I booked a flat (phase 2/44-201) in Feb 2013 with Indiabulls Real Estate Limited (Symbol: IBREALESTISIN: INE069I01010) for which booking was started around Nov 2010 and they told me that phase 1 bookings are complete and no flat is available in phase 1 and phase 2 will be much better product with an international school, club moss, police station, a very big mall and a hospital and construction for phase 2 is just going to start next month (with possession date as Dec 2016) and you will never get same rate again so I have to book today and sign on a standard template for application form. 4 years of start booking, Indiabulls now says that phase 2 might not ever happen and it is entirely on customer’s risk and want us to shift to phase 1 (with no same area flat in phase 1, demanding more money or exit on 12% interest on principal part of our payment, which amounts to nearly 3% on total amount of flat). I have been cheated by them badly and all my dreams of owning a house stand scattered as I can’t book another house with kind of exit money they are giving me as prices have already gone north in area and neither they are ready to answer any question on amenities if we shift to phase 1 with extra money. This is entirely a loot by big shark like Indiabulls thinking that it is her right to gulp small fishes like us. I am badly stuck with Indiabulls and want to aware people about the big fraud they are doing. Following are some of the clauses from application form (thankfully I have not signed an agreement form which might have left me with no option at all):
1. Clause number 7, If there is any change in location, preferential location, boundaries or carpet area of said apartment, the same shall be binding on applicant/consumer.
2. Clause number 9, all the rights including the common area and facilities and amenities therein, shall vest solely with the Indiabulls. Further Indiabulls could give common area rights to a third party by way of sale, transfer, lease, collaboration, join venture, operation and management.
3. Clause number 17, cancellation before approvals – 5% deduction, after approval – 10% deduction and after signing of agreement – 15%.
4. Clause number 26, customer/consumer can’t sell (transfer, assign) the flat till the society (Body Corporate) is formed. If customer wants to sell before formation of corporate body and before getting possession, he/she will have to give 15% of purchase value to Indiabulls or 5% after getting the possession of the flat.
5. Clause number 28, Indiabulls can change available FSI/TDR and master plan may undergo changes due to that.
6. Clause number 29, if there is a change in plan and variation of more than 10% of carpet area, consumer/customer can cancel the reservation without any penalty or interest being payable by either party.
7. Clause number 30, if company is unable to execute agreement of sale for any legal issues, then the company may at its sole discretion cancel the provisional reservation by giving simple interst 6% per annum.
8. Clause number 40, Indiabulls at its sole discretion, may decide not to allot any or all the apartments in project to anybody or altogether decide to put in abeyance the project itself.