Saturday, November 01, 2008

Email from a disgruntled Purva apt buyer

Lets vote with our wallets and boycott these unscrupulous builders

Dear Friends,

Please forward this mail to as many people as possible.

My name is Rishi Agarwal and I am a 1996 EE graduate from IIT Kanpur. I returned to India in 2005 and purchased a flat in Puravankara Fountainsquare. Please go through the message to see the horror story.

I wanted to write this mail to all of you so that all of you can benefit from my (our) experience with Puravankara Projects Limited. I purchased a flat in their Fountainsquare project in Bangalore and this is the story of all my fellow Purva owners.

The agreement that we signed with Puravankara has the following:

1. The delay from our side is charged at 24% per year.
2. The delay from their side will make them pay at 6%.
3. They don't have to pay the penalty if we delay two payments by more than 2 days.
4. What they call as delay is also decided by them.
5. They reserve the right to cancel the agreement at any time and
they will keep 15% of your money.

Sounds scary right? but every word here is true. I can scan and send the agreement to all of you.

Why would you think I signed the dotted line? Why did any of us sign
this flawed agreement? The thing is that when you go to a premium
builder (for which you pay a premium), you expect to have a smooth
transaction. You don't expect such uneven agreement. At the least,
you'd expect that they'll not exercise it.

Puravankara is exercising it bluntly. There are 200 of us who are
already in court against it but as you know we have no legal stand.
We have signed the dotted line. Their executives have been
nightmarish and are very discourteous.

Please contact Mr. Prem at premc@puravankara.com in case you want to confirm the validity of what I wrote in this mail.

Please come forward and teach the unethical business house a lesson.

Kind Regards
Rishi


10 comments:

Anonymous said...

Dude , take a help of
http://www.wired.com/techbiz/people/magazine/16-11/mf_mobgalore?currentPage=1

Irrespective of terms of agreement, they will resolve the issue.

Anonymous said...

As per the contract law if the terms of an Agreement do not contain equitable consideration like point# 1& 2 it will be treated as void.

http://www.netlawman.co.in/acts/indian-contract-act.php

But in legal battle you can’t damage them due to complexities & corruption in the system. The best way is spreading the awareness.
 First go to consumer court, put your case.
 Try to publish the case of 200 people in News paper.
 As you have already spend or planned to spend 50,00,000 each , spend one more lakh each i.e. 20,00,000 . Use this money to spread awareness [advertising.]
 This is a election time, take help of some political leader, by funding his campaign by some money & vote he will take up the matter under social justice.
 Use the internet to spread this news freely as much as possible.
 You can prepare some video clip & upload it on couple of web site. In the clip show the project site a glimpse of agreement with out your name.
 Note in this case the presentation is very important, every one should feel pissed off with the builder. For this take a help of some professional person.

This is not weird advice; I am a professional marketing person & used the really effective technique.
If you will think other possibilities like a gentle man you it will not affect the builder.

Guru said...

U say u r graduate from IITK. and has lots of experience abroad. And like a fool u signed the agreement.
Don't take the advise given by the above anon... That will make spent more money.. and am sure.. u won't gain any thing...
If u have muscle, ( political or legal) try to exercise to get the money back. Or like a common man just suffer.
In India, these are the only two options u have...
open ur eyes...
guru

Anonymous said...

Why not the above advice will work out ?
If he had any political muscle why he would have asked you & me ?
If he wants to suffer, that is any way going on.
If the builder can bribe the politician & administration why can’t we ? In this case there are around 200 people. If 200 people can spend 50,00,000 * 200 for house why can’t spend 20,00,000 for the issue ?
The way builder spend on advertising, we are also going to spend to propagate our issue.
The objective of all this propaganda should be to get common peoples sympathy then only you can win.

Anonymous said...

One really harmless solution.
Create a blog, the blog should content the complete story of fraudulent behavior of the builder. Pay money to google, to ensure the blog will come in the top 10 search result, whenever the builder name hits the search criteria.

Anonymous said...

Here’s a new Sensex tracker: Sex drive
Geetanjali Jhala


MUMBAI: “My husband has become so short-tempered, now I don’t dare approach him.”
“It’s been six months since my husband held my hand or even smiled at me.”
“I’ve lost so much money in the market that sex is the last thing on my mind.”
“It’s been so long since I had sex that I’m sure I won’t be able to perform.”

These are some of the complaints that city sexologists have received in the last few months, complaints from 30-something stockbrokers who had done “phenomenally well last year when the markets were on a high”.

But the economic slump has had a direct impact on the interpersonal relationships, sex lives and marriages of people. “Since January when the Sensex started falling — particularly in the last two months — the number of such complaints has increased four fold,” says Dr Rajan Bhonsle, one of Mumbai’s leading sexologists.

As the economy continues to do badly, affecting savings and businesses, this number is expected to rise, say doctors. Typically, patients approach a professional only when the situation worsens, so doctors feel that over the next few months, more people are going to seek help. “In my experience, I have seen people who come for counselling after the marriage has reached the stage of divorce,” says andrologist Rupin Shah, who deals with male reproductive health.

The subsequent depression and anxiety can lead to erectile dysfunction (ED) a.k.a. impotence. “Losing their life’s savings affects their self-confidence and self-esteem, naturally affecting the urge to have sex,” says Dr Prakash Kothari, sexologist. This, he says, is usually temporary — if checked on time, counselling and medication help cure the problem. “But low sexual desire, failure to perform sexually, lack of support from the partner and not checking the problem in time can lead to permanent ED.”

