Mantri Developers Complaints & Reviews

I had booked the mantri webcity apartment in june 2014 and it was supposed to be completed by july 2017. However, till date the timeline has increased to over 3 years delay. I have paid more than 3/4th of the total cost and now they are demanding more payment for slab completion and the expected completion year is 2020. I request for a refund of my money paid so far along with a minimum interest based on the normal bank rate as the expected completion is still not known and i do not want to pay more money.

Irresponsible bruts of the first order, no professional behaviour they are holding my amount for nearly 16 months and even to this date don't know when it would be returned. They care nothing for customer issues/complaints. Am writing directly to snehal mantri, and seems she doesn't care even.
Hope this company goes down and all responsible go behind bars. Nightmare to invest and buy from them, never will do so or advice even the worst of enemies to invest for them.

I booked a 3bhk apartment with mantri at the webcity project and also paid a sum of rs.1, 00, 000. Even after 2 months there was no developments in the paper work and all our requests to make minor changes to the apartment and the documents were declined. The draft document that was sent had everything in favor of the developer and in case we failed or delayed a payment it would cost us dearly.
There was nothing holding the developer responsible.
I discussed with my lawyer and he recommended that i get out of this project, since there are 1000s o[censored]nhappy customers in multiple projects of mantri. When initially booked the apartment, they said if there were any issues on mantri's side they would refund the amount immediately.
When i actually cancelled the booking, they do not want to refund the money and now say that they will only pay it back once they have sold that particular unit.

I will be raising a complaint with rera and i'm willing to spend rs.1000 for it aswell.
Anyone thinking of purchasing mantri apartments, please understand that they do not have funds and are waiting for your money to proceed. Eventually, they will go bust because of rera penalties. Once they go bust, all ongoing projects will stop and all the customers who have put their money in mantri expecting to get an apartment after a few year will be running pillar to post trying to get a legal solution. Trust me, mantri management will escape and the customers will remain unhappy.

I booked a property in mantri celestia in hyderabad in 2010. Mantri was to pay the pre emis till possession. Possession was committed for 2012-13. Mantri stopped reimbursing my pre emi 14 months ago and my loan was 99% disbursed in 2010 it self. I finally got an email intimation on 11th july 2017 that my house is ready for possession. There were a couple of promises made by the developer as compensation for delays, and as i stay in pune, i requested an update on the promises from the builder before i visited hyderabad for possession. No revert from mantri. More importantly, mantri owes me over ₹ 6lac as reimbursement for the pre emi, there is no clear revert from anyone, including mrs. Snehal mantri on when they are going to pay me.

I need help in understanding what recourse to buyers like me have??

We invested in mantri web city, based on an email invitation, and explanations provided to us by both mantri developers and the pnbhfl representatives.

Under the scheme, we invested our margin money [excess of 20%], while the rest was funded by pnbhfl.

According to the scheme the buy back and assured returns with 100% appreciation on 20% of margin money should have happened by now.

The buy back has not happened, which is delayed from july 2017. All loans of the pnbhfl needs to be settled along with penalties. Further 100% appreciation of our 20% contribution must also be provided to us as promised. We are not in a position to wait due to financial difficulties. Please expedite and honor your promises without any delay.

I had invested in the mantri serenity bangalore on 20 :80 scheme and booked 2 bkh apartment o303 in april 2013.
The developer had offered to pay the pre emi until the project completion. And the project was expected to complete in 2015. Until now the project is not completed and the pre emi payments are stopped from the developer whereas the bank is deduction the loan emi amount from my account. Several complains i have raised by email to the crm team but have failed to get any response or feedback. As i am an nri i am not able to visit the mantri office and follow up.
Need this to be resolves asap as i cannot efford to pay the emi which the developer is suppose to pay and which is pending (Almost 3lakh) rupees and counting.

I have invested my money in mantri webcity under 80/20 scheme and recreate the date when i did it. Installments are not paid since 10 months and bank is behind me to pay the emi which i dont have. Complete 60lakh with them now and no sign of geeting back my money yet. Not sure what to do.

Please join this group if you are a victim.

https://chat.whatsapp.com/9TFhTyoDAPOHzmYXhNlguT

I am prof madhwaraj. Today i paid rs 1100 for renting my apartment at mantri tranquil bangalore by credit card.. After receiving the amount your staff mentions to pay another rs 1925 for gold pplan. Actually i opted for bronze. When i opted for renting the apt, there must be an indication whether the plan i had choosen is for renting or for sale. Without mentioning and after receiving the amount a demand to pay further amount is made. This is very unfair and amounts to misleading the customer. Kindly refund the amount of rs 1100 immediately. If the amount is not refunded i am constrained to give wide publicity in all the newspapers about your way o f misleading the customers.

Hi,

There is delay in pre emi payment of 5 months now.

