Mantri DSK pinnacle

Review On Mantri Developers, Bangalore

Mantri Developers launched this project in 2010 as a super luxury, high class, iconic project with lots of hype and fanfare.The delivery commitment was March 2014. Payment stages were related to casting of floor slabs. Floor slabs were cast very much on schedule, but balance works were not done at all. 95% payment was taken in April 2013 based on casting of last floor slab and reassuring possession by March 2014. However, after taking 95% payment, the balance works on the project were deliberately slowed down and till date(Sept 2015) there is no firm date or commitment to complete.

The CRMs are only making false promises and buying time. The top management are out of reach. They are not willing to answer any queries and address any concerns of customers. Meanwhile, the quality & specifications are also being compromised & downgraded unilaterally. Customers who booked in early 2010 and have paid huge amounts of money(in excess of 1 crore) by Apr-may 2013 are left in the lurch and suffering huge financial losses.

The agreement signed at the time of booking is totally one sided and heavily loaded against the purchaser, for example: compensation for delay is only Rs 3/- per sft(Rs. 6600 per month for 3BHK, equiv to a return of approx. 0.7% pa), whereas if the purchaser delays any installment, he has to pay 18%pa interest.

On one hand, the developer is not able to complete & deliver any of the ongoing projects, new projects are being launched every now and then with innovative schemes to lure & trap the common man, such as.double your investment in 3 years, No pre-emi till possession, etc. Till 2009-10, Mantri developers had good track record of quality & timely delivery but  now for reasons best known to them, they are not able to deliver. Anyone who is mulling investing in Mantri Projects, Beware!

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