Like in Rahul Saxena’s (name changed) case: The 37-year-old broker had been having sleepless nights for four months.

He used to wake up at 4am to check the stock prices and foreign markets on financial news channels. Every time his wife tried talking to him, he rejected her advances, believing she wanted to have sex.

Initially she thought there was something about her that put him off because he was always “tired and irritable”, but after months of no sex and no communication, she finally pushed him to seek help.

Sure enough, he was suffering from depression and low self-esteem, causing temporary erectile dysfunction. He didn’t feel the urge to make love to his wife of three years because he was always anxious. Eventually, he started feeling guilty for rejecting her and so he withdrew completely.

Unfortunately, where monetary losses are concerned, often the spouse is not forthcoming with support because she tends to blame her husband for her losses, adds Dr Bhonsle.

When the wife makes an attempt to approach her husband, he rejects her irritably. Sometimes, this rejection from her husband can leave a deep scar on her self-esteem and marriage, say doctors.

Brokers who have played the markets for over 10 years do not feel the pinch because they’ve seen how the market fluctuates; but not those who are new to the game and whose businesses are affected.

“The anxiety affects their sleep, appetite and subsequently their sex lives. I know a number of people who are turning to yoga and other exercises to help relieve the stress, especially people who’ve lost their own hard-earned money,” says Dr Harish Shetty, psychiatrist.

Stress and anxiety caused by the recession is like any other individual economic stress, except in the number of people being affected. “I have old patients reporting back to me at a time like this. Even those who’ve managed to control their anxiety and depression for three years are now slipping,” says Dr DK Deshmukh, psychiatrist at the Lilavati hospital.

“Worrying” about the economy will only cause personal harm, say doctors. “History has shown that a recession is always temporary and that the markets will rise again,” says Dr Bhonsle. “I always tell my patients not to stress over factors that are not in their control.”
j_geetanjali@dnaindia.net

Anonymous said...

Once again the propaganda machine has devoted most part of the weekend edition to the expert’s comments. How the current time is the Best time to buy the dream house? How intelligent home buyers have already been buying? Please don’t fall prey to this gibberish. The key question is the affordability. Whether I will be able to fulfill all my obligations in the light of salary cut, protracted downturn or I will forfeit everything and pay the hard earned money to the banks, builders?

Let us not be overoptimistic over the recent measures by the reserve bank to infuse liquidity in the market (at first they were in denial mode). In spite of cut in CRR and repo rate, the banks and housing finance companies ( earning record profits) have not reduced home loan rate. In fact one of the banks increased the home loan rate for the new as well as the existing customers. There is a big question whether it will help the existing borrowers who are struggling to pay the EMIs. Please check what is happening in the West. The bailout package which is supposed to help the home owners facing foreclosures is being used to purchase other banks.

http://consumerist.com/5068991/
banks-using-700-billion-bailout-to-buy-other-banks-not-make-more-loans

Only the time will tell us whether the struggling borrower will benefit or not from the measures taken by the reserve bank.

The IT stalwarts have been trying hard to calm the nerves by telling that there will be no job cuts and they will be reducing the dependence on specific markets to reduce the risk. Please tell us from which part of the world you will be getting the new projects/revenues from, to compensate for the reducing profits/revenues form the US market. The whole world is on the brink of recession.


USA
~~~
http://www.financialsense.com/
fsu/editorials/2008/1027.html

Phil Williams

“Interestingly S&P analysts have recently downgraded their earnings forecasts for the S&P 500 to $48.50 for 2009. This is well below the March 28 estimate of $81.50 for the same period. The most recent estimate still puts the S&P 500 P/E ratio at a historically expensive level of 18. A reversion back to recessionary levels of say 8 would suggest that the S&P 500 could drop to as low as 388 or lower.”


China
~~~~
Little fun at Canton Fair
http://www.thestandard.com.hk/breaking_news_detail.asp?id=8900
&icid=2&d_str=20081103

(11-02 16:37)
The final session of the Canton Fair - the country's biggest trade show - has opened amid complaints that attendance has been dismal because of the financial crisis clobbering China's biggest export markets in the United States and Europe.

"It is amazing how empty is. It's frightening,'' said Christopher Devereux, a British businessman who has been attending the fair for more than a decade.


UK
~~~
http://www.mg.co.za/article/
2008-10-30-official-uk-in-a-recession
The governor of the Bank of England (UK central bank) Mervyn King admitted on Tuesday that Britain was entering its first recession since the early 1990s. He is the most senior figure to use the word recession since the economic slowdown began.

It is unfortunate and unpleasant but yes we will be tested against difficult times. I would like to thank to this Blog(moderator and members) which is offering a platform for protecting the gullible home buyers and giving suggestions about how to use hard earned money wisely.

smith said...
This comment has been removed by the author.
smith said...

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Neel said...

I bought a puravankara apartment through SBI loan, Now due to recession and job scene, I am not able to pay the interest to the SBI and now it is going through NPA puravankara told us the will deliver Sept 2010, but SBI engineers visited the site and informed us it will take a min of 2 years more Can you help me out how to work out a solution, I know we have signed on dotted line on puravankara books, they can play with us I am in IT professional in US, trying to fight this out.. please help me out Neel