BILLION DOLLAR COMPANY or BILLION DOLLAR FRAUD???

Review On Sobha Developers, Bangalore

SUB: HARASSMENT BY BUILDER "SOBHA DEVELOPERS" About 18 months back Sobha developers announced launch of SOBHA SERENE project in Chennai. We booked a flat then worth about Rs 77, 00, 000/- and paid advance of Rs 3.00 lakhs. A bank loan of about Rs 58, 00, 000/- also was sanctioned by HDFC. Due to mismanagement, the project got delayed by about 18 months. The agreed payment mode was 10% initial payment+ Rs 58 lakhs bank loan+ 15% payment on handing over. We kept the 1st stage payment ready.

Please note that the appreciation of flats is highest in Chennai and is about 15 to 20% per year.

Recently they announced re launch of the SOBHA SERENE PROJECT. We were immediately asked to pay 25% as initial booking amount within one month, which is double of what was agreed for initially. We tried a lot but could not raise this amount in such a short notice. The company was indirectly forcing us to cancel the booking by saying that if the 25% payment was not paid, the booking would be cancelled. Finally after having undergone severe mental torture we cancelled the booking. SOBHA was indeed very happy to back the Rs 3.00 lakh advance with interest within a very short period. Their intention was to force us to cancel the booking so that they could re sell the flat at Rs 5, 800/- per square feet. (it was to be sold at about Rs 4400/- per sq.ft about 18 months back)

Please think about our ill fate as a buyer who just believed in SOBHA's reputation.

1) We have booked a flat at Sobha Serene for Rs 77, 00, 000/- about 1.5 year back. We have paid the booking advance of Rs 3, 00, 000/- Also got the bank loan amount of Rs 58, 00, 000/- sanctioned by HDFC. Further we kept ready the second stage payment of Rs. 5, 00, 000/- by getting another gold loan. This money was just parked till about 3 months back ready to make the first stage payment to Sobha.

2) Few of my colleagues who bought similar flats (worth about Rs 60 to 70 lakhs) last year with some other builders, are planning to shift to their new flats now. The price of these flats now has gone up by about 20 to 25% in Chennai. If we opt to cancel the Sobha flat and buy a new one it would cost us an additional Rs 15, 00, 000/- to Rs 20, 00, 000/-.

3) I am currently staying in a rented apartment (at Teynampet) paying about Rs 30, 000/- per month. As this project is delayed I need to shell out another Rs.3, 60, 000/- as rent till I get a new flat considering one year delay.

Can you imagine the price we have to pay for relying on the most reliable SOBHA DEVELOPERS?

1) One year interest for Rs 3, 00, 000/- : Approx Rs  36, 000/-

2) 8 month interest for Rs 5, 00, 000/-: Approx Rs  40, 000/-

3) Additional money if we go for a new similar flat today: Approx: Rs.  13, 00, 000/-

4) Additional rent we have to pay for another year: Approx: Rs.   3, 60, 000/-

NETT loss if we cancel the project with SOBHA: APPROX: Rs. 17, 36, 000/- + Mental Torture by SOBHA

Is there any rule/ regulation in India to bring these kind of frauds to justice. We are ordinary working class and do not have time and money to get into legal proceedings against these GIANT FRAUDS. But at least I have put in my efforts to expose those who claim to be "billion dollar companies" or rather "billion dollar frauds".

They basically target clients with black money and  hawala money and do not care about the ordinary working class who get  carried away by these “GREAT BILLION DOLLAR COMPANIES/ FRAUDS”.

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