Mahagun Mascot Review - Pathetic Investment

Review On Mahagun Group, Ghaziabad

It has been one of the most unfortunate decisions of my life to book Flat at Mahagun Mascot – OSIMO 1317 in the name of Mohit Sharma R/O Sector 82, Noida – 201 304. Mahagun Mascot Flat was supposed to be handed over in March 2010 and has not been handed over till date.

I was categorically shown the track record of Mahagun India company for timely possession and their company motto – “We Deliver What We Commit” and I made the decision to book flat at Crossings Republic Project at higher price with respect to other builders in the region – a decision that I currently regret.

My considerable life savings have been invested and now stay – badly stuck up in their project as till date I have no commitment/written/oral Confirmation from Ms/ Mahagun India Pvt. Ltd. about when my Flat – OSIMO 1317 will be handed over to me. Builders logic that due to commonwealth games labor was not available falls flat as many projects which started later are now finished and delivered to customer around an year back - classic example Crossings builders flat. The project got delayed because the builder kept increasing the number of flats in the project due to great demand at that point of time - launching one tower after the another.

I believe they knew at the very outset that project would be delayed and we will handle that by distributing cheque. However, During the entire duration of delay and till date - I ended up paying EMI as well as Rent. And I am sure there will be many more like me.

I draw your kind attention towards the following figures:-

Flat Over Due Duration From June 2010 to Dec 2011 – Eighteen (18) Months

Interest Cheques Provided to me by Ms. Mahagun (June 2010 – April 2011) :-

1. INR 15, 500/- x 10 = INR 155, 000/-

Mahagun Mascot People take great pride in telling that we disbursed the cheques - big deal. They already have close to 80% flats sold out which clearly means that they have close to 90% of all money already paid to them.

Do the maths - I m not sure but I guess (n believe it too) it is not coming out of their pockets for sure...

I will just share my scenario here.

Expenses Incurred by me :

1. Bank EMI - INR 18, 500/- x 18 = INR 333, 000/-

   
   




2. Rent Paid (since that flat’s possession has not been given to me as promised by Ms. Mahagun India Pvt. Ltd.) = INR 306, 000/-

   
   

I would again like to re-iterate that till date, after repeated follow ups, n number of emails and personal visit to their office - I have no commitment/written/oral Confirmation from Ms. Mahagun India Pvt. Ltd. about when my Flat – OSIMO 1317 will be handed over to me.

I have taken loan from Syndicate Bank and the bank is considering to increase the Interest Rate and the Flat Possession and Registry, and subsequent Mortgage to the Bank has not happened till date.

Due to Non-Possession of Flat OSIMO 1317 on time, I have incurred additional investment of INR 151, 000/- till date and if the Flat Possession does not happen till December 2011, I will continue to make additional, totally avoidable investments.

On top of it, I received a call from their side that I need to make additional payments close to INR 350, 000/- (due at the time of possession of the Flat) right away, which is justified as per the contract but totally unacceptable in the current circumstances.

All Mahagun Mascot Customer Care reps say is you pay the balance amount - possession would follow sometime soon - and we cannot say exact date.

On top of it, they claim to be ISO 9000 company but let me tell they dont even have a process to handle customer complaint.

AGM Customer Care for Mahagun Mascot says she does not know about the complaint where as I have a receiving copy for Nov 7, 2011 and she has that copy too in my file but still, since they do not have a process - the letter stayed in file and would have stayed there if I had not bothered to go to their office.

And they also have a demand letter for funds tucked in right after that. There are 20 calls made to check up on that but not a single call to reply to my complaint.

How they got that ISO certificate is anybody's guess now :)

Mahagun Mascot AGM I met today Dec 14, 2011 - very courteous lady but like a robot - only thing she is keen on is YOU PAY BALANCE MONEY and you cannot do anything about our company as your money is stuck.

She does not know the dates as that will come from construction department.

She promises that I will get a reply from concerned department - I am waiting.

As I would be traveling out of country again and I will not find much time to follow up with them and of course, they would be charging me interest for the outstanding amount....

So, its anybody's guess - sadly but to cut losses, I will have to make the payment - She is right, I guess... punishment must be served for trusting a local brand like Mahagun India Pvt. Ltd.

I will, like many others make the payment for Mahagun Mascot Flat but possibly government should have a obdusman kind of a body for real estate as well so that consumers like us should not be treated for a ride by builders like Mahagun by keeping cleverly worded contracts and sweet talks by Sales Reps.

Warm Regards,

Mohit Sharma

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