq ft of land for 1000 sq ft flat . 

Please have a detailed discussion on the issues we have discussed earlier in the forum and also keep us posted on the cnstuction status.

[Dadi Raja Ramesh]

Hi Kumar

Not yet. The clauses are completely in sellers favour and wont protect us . I wish the new law standardizes the sale deeds as well.

Raj , what happened to your discussions with them . Any update? I did not sign the sale deed yet , but all of us will have to do it at some point later and we need to discuss this with the builder .

Thanks

Ramesh

[Raj Sadhanala]

Dear Ramesh,

I met them today again and it is still in dispute. Here is my plan of action, I am sending an email today to customer care and ceo and a reminder tomorrow. After that, I will engage a lawyer based on the clauses. Would you like to join me, please let me know. My contact number is 7093197927.

Dear Kumar,

My two cents, I would not recommend buying from Indiabulls due to the clauses. Please go through the Indiabulls Chennai how they raised the number of floors after the initial agreement. They are plenty of options in Vizag, please choose a right builder.

Regards

Raj

[Srinivas Challa]

Dear Raj,

I am Srinivas Challa booked a flat J-301 in Indiabulls Vizag Sierra in Sept 2014.

Did you pay the 3rd installment of 10% and with whom (from Indiabulls) have you initiated discussion on agreement? 

My contact no is 8008653131 and I am based in Hyderabad.

Regards,

Srinivas

[GOWRI SANKAR]

Hi

This is Gowri sankar,flat no-J202. I don't understand what is the issue by mentioning 21% undivided share of land in the sale agreement.

As per my calculation

Total flats= 14(towers)x14(floors)x3(flats per floor)= 588

Total land= 4.83 acers=23377 sq yards

Share of land for one flat= 23377/588=39 sq yards

As per sale agreement i get for my 1618 sq feet flat is 1618x21/100=339 sq feet=37 sq yards

What iam getting seem to be ok.If Iam wrong please correct me.

Thanks

Gowri Sankar
J202

[Dadi Raja Ramesh]

Hi Gowri

I am also assuming the same calculation. 

Any update on the sale deed queries and the latest progress?

thanks

Ramesh

[Srinivas Challa]

Hi,
I heard that indiabullls is modifying thr 21% of UDS to '307 sq. ft. of prportionate UDS'.
Is that correct? I dont know how to calculate the UDS. There is a standard formula to calculate it.

Regards,
Srinivas

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From: Dadi Raja Ramesh
Sent: ‎22-‎01-‎2016 08:27
To: Indiabulls Sierra
Subject: Re: Sale Agreement

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[Dadi Raja Ramesh]

Hello

Did anyone heard about the sale agreement further ? Did anyone sign it ?

Thanks

Ramesh

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[Raj Sadhanala]

I haven't signed it so far..

More home buyers are now willing to file cases against builders in NCDRC.

Lawyer Sahil Sethi has got over 25 calls since Tuesday morning from home buyers wanting to file cases against builders in the National Consumer Disputes Redressal Commission. They too want an order like the one Sethi got in a case he filed against builder Jaypee for delaying its Kalypso Court project in Noida.

The commission asked Jaypee to pay 12% interest for the delay and to complete the project by July 21, failing which it will have to pay Rs 5,000 per day per home as a penalty til .. 

Read more at:
http://economictimes.indiatimes.com/articleshow/52214767.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

[arg rao]

Hello, After this message below, I did not see any update on this. I have taken an apartment in E Block and I want to know if modified sale agreement can be done. I have paid 20% and now I have to do sale agreement. Please suggest

Thanks

Rao