Which i paid extra to bank.
But every time mantri sending me email with false promises that we will pay and always not paid on time.
Now as i have paid more than 2lacs extra in total. I can not bear more burdun of pre emi's.

If they do not clear all the pre emi's. Unfortunately i will have to stop paying it. Thanks

1. Mantri promised to reimburse the pre-emi every month for 3 years when we invested in may 2014. It's july 2017, and mantri has not reimbursed pre-emi, as per our agreement, for almost 9 months now.

2. Mantri promised to return our principal and double return on that investment by march 2017. It's july'17 and we are still waiting. No principal, no returns! Only heartache!

Hi,

I and few of my friends are being financially harassed by Mantri Developers.
In 2014 we came across 20:80 scheme where Mantri was guarantying to pay Pre-EMI for three years and return double the amount at the end of three years.
The Pre-EMI is delayed by 6 months from Mantri and we need to bank from our pocket.
Moreover the possesesion is delayed by 8 years from the date of booking, still no guarantee that there will not be further delay.
The bank PNBHFL has paid Mantri in upfront and hence Mantri developers has taken this money and is misusing the customers money.
Pre-EMI is not being paid on time and there is a delay of 6months. there customer service managers dont respond and when they respond they give false promises to customer.
There are other projects from Mantri like Energia, Serenity, ALype in bangalore where the customers are financially and mentally stressed due to Mantri developers.
see multiple petitions filed against mantri developers
https://www.change.org/p/ms-indira-nanu-chief-general-manager-reserve-bank-of-in...⇄

https://www.change.org/p/mantri-premero-waiting-for-our-flat-for-more-than-6-yea...⇄

The mantri alpyne project located at uttarhalli bangalore was supposed to delivered by june 2014, but due to multiple factors it got delayed and finally possession was declared by jan 2016, however the delayed compensation and interest on early registration is not yet given to the mantri customers who have bought apartments in this project

People are following up on continuous basis but no fruitful action taken by mantri developers (What we hear from them is the postponed date every time)

This kind of service from an prestigious builder like mantri is not acceptable

Also expecting additional interest on 1.5 years delay from mantri builders

Filing this complaint against them so that appropriate action can be taken. Consumer forum india please do the needful

Mantri developers has put hoardings in Bangalore and full page newspaper ads about a “NO EMI offer” in three of their projects (refer attachment). This might be too tempting to invest.

First. this is not the first time Mantri Developers is offering this scheme. This scheme was first offered in[protected] time frame. And despite cheating customers through this scheme earlier, they’re still continuing to offer this scheme in the market. I am posting this message in the interest of general public to warn buyers about this ponzy scheme.

The way the scam works is like this. You will pay a down payment. You will then get a loan for the rest of the flat cost and give the loan money to Mantri as a lumpsum amount upfront. Mantri Developers will assure you that they will pay pre-emi for the loan till possession. They will also give you an agreement in a sheet of paper that they will pay the pre-emi.

In reality, Mantri developers will stop paying the pre-emi after few months. And since the loan is in your name, if you dont pay the pre-emi then your loan will default and your CIBIL score will decrease.

There are 100s of consumers who bought flats in Mantri’s projects in[protected] time frame in the No-EMI offer scheme. Mantri developers has not paid 7 months pre-emi for all of them currently. Several people couldn’t bear the cash crunch and have defaulted on their EMI. Those buyers who defaulted have also received legal notice from the bank for the default. Their CIBIL score has gone for a loss.

Moreover the original agreement was that the builder will pay pre-emi till a certain possession date. Now the possession date for all webcity towers has been delayed by more than 2-3 years. Builder is not continuing the pre-emi for the delayed period and buyers are forced to pay pre-emi during the delayed period.

My advice to prospective buyers is to avoid buying flats in this scheme. The developer is exploiting the legal loopholes in our country to lure new buyers/customers to buy flats in this scheme. Would advice people to buy fully constructed flats that’s ready for registration and has proper OC instead of putting your hard earned money in such innovative schemes

I have given an advance of rs. 1, 00, 000 to book a flat in mantri serenity. The marketing representatives of mantri developer have done a lot of false promises to me. They have initially told me that the total number of flats will be 2100 in the premises of mantri serenity, now they have increased the number of flats to 2700. They have not told me that if i am going to sell the flat before registration i have to pay 4% charges to them. There is a presence of storm water drain (Swd) in the premises of mantri serenity as stated by the bda commissioner, they have not informed me in this regard. When i asked about this, they are not replying. Marketing people told me initially that i will get rs.70, 000 cashback but now they are telling me that i will get only rs.30, 000. Initially, they had told me that i will get an amount of rs.7000 per month if there is any delay in possession, now they are telling i will get rs.3000 per month only. I have asked them regarding the construction, building codes, 5 years warranty of the infrastructure and earthquake codes but they are not replying. They are not telling the truth of the project. I have asked for the certified copy of floor plan of the flat with dimensions (Both the rooms, kitchen, balcony, utility, hall, toilet, foyer etc.) as an annexure with the agreement. They are not replying regarding this also. Now i feel that i have been trapped by mantri representatives. Is such a marketing policy good where there are contradictions in statements?
Friends beware of such builders whose marketing people make false promises.

