I too have booked a flat in Tower 3 and was narrated the similar story at the time of booking. I received a call today from their sales office in Crossings confirming if I have received some call from corporate office regarding payment and loan from India Bulls. It seems something is wrong about their project in Crossing Republik.
FW: A new complaint has been registered complaint no. 0612000300
Important mainly because of the words in the message.
As discussed with over phone today. Youare requested to let us know your final decision by tomorrow evening i.e. 5thJune, 12 for continuance of your booking. Either get your loan sanctioned fromIndiabulls or take your money back.
Thanks & regards
Panchsheel Buildtech Pvt Ltd
H-169 Sector-63 Noida
Tel: 0120-4777700 Extn: 252
Sent: Monday, June 04, 2012 4:08PM
Subject: A new complaint has beenregistered complaint no. 0612000300
A new complaint has been registered against your company at CREDAI NCRs Complaints Portal. The details of the complaint are listed below. You are requested to kindly log in to your account and indicate the time that would be required in resolving the said complaint.
Complaint No. 0612000300
Complaint details. HI, I booked a flat in panchsheel wellington in Tower/Block 6 and unit number is 1502 A.When I gave booking amount(10%) they didn'y tell me that above floors are not approved by GDA.When I confirmed the same they said it will be done till june and we will not demand money till then.I was fine with this reply.But suddenly today I received a call from someone who works there.He told me to give 85% money as India Bulls has started giving the loan, And my loan has been sectioned (hdfc bank).but hdfc not funding above 11th floor, ).So my concern is 1)How can they ask money when project approval is still pending? 2)and how can they pressurise me for taking loan from India Bulls which I think is a big cheat even India bulls doesn't have complete papers of approval? Suppose in future if project is not approved then I will be in a great loss. Please help me...
Kindly indicate the time it will take to address the issues as highlighted above by clicking here. You may check the details of the complaint after indicating the time frame for redressal.
Best regard from the team at CREDAI NCR.
Panchsheel Buildtech Pvt. Ltd., Noida, India
Ashok, this seems to be serious. The silver lining is that you have only deposited 10% of the amount (save the 90%), you can write back to the builder asking for the license and other papers, file an RTI with Ghaziabad development authority asking for relevant papwerwork of Panchsheel ; Please don't take Loan from India Bulls or any other shady financial institutions, i took it from ING Vyasya and still repenting it, they are still at 14% (rest are in 10.5%) and they are asking for prepayment penalty for loan transfer (something that RBI has already abolished). Again, please hold on to your 90% w/o first ascertaining if this is legal or not . In case the structure is found out to be illegal, you will suffer the most, without any of your fault (the only fault that you went with Panchsheel ... like all of us)!
I am also facing the same problem . I have booked a flat 1805 in tower 5 but it is not approved by GDA.
Pancheel has fixed last date 30 June 2012 for payment of pending amount. They are not giving last date in written .They do not have any documents. All are these problems I am facing.
We should unite because we are shipping in same boat.
Just like everyone here, I am facing the same issue as well and I feel that we all have been cheated.
I booked a Flat in tower Six of Panchsheel, Wellington, Crossing Republic (payed 10%) in February this year and had the 85 % money (HDFC loan approved) ready when in March I got to about the incomplete approvals which was never told to me at the time of booking.
Now HDFC obviously didn't fund and got calls from Panchsheel Corporate office to get a loan sanctioned from India Bulls or take the 10% booking amount back which I obviously didn't do.
Just like Arun said above, we got to unite as we are in the same boat and take it forward to a positive conclusion.
Please finalize a date on which we all should visit Panchsheel together.