Sunday, November 8, 2015

Is Flat Buyers Direct Intervention The Only Solution for Marvel Realtors Problems?

Dear Flat Buyers, Use Your Professional Skills & Experience to Protect Your Investment in Marvel Realtors' Residential & Commercial Projects in Pune:


contractors on Dharana outside the offices of Marvel Realtors in Koregaon Park, Pune

Addict is never in a position to ask for help. It's responsibility of the spouse, parents & friends. Direct Intervention to help their dear ones - is their duty.

Same about our professional relationships.

When a builder is in serious trouble, the flat buyers must intervene. After all - the flat buyers are co-owners - stakeholders - partners of the project. Their investment is much more than the developer. Direct Intervention to resolve the issue is their responsibility.

True. When everything is running smoothly - you have the luxury of behaving like a consumer. But in rough times - to protect your investment - you have to take firm steps & help the builder. Without waiting for builder's call for help.



Look at Marvel Realtors - www.marvelrealtors.com . From 3rd November 2015, some 80 - 90 contractors are on Dharana outside the offices of Marvel Realtors in Koregaon Park, Pune. Demanding outstanding payments of their bills.

How much is outstanding? Only 15 Crores!

For how long? Nearly, 4 -5 months.

This is just the tip of the iceberg.

There are more than 2,000 big & small contractors. For the obvious reasons, only less than 100 decided to take steps to recover their dues.

Yes, of course, Marvel Realty is trying.

The contractors want their money today. Before Diwali, the contractors want to pay wages to their workers.

Marvel told the contractors - bills would be paid - only after Diwali.

We will continue our strike - Dharana - till all of us get our money. The contractors have announced.

Dear flat buyers in Marvel Realtors projects - Isn't this - loud & clear - cry for help?

As per the progress of construction - you have paid installments. Why is Marvel not paying the contractors?

It's your money. It's your business. You have to take action.

Your collective investment in Marvel Realtors is much more than any past investors - HDFC PMS, ICICI Prudential AMC, Capital First and Och-Ziff Capital - or current investors - Piramal Fund Management (three portfolios), Och-Ziff Capital (two deals) and ICICI Prudential (one portfolio) & IIFL Wealth Management.

Remember? Direct Intervention of the flat buyers in Mango Woods?

They were young first time home buyers.

You are high net worth - successful - experienced property buyers & investors.
For you, this is not a big challenge.
You can avoid financial meltdown.
You can protect your investment.
You can save one of the best builders in Pune.
And you can stop tsunami which can devastate entire Pune real estate market.
Please, do it.

Related Stories:


1) Boy killed in wall crash at hsg complex garden

2) Marvel Realtors — Marvel Realtors Racist company for Muslims

3) Marvel Realtors' Cascada Balewadi - Public Notice

4) City developer asked to bring down ‘objectionable’ hoarding

5) Poor Quality Construction & Service. Never buy

6) All that Glitters is not gold

7) Marvel - What you finally GET

8) Absolute change n corrections implied

9) Sub Standard Quality

10) Good Product BUT VERY POOR Post Sales Support

11) Cheats

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7 comments:

  1. " Dear flat buyers in Marvel Realtors projects - Isn't this - loud & clear - cry for help? "

    This is not cry for help but big sound of financial problems which is self created by builders due to over-leveraging which was driven by their never ending greed. This is true for all builders who are in same mess.

    " As per the progress of construction - you have paid installments. Why is Marvel not paying the contractors? "

    Because they have diverted that money elsewhere and perhaps it's now stuck there.
    Coupled with this is poor sales due to high prices which has severely hampered the cash flows of builders.

    The immediate solution is to slash the prices, increase the sales and improve the cash flows. However, a more permanent solution is to have more sound and customer centric business model which will automatically take care of everyone related to this field. Apart from this the Govt should pass the real estate regulator bill which will protect the interests of all stakeholders.

    The lesson for buyers is that in current time one should avoid under-construction projects and either buy ready to move flat or stay on rent.

    ReplyDelete
    Replies
    1. 1) "Apart from this the Govt should pass the real estate regulator bill which will protect the interests of all stakeholders."

      - Why Government? Why should government interfere so much, TheMonk?

      2) "The lesson for buyers is that in current time one should avoid under-construction projects and either buy ready to move flat or stay on rent" - I completely agree with you, TheMonk.

      Delete
    2. " Why Government? Why should government interfere so much, TheMonk? "

      Not Government, I said Govt should pass real estate regulator and not itself become a regulator. Just the way we have TRAI (Telecom Regulatory Authority of India) for telephone companies, we should have real estate regulator. Certainly, the cost of call drops is peanuts compared to price of property. The consumer court is redresses mechanism, not prevention of bad practices. Having such real estate regulator will help clean lot of bad elements in this sector as well as protect buyers from unscrupulous builders.

      Maximum cases in consumer courts are against builders -

      http://www.firstpost.com/investing/maximum-cases-in-consumer-courts-are-against-builders-819653.html

      6 things your builder can’t do but still does -

      http://www.moneycontrol.com/news/real-estate/6-things-your-builder-can`t-do_736424.html

      "I completely agree with you, TheMonk. "

      Thank you.

      Delete
    3. Yes, of course, Regulator would be good.

      However, those who book the flats - at the launch or at the under construction stage of the project - are not "consumers" of the builder. They invest in the venture. They are partners. Co-owners. Regulator is doing disservice to them by treating as consumers. Result is booking a flat is going to remain unsecured - risky investment.

      Delete
  2. I am an owner of a flat in Marvel Diva & till 6 months back was extremely happy with Marvel, be it their product, behavior or their services. Then I got to know that these guys have spread their resources into many areas, HAVE OVER TRADED & now are facing a solid cash flow problem. The society was maintained beautifully till about 6 months ago. Now suddenly he wants to let go & hand over all expenses to the residents, giving a months notice.
    Apart from this, as per the agreement, he has charged a one time maintenance charge, with clear details that he would be putting the amount in a separate bank account & the interest would be used to run the society. They have also mentioned that as & when the society is formed, the amount will be transferred to the society. They have also included that in case they fall short of funds they have the right to ask the flat owners for more money & IN CASE THE OWNERS REFUSE, then he could use the money collected.
    It seems he has used all the money, without asking any flat owners or even taking their permission.
    I want to know if we can take the Marvel guys to court & is this not a case for criminal investigation as he has frauded on money that was put in trust by us.
    Sincerely,
    Marzi

    ReplyDelete
    Replies
    1. If everything is properly mentioned in agreement & builder has viloated it, you can file not just criminal case against builder but also book him under MOFA, RERA & in consumer court.
      Please contact Grahak Panchyat, Pune. They will help you how to proceed on this issue further. You can contact them on 020-24460707.

      Also read Ravi's blog here -

      http://ravikarandeekarsblog.blogspot.in/2016/05/pune-flat-buyers-declare-war-on-builder-mafia-raaj.html

      Delete