Mantri has sold flats in webcity project (bangalore) under buy back scheme. I bought a flat in 2014 with an agreement that if I don't want to keep the flat I can give it back to Mantri in March 2017 and get double the amount of my investment. The loan with PNB was also sanctioned and all the amount was disbursed for Mantri in one go. Now they are refusing to pay the money and their staff is playing a delay game.

I had invested in mantri webcity buyback scheme 3 years ago. At the time of investing we had asked a lot of questions on their commitment to deliver the money back after the period of 3 years. At that point in time, everyone we met convinced with the brand name of mantri. We got into agreement based on our interaction. But it has been a nightmare from the time we started getting emi's. We didn't get emi's paid back on time and we had to repeatedly follow up. There are cases where our cheques bounced.
Now, it is turning out even worse. The buyback period is over and as per commitment, we are expected to get double the money we invested. Now when we ask for it, the crm guys are giving all kinds of reasons starting from demonetisation to flats not selling in current market. When we had enquired earlier in december, we were told that our money will be given back and the loans will be closed.
Now, they are asking one more year's time to deliver on their commitment. We had plan of taking that money and investing somewhere else. We have indeed committed on that and if we back off we are losing huge money.
I tried to explain all this, but these reasons are falling to deaf years and they keep repeating their problems. I am a private sector employee and plan my investments properly. I don't want to suffer because of some others mistake or commitments. If this was told to me 6-7 months before, probably we might have held back. Now it is almost impossible and we need our money.

Not sure if higher management of mantri is aware of these problems. But i would request if they are seeing this thread to please take action.

Mantri developers had advertised to sell apartments in 2013 in their webcity project. They had offered to satisfy pre-emi till date of possession with an option to pay back our own contribution to them in the event of my of my not going ahead with the purchase. Accordingly, i had gone through their banking partners punjab national bank from where my loan was sanctioned, mantri has since withdrawn the entire loan amount. Since the arrangement was that the pre-emi was to be met by them, all went well till the time, i informed then that i'm opting to withdraw from the project and they are to settle my loan and also refund my contribution as per their contract. Then their true colours came out. One, they arbitrarily told that they are extending the time period of the settlement, though they clearly agreed in contact that i would not be impacted by any delays if i need my account to be settled. Two, they have not been paying my pre-emi for may months. With this, myself as a trusting customer, have been betrayed. My money is stuck and i have huge liability of the loan. Being salaried employee, i have been suddenly being pushed into a financial gloom. This is least expected from a big (And reputed?) entity like mantri.

Dear sir, your indusent employees there cheating to me there commitment is 200000 lacks limit put their give only 75000R/s when I was received card .so please return back take your card with out any charges .till now I am not used your card because of your team correct not working starting it self cheating.can't use your card.kindly return taken to me. This FYI&A.
Regards by manikandan.L

Mantri Developers had launched "Double your investment and preEMI till possession" scheme in 2013 and continued the scheme for many forthcoming years. Many customers like us went for the scheme as it was Mantri Developers and PnB association.

* We had our buyback ended in Aug, 2016 and there has been no promised return from Mantri.
* Also there is 4 months of preEMI lag right now, which is huge for us.
* There has been no proper communication from Mantri Management.
* Mantri family is on vacation abroad and management is not answering/ returning promised returns along with discrepancies in preEMIs.

We are financially and mentally stressed due the ignorant and unprofessional behavior of Mantri Management.

This is a clear fraud and illegal.

Hundreds o[censored]s, honest, hard working people entered into an agreement to buy an apartment in mantri webcity at hennur road, bangalore. There was an ad campaign which mantri ran in early 2013, where mantri said - no pre-emi till possession ; only 20% down payment, and under buy back scheme 100% assured returns on a specified date if the investor does not want to keep the unit - mantri will double the amount the investor paid at the beginning (20%). We bought the flat thinking that mantri is a good brand. After the specified date has arrived, these people are not paying the money back to the investors. They are blantantly delaying. From the past 5 months, mantri has not paid the pre-emi that is supposed to pay legally. There are hundreds of people who are huge financial distress due to this high handed and callous attitude of mantri. They are blatantly violating all legal commitments. We, hundreds o[censored]s, are extremely distressed as we are not able to balance our family responsibilities along with paying pre-emi. Punjab national bank - was the partner in crime along with mantri developers. Please help us in the cause by publishing this and taking this case to higher authorities.