Lodha Builders — Cheats
Lodha Builders are cheat no 1 in the Reality Industry and I request all the guys to be very careful before entering into any deals with the same. They speak to the customers very sweetly only before booking after booking you are finished. It is assured that their project will get delayed atleast by a year or two. While doing the booking they will not explain you the clause but one of them says the refund will be done as per the term of Lodha builders( which is nonsense) They are very sweet during booking even promising that in case we delay in giving you the possession we will pay you interest for the time of delay. The best lies is they told me that in case the price goes below the purchase price of the buyer they will compensate the difference, to the extend he even quoted examples of Lodha Builders have done that. But when the draft agreement comes you will not see any such clause. When asked they say well how on the earth can we put a clause like that on paper- what I explained you before booking was that we have that goodwill but can't put these things on paper. So it is like if on that day the boss of Lodha are happy they might give you back the price difference- All crap.
Once the booking is done after that they just don't care to even talk to you with a straight face. If you ask for draft copy of the agreement they will give it to you only after you pay 10%. And what do you see there Terms and condition of Lodha- On cancellation 10% ( cost of flat)of the amount will not be paid what ever may be the reason. The rest of the money will be paid in 12 equal installment are one year Which means if you cancel you loss 10% of the cost of the project plus you will only get your full money after 2year in 12 equal installments.
Look at how they cheat.
I did my booking in Aug 09 as per their contract we have to pay 10% by 15 days and another 10% by 30 days from the date of booking. Which means 20% by end of Sept 09. I was ready with my money but only put them a condition that I shall pay as along as they assure me that I can register the property soon after i make the payment. Since they couldn't do that( due to permission problem) I didn't pay the 2nd installment till April 10. But in April 10 they said now you can register the property so please make the payment So I paid them. But when I asked them to show me the relevant permission for the building they failed, So I told them then please remove the clause from the agreement which reads the buyer has seen all permission and has satisfied and in future will make no claim against the builder for the lack of same. Now they want to sign the agreement without having actual seen the permission. I refused and so till now my registration is not done.
Now imagine a situation where payment are done in time in Sept 09 Then these guys have 20% cost of teh flat almost 10 lakh RS, now there 28 floor and 4 flat per flat that is 112 flats that is they collect 11.20 crores and do nothing for almost a year. So the Lodha's are getting free money to roll in the market. Now this is the case of just 1 building in a flat. In casa univis they have 25 such building so it is about 25x112 = 2800 flats, Let us say they have 60% booking( they claim almost 85% is booked) that is 1680 flats and 10 lakhs from each flat it makes it 168 crore of free money for doing nothing.
Registration- Don't know how on earth can they register a flat which doesn't have relevant permission to build in place. In my case they have informed me that I can register the flat any time, but when I asked them to show me all relevant papers they say they don't have them.
So guys long and short please don't buy any property from Lodha and if you have already done the mistake please make sure u don't recommend Lodha to any of your friends and if you learn some one is trying to buy from Lodha please advice him not to do.
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Lodha Excelus, N.M. Joshi Marg, Mahalaxmi, Mumbai, Maharashtra, India - 400011
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