|Pay only 10 per cent now, Balance on Possession - Vilas Javdekar Developers' Offer|
Last weekend when I saw M/s Vilas Javdekar Developers' ad of "Pay only 10 per cent now, Balance on Possession", I said to myself - "WOW! How 'liberal' we are!! We all are free to commit a crime in broad daylight."
Not only politicians & builders but, - any 'white collar - middle class - salaried - common man' - feels free to commit a crime - confidently & proudly - individually or collectively - without bothering about punishment.
Because we all believe that there isn't anything like 'Crime & Punishment'. There are only 'Irregularities'.
And, we all know that, irregularities can be regularized. Not only a few buildings in Pune, PCMC & Thane but - an entire city of Lavasa - can be regularized.
Here, M/s Vilas Javdekar Developers (www.javdekars.com) is trying to collect only a few crores of rupees from a few home buyers.
Against the pre-launch offer of 1 BHK, 2 BHK & 3 BHK Flats in Yashwin at Baner-Sus, 2 BHK & 3 BHK Flats in Pallasio Towers at Wakad, 1 BHK, 2 BHK & 3 BHK Flats in Palash Boulevard at Pirangut and 2 BHK Flat in Yashwant at Kolhapur.
M/s Vilas Javdekar Developers is trying to collect a few crores of rupees - against the flats - they can not construct.
M/s Vilas Javdekar Developers is trying to collect a few crores of rupees - against the terms of payment - they can not offer.
So what? Who bothers!
Those property buyers - who are going to give away their 10 per cent contribution - know it well that -
legally it is not possible for M/s Vilas Javdekar Developers to fulfill the promise -
deliver their flats - on these payment terms - without necessary sanctions & approvals of the respective authorities.
Vilas Javdekar has to bend some rules - break some law - commit some crime - to give possession of these flats.
And that's what these property buyers like about 'crime'. Crime pays.
That's why behind every success there is a crime.
So, I was sure, no Pune property buyer can afford to refuse M/s Vilas Javdekar Developers offer - "Pay only 10 per cent now, Balance on Possession".
Result is - in the next few days - M/s Vilas Javdekar Developers (www.javdekars.com) would be richer by a few crores of rupees and a few Pune property buyers - empty but happy.
A Criminal is not Born but Made:
To find out the property prices, when I was about to call 92600 10000, call-center number of Vilas Javdekar Developers, Mr. Aditya Vilas Javdekar himself called me.
"Is slowdown - so serious - in Pune real estate market? - was my instant reaction," was my answer to Mr. Aditya's question about his ad.
"You know better," said Aditya.
"Is 20 per cent own contribution major problem?," I asked.
"One of the major problems - today's first time home buyer faces - his eligibility for a home loan is good - but, because - he doesn't have necessary 'own contribution' - he can not book a flat - when the property rates are basic - minimum - lowest. Means, at the launch or pre-launch stage. By the time - he collects 25 per cent of all inclusive property price - and is ready to book - rates have gone up - mostly gone beyond his budget," said Aditya.
"10 per cent makes him possible to book - now," I said.
"Right. Now. Because he knows - now or never," said Aditya.
"Now or never - even at Sus & Pirangut?," I asked.
"Everywhere...even at Kolhapur! Plus, this offer is not only about paying own contribution in 2 installments - 10 % now + 10 % at the time of possession - say, after 2 years - it's about "no pre-emi till possession" too - considering the ever increasing cost of living - how can one afford to pay both - "rent + pre-emi"? Till possession - for minimum 2 years - very difficult," said Aditya.
"Aditya - sounds okay - plus, since you have delivered - at the time of Palash 2 - in the last recession - looks possible too - but why now - when you do not have necessary sanction & approvals? I am against Pre-launch offers - because thousands of property buyers in Pune are suffering - waiting for years - they can't cancel - they don't have money - so they can't book in any ongoing project - so most of the pre-launch offers are scams - ponzi schemes, " I said and asked, "How can you prove that your intentions are good?"
"Look at my track record - my transparency - stage of sanctioning process. What more you want? What more can I offer?," said Aditya.
"Okay - thanks for calling - still wondering why you called!," I said.
"I was at my call-center - 92600 10000 - listening - even answered a few calls - response is positive - of course - lot of explanation - information - is needed - given - then thought of you & called," said Aditya.
"Thanks - nice talking to you - you know what? - I was trying to call 92600 10000 - let me try again - bye," I said & hung up.
