[Resolved]  IndiaBulls — Cosmos 3B-1003- Indiabulls Park Panvel

I entered into an agreement with Luciana Land Development (Formerly India bulls Green) in [year] to purchase a property located at [Property Address]. The agreement stipulated the terms and conditions, including the payment schedule and the promised completion date. In 2011, I made a payment equivalent to 20% of the total property value, as per the designated milestones.

Disturbingly, I recently discovered that Luciana Land Development (Formerly India bulls Green) had manipulated the payment records by partially posting the payment in 2016, thereby creating the illusion of legitimacy. It has now come to light that the company did not possess the requisite Real Estate (Regulation and Development) Act, 2016 (RERA) approval during the initial collection of funds in 2011. This deliberate misrepresentation and manipulation of financial records clearly demonstrate fraudulent intent.

Additionally, Luciana Land Development (Formerly India bulls Green) has consistently violated the provisions of RERA, which were put in place to safeguard the rights and interests of homebuyers. These violations include:

Failure to disclose the absence of RERA approval during the collection of 20% payment in 2011, thereby misleading buyers.
Fraudulent misrepresentation of the project milestone achieved in 2016 without having obtained the necessary RERA approval, thereby demonstrating a lack of transparency and accountability.
Continual refusal to provide photographic proof of the construction milestones and withholding of the construction plan, thereby violating the fundamental principles of fair business practices.
Non-compliance with the strict deadline for project completion, as per the RERA approval obtained in 2017, resulting in undue delay and uncertainty for homebuyers.
The financial loss incurred due to these fraudulent and deceptive practices is substantial. I have paid a total of 1.4 million rupees to Luciana Land Development (Formerly India bulls Green) since 2011. However, despite the passage of 12 years, the project remains unfinished, depriving me of a completed property. This prolonged delay has caused immense mental agony and distress, significantly impacting my quality of life and financial well-being.

My primary objective in filing this complaint is to protect innocent customers from falling victim to the unscrupulous practices of Luciana Land Development (Formerly India bulls Green). It is crucial to expose their fraudulent activities and hold them accountable for their actions. By doing so, we can prevent further financial and emotional harm to potential buyers considering engaging with this builder.
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Jun 19, 2023
Complaint marked as Resolved 
IndiaBulls customer support has been notified about the posted complaint.
Verified Support
May 19, 2023
IndiaBulls Customer Care's response
Respected Sir,

Greetings from Indiabulls!

We would like to connect with you in this regard. Request you to share your contact number or loan account number so that we can assist you better.

Regards,
Indiabulls Housing Finance Limited.
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