Runwal Group — runwal forest - codenamed corbett massive additions and changes to the earlier plan

Address:

Mumbai City, Maharashtra

Not premium. Very expensive for a pre-launch. Especially when there possession dates have changed to from later half of 2018 to Aug 2019. A wait for 5 years?


1) Launched in Feb 2014 saying 10 towers (verbal communications by brokers). Later half of 2014 added 2 more towers...tower 11 added in a brochure which again got revised to show a 12th tower. Getting a total number of flats to 1300+.
This still was a premium property. Possession date was 2018.

2) Aug2015: Changed the entire plan to 12 towers with 48 floor and 2500+ flats citing new Development Plan (DP) plans by the government which MAY fructify in April 2016. They have also added a BMC BUILDING of 20 floors at the entrance of the project…thus eating on the earlier mentioned 16 acres. Due to this new DP ….. they are delaying the project development.

3) Compared to original plan till Jun 2015...the new plan has MORE THAN DOUBLE the number of flats in a slightly lesser area than original area due to the introduction of the BMC tower at the entrance.
Did they introduce the BMC building and that too at the front gate to get more FSI??? We will not know.

4) 2500+ flats in less than 16 acer land, single entry and exit point, just imagine.
How are they managing this?
By significantly increasing the number of floors + increasing the number of flats per floor. This far drops the premium value of this property. They have turned this into a low income MHADA property. There would be waiting lines for lifts and for car exit n entry during peak hours.
Too many people! Little Open space
The advantage of a pre launch price for this premium property has been negated as this is no longer premium due to heavy load on the infrastructure and a delayed possession date. 5 yrs waiting at 12, 500 / sq ft.

5) There are other premium property whose effective price comes to be much lesser due to their earlier dates of possession and also lesser density.

6) Just imaging, for 5 years you will be paying bank loan interest + you would not be able to take the benefit in your income tax returns.

7) The Area where Tower 11 and 12 were supposed to come up is under litigation. They still say that it would be cleared in 2-3 months. But they have been saying this since past 6 months. It seems that the earlier factory workers are not willing to vacate as they were cheated on compensation. Looks like runwal made a under hand deal with the workers leader. The workers have involved some local politicians since Runwal’s goons were harassing them. Issue still not resolved. (Very risky to put your money into this)

Ref1: http://www.abinet.org/runwal-builder-cuts-water-and-power-supply-to-occupy-land-...⇄
Ref2: http://www.abinet.org/protest-at-housing-minister-prakash-mehtas-home-over-terro...⇄police/

So BEWARE - This project is now under a labour unrest issue - workers have approached Housing minister.


6) Over 100+ group of buyers got together and began communicating their dissatisfaction of the changes that Runwal is making.
Out of that more than 30 flat buyers wanted to exit and have sent emails for cancellation and requesting them not to deduct anything as its the builders action which has effected this move. However the builder is deducting 6.7% of the invested amt, and also stating (Lucy) that if they did not deduct more would ask for cancellation.
This comes to around Rs 2 L (differs case to case).
Runwal is not buying the point that buyers want full refund without any deduction as the builder has done massive changes to original plans.

7) Part of Runwal’s adhoc and unilateral changes were switching towers (Tower 6 and 3 positions switched) and thus changing the buyers preferred views. Towers 1 and 2 merged...thus having 8 flats in a floor. Tower 11 which had 4 flats per floor is now having 6 flats.

8) Now in Sep 2015 Runwal wants to sell more flats...but since there were many ppl. complaining ...they advertised another per-launch (already 3+ pre-launches done earlier on this property since past 1.5 years) with a codename of Corbett. Builder seems to be conning people by using a codename as these issues attached to the name Forest already exists in the market.

9) Has the intent to sell 2500+ flats on a land parcel of less than 16 acres, this is a complete paradigm shift from the 1300+ flats which he could only build with the existing DP.

!!!SO now you don’t have a FOREST. You have a CONCRETE JUNGLE!!!