At last, I got the call-center number of M/s Vilas Javdekar Developers - 92600 10000. I said, "I am interested in Pirangut - Palash Boulevard - but first - explain the offer"
The call-center executive explained Vilas Javdekar Developers' offer in brief and suggested to visit the site for more information.
"Certainly. However, before visiting the site - I would like to see the document between the builder and the bank - which will give me assurance that the bank is ready for these terms of payment - 10 per cent now - balance on possession," I said.
"Yes, of course, you can ask for that - when you visit the site office," the call-center executive said.
We all know what happened at the launch of Xrbia! To gain authenticity for it's 20:80 scheme - the launch ad and the website of Xrbia created - an impression that State Bank of India (SBI) - has agreed to give ADF - Advance Disbursement Facility!
Of course, in their advertisement, M/s Vilas Javdekar Developers hadn't mentioned the name of any bank - which is ready to give 80 per cent home loan on the terms of "Pay only 10 per cent now, Balance on Possession".
But, before giving our 10 per cent - it's our duty to confirm that - the bank has agreed - and has given "official & authentic" permission - consent - to the builder - to give this offer to the property buyers and collect 10 per cent of all inclusive property price. Right?
My wife expects that I should get her consent before I invite my friends for a dinner party at my home. Same rule is applicable to her too. At my home, no one invites before talking to other - not because out of worry - what if she refused to cook - I had to spend more to order from a hotel - but, because, inviting someone for dinner is a joint decision - joint authority - joint responsibility.
Same about builder and bank. Without agreement - without consent - of the bank - no builder can give any offer about housing finance. Certainly, not about "Own Contribution". Right?
To get the consent letter of the bank, I went to M/s Vilas Javdekar Developers office at Kothrud. The receptionist didn't understand what I wanted, but she was smart enough to arrange my meeting with the right person in the office.
"Please, give me the copy of the document which authorizes M/s Vilas Javdekar Developers to give "Pay only 10 per cent now, Balance on Possession" offer, " I said to the right person - who, I knew, is the 'right hand' of the builder.
"Why? Why do you want confirmation from the bank? Don't you know us? Don't you know that we would not have given this offer if the banks were not ready?," said 'right hand' of the builder.
"Yes, I know you. That's why I am here. I know that this is not some ponzi scheme. This is a genuine offer from a professional - creative - customer friendly - builder. Still, you know that without the consent of the bank - no builder can give any offer about home loan and - collect 10 per cent of the all inclusive property price," I said.
"Not fair! You don't object - when someone launches a project - without necessary sanctions & approvals - and collects 20 per cent. But, you demand proof from your friend," said 'right hand' of the builder.
"Because, I know that my friend is not a typical Pune builder!," I said.
The 'right hand' of the builder called Mr. Aditya Vilas Javdekar and told him what I wanted. After a few minutes, Aditya called me and said, "I don't have any document - the banks are not ready to give their consent in writing - you know why"
"Yes, I know. Because this offer is illegal. Banks can't give home loan on these terms. I knew that. That's why I was asking for the consent letter," I said.
"It's not - illegal. It's deviation. A variation. Little different from the standard practice," said Mr. Aditya Vilas Javdekar.
"Yes! You are right. Deviation. Irregularities. You know? I am not against you. But, certainly, I am against your offer, " I said and asked, "Will you, please, give me video interview which explains your side? Irrespective of my views - sharing information is my job!"
"Yes. And you do it quite well. That's why I called you!," said Mr. Aditya Vilas Javdekar and gave me time for this video interview:
Contact Vilas Javdekar Developers:
92600 10000 / firstname.lastname@example.org / www.javdekars.com
What happens if a lender takes over a housing project?
Last month, the State Bank of India took over a housing project in Kolkata because the developer had defaulted on repayment of dues to the tune of Rs 176 crore. The Teen Kanya project was promoted by the Bengal Shelter Housing Development, a joint venture in which the state housing board has 49% stake. Therefore, its repossession by the SBI has come as a shock for the 400-odd families that have invested in the project.
Most of the buyers had put money in the project because the state housing board was involved. The project is only half complete and the investors are now contemplating legal action to safeguard their investments.
The incident brings into focus the RBI's decision to stop builders from offering 80:20 schemes. Under these schemes, the buyer services only 20% of the loan for the property while the developer pays the interest on the balance till the property is ready. The RBI warned that if the developer defaults on the interest payment, the buyer would suffer because the loan was in his name.
What are the options available to a buyer if a lender repossesses a property due to default in payment? Legal experts and housing professionals contend that the lender does have first right over the project. Let us look at the issues involved. Read More
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