Hello,
Myself abir roy chowdhury from bangalore, a not so proud owner of flat no g0906 of godrej avenue, bangalore. I have visited godrej avenue construction site in first week of june 2018. Where i met mr. Ashish razak (Sales & marketing of godrej avenue, cell: [protected], [protected]), mr. Gourav kumar pandit (Cell:[protected]) and mr. Bharath (Sales – indiabulls home loans, cell: [protected]).
Mr. Ashish has explained me very nicely about the project and all other property related details. Also, he has shown us the one dummy flat for better transparency of flat interiors. I liked a 2 bhk flat (1219 sqft). Post our discussion, mr. Ashish has introduced me with mr. Bharath, who was from indiabulls home loans. I have been advised to take home loan from indiabulls, because godrej properties has tied up with indiabulls and there was no other banker present at the construction time.
Mr. Bharat has explained me about home loan structure (Entire process) and assured me that he can provide me 88% home loan towards the final cost of my property. I was not the only one there. There were many other buyers who were present at construction site and filling up the booking forms, also was consulting with mr. Bharath for housing loan and other aspects as well. I returned home post finishing my discussion with mr. Asish and mr. Bharath.
Later mr. Ashish keep doing follow up with us and sometimes his senior mr. Gaurav, for buying the property asap. He also sent me a cost sheet and blueprint of the flat in email on 18th june 2018. But i was little hesitating whether i can get 88% housing loan or not. Later, mr. Ashish spoke to mr. Bharat and his senior mr. Kameshwara reddy. V (Regional sales manager - home loans & mortgages, indiabulls housing finance limited, employee code – 110511, marathahalli, bangalore, +91 [protected] / +9180 –[protected].
I got a confirmation call from mr. Kameshwara that i can avail 88% home loan from indiabulls, also he has sent me an email stating as “this is with reference to the discussion we had with mr ashish of godrej – we hereby confirm you that we will process home loan amount equal to 88% of the total cost of property including gst & other components of the cost break up sheet provided by godrej for the flat purchase. We will not be including the legal fees in the cost sheet for loan amount calculation.”.
Mr. Kameshwara has asked me for few documents to process for loan sanction letter for me. I gave all the necessary documents to him and he has released the loan sanction letter to me on 20th june 2018.
The amount sanctioned was sanctioned for rs. 65 lakhs at 8.50% interest for 240 months.
Post receiving the confirmation sanction letter from indiabulls for providing 88% house loan for my flat, i have paid the 10 % of the total cost of my flat and booking amount to godrej avenue. The total cost of my property is rs. 74, 25, 358/- and i have paid rs. 51, 000 booking amounts (22nd june 2018 through internet allahabad bank e transfer) and rs. 666814/- (9th july 2018 through icici bank cheque no. 121919).
Let me inform you that, my tri-party agreement with indiabulls and godrej property has not done till date. I did follow up many times with indiabulls executives (Bharat & kameshwara) and they have informed me that it will be done when godrej raise the demand note for the next instalment. Recently, i came to know that the next demand draft will be raised by april /may (As informed by ms. Anu, my relationship manager of godrej properties). Therefore, i have contacted indiabulls to collect the documents from godrej. But when i discussed this thing with mr. Bharath from india bulls then i came to know that, because of current change in rbi regulations they don’t have fund to disburse and also they do not have confirmation whether they can disburse the loan amount after may 2019 or not. Mr. Lokesh from indiabulls (Cell: [protected]) contacted me two days back and informed me that they will shift my house loan to some other bank because they cannot disburse the loan amount. Also, ms. Anu (Relationship manager of godrej) advised me to take home loan from another bank and leave indiabulls.
Currently, i am in such tense situation that, i am not able to avail 88% housing loan from any reputed institution. I approached hdfc home loans, sbi, kotak, and icici and no banks can give me loan of 88% of my total cost of my flat. I consider this is a big fraudulence case and misconduct of business ethics towards this kind of situation. It is very shameful and pathetic that i personally approaching all the bank at last moment for home loans and do not get any positive solution.
On light of above series of consequences, please not that it is not fault from buyer’s end. Godrej properties and indiabulls should coordinate with each other and help their customers to protect their own image in this competitive market.
We are looking forward for your kind consideration and quick solution on this above matter. If we do not receive any further communication from either party (Godrej or indiabulls) till 8th march 2019, legal action needs to be taken in this regard towards misconduct of business ethics and harassment of customers towards buying godrej properties and advising to take home loan from indiabulls. Also, necessary action will be taken towards indiabulls housing loan for providing false promises to buyers for providing 88% housing loan (Includes approved home loan sanctioned letter) for buying properties, and later forcing customers to take home loans from other banks.
Kindly do the needful.
Regards,
Abir roy chowdhury
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