July 25, 2012
Rating
Hi everyone,
This information is for those who are planning to buy an apartment and considering Lake Vihar II as one of the option. Before finalizing on your apartment in lake vihar II first please go through my experience with this builder MLDC (currently it is known as JCC builders).
In March 2008, MLDC (Manjunath Land Developer & Construction) had given a marketing rights to Orange Properties for their Lake Vihar II project located at "Lake Vihar 2 Apartment, T.C. Palya Main Road, K. R. Puram, Bangalore - 560036". I came to know about this project from FM Radio. MLDC was offering Flats @1875 per sq. ft. In his plan he has promised to give Club house, Swimming pool and Kids playing area. Offer was really attractive. So I opted for one. He has promised to complete this project and handover the possession by April, 2009. Like me there were other buyers also who fell in his trap and paid Rs 2Lakh towards booking amount.
Most of us applied for a Home loan from different bank. As per bank we had to register the property which we are planning to buy. Would you believe registration of a flat which doesn't exist? However, it happened and bank disbursed some part of loan on basis of constructions status.
It is been more than 5yrs we haven't got our flat yet. These five year were like roller-coaster rides for most of the buyer. There was nothing which he didn't do except finishing the project.
Following points will prove you that how cheap and fraud he is:
-- He lied to BANKS and us that land on which he is constructing this project is his own and there was no agreement happened over this land. Before registration of the property he mortage this land to HUDCO for Rs 5Cr to built LAKE VIHAR-II. This money he used to complete his other pending project "lake Vihar-1" & "LAKE VIEW".
-- Since he didn't get enough buys during the pre-launch marketing by Orange's, he fell short of money. So he sold many flats in LAKE VIEW project to multiple buyers. Many of these flats are under litigation. He is still enjoying this money which he got from multiple people for the same flat.
-- Since he fell short of money he stopped construction of LAKE VIHAR-II and give vague reason upon asking, "why construction is stopped, like "there is festival in Labours native place and they will come back only after a month. Project will definitely be over by Aug,2009". Today its July, 2012 construction is not complete yet. Only two blocks are ready.
-- Somehow Banks came to know about his HUDCO deal. And when he wanted further disbursement, Banks asked him to provide an NOC from HUDCO (because of HUDCO became the first owner of project on basis of agreement). What this Muniraj, Director of MLDC forged an NOC and provided to banks. Bank did the verification from HUDCO who denied giving any such a document to MLDC and he was put into jail for doing forgery with banks. There is FIR filed against him in Indira Nagar Police station. It was published in Times Of India and other local news paper as well. Following is the link of that news:
http://timesofindia.indiatimes.com/city/bangalore/Builder-arrested-for-forgery-/articleshow/6126027.cms
-- Not only this he was arrested more than 3-4 times for bounced cheque cases.
-- Since he got jailed and his name and his company got black listed he didn't got any loan from any other banks. So to pay to HUDCO he has sold Lake Vihar-II complete project to another person and started a new company or had deal with the name JCC Builder to pay back HUDCO money without any of the flat ownerâs knowledge.
-- Many of these customers have filed a consumer case against him and his company for delaying and not finishing a project on time. Many have already won it but he is least concerned about these cases. He bribe the police man who come to arrest him and shows that he on the run.
-- Now the money which he has got from new builder, finished two blocks and trying to sale rest of the flats to new buyer with new rates (exorbitantly high).
-- Now about us who bought a flat from him in 2008, who are paying regular EMI's to bank, who are paying monthly rent also, who are paying additional taxes every year. We who bought this flat considering that we would also become a proud owner of Flat one day, he is asking for more then 20-25 lakhs extra to compensate the loss he had due to increase in construction cost or else pull off from this deal. You just think, flat which you have booked for yourself at X amount and after doing all the formalities you were asked to pay addition 20-25 Lakhs. Is it justified? I do not understand this theory, he himself has delayed the construction and asking us to pay for the delay.
-- On top of it, he has constructed additional floors in each of the blocks which were not there in his plan in 2008. That means, you share of land which you get when you buy any Flat or apartment will get adjusted with the new flats.
-- Some of buyers agreed to pull out