List of problems from Urbtech India for Nehru Place Extension

Builder Name: HI LEAD INFOTECH Pvt. Ltd

Project Name: URBTECH NPX

Address:       Plot No –C-01, Sector-153, Noida

• Shifting of Unit
• Increase/Decrease in Area
• Unjustified PLC
• Unjustified Statement of Account
• Unjustified Area Measurement
• Unjustified Loading on Carpet Area (Super Area Calculations)
• Unjustified Capital Replacement Charges (CRC)
• Unjustified Interest Charges
• Assured Return not paid
• Credit Notes Not honoured
• Free Car Parking not being provided although promised
• Builder not refunding excess amount
• 100% Paid but not getting the possession
• Maintenance Agreement
• Unnecessary harassment by Builder

Grand Meeting of All NPX Buyers on 24th May 2015, 10:30 AM, Sector 35, NOIDA

Dear NPX Buyers! Greetings for the day! We are happy to announce that we have called up a Grand Meeting of All NPX Buyers.

Date: 24^th May 2015 i.e. Sunday

Time: 10:30 AM

Location: C/O Mr. N.P. Singh
A-17, Sector 35, NOIDA
(Near Noida City Center and Sumitra Hospital Signal)

In this meeting we would like to share with you our action plan to fight against the builder’s anomalies.  Here we would invite the inputs of all buyers and brainstorm to formulate our strategy to cover up the builder on different fronts.

You would agree that that fighting individually or in small group will not leave any big impact of our voice, with you support and faith today our member ship has crossed half century.

Mr. N.P. Singh, the President of PHONERWA has also given his consent to address the meeting and we are also trying to bring press there.

We are not alone, come together we will become strength.

Thanks for your continued support.

With warm regards,

Deepak Agrawal (Mob + 91 9716039400)
NPX Towers Owners Welfare Association

To Join the Association, click to fill online form https://www.surveymonkey.com/s/YSXMGTQ

MEGA MEET FOR BUYERS OF URBTECH NPX

Hi All,

We are looking to have a huge Urbtech NPX Buyer’s Meet on 24th May 2015 at 11:30 AM, Sunday, to be held in NOIDA.

Venue for the meeting will be declared in few days from now, depending on the strength of buyers giving their consent for the meeting. Block your date now!

Visit Facebook for further details and your confirmation, so we can know the list o people interested for the meet to discuss our grievances and issues with the builder, and make agenda list to discuss in a strong way with the builder.

You can also send your confirmation at npxbuyer@yahoo.com

Reply from Urbtech NPX, regarding allotment cancellation of Sector 153 plot

Below is the reply from Urbtech India:

==============================

Dear Sir,

Noida Authority had passed an order on grounds that incorporation certificate was not issued at the time of forwarding the application for the allotment of land. Our management had forwarded the documents clearly stating that the name of the company M/S Hi-Lead Infotech Pvt. Ltd. was approved at the time making the application.

In view of the fact Hon’ble Allahabad High Court had passed an order in our favour putting a stay on the Noida Authority order.

Therefore, there is no need to panic as your investment is completely safe.

Regards,

Deepak Kumar

Supreme Court to DLF

Pay in Equated Monthly Instalments (EMIs) of Rs 75 crore per month, if you don’t have cash to pay in one go – with this verdict, the message from the Supreme Court to the developer DLF Ltd is clear – pay in any form, but pay in cash; land in lieu of money does not work.

In the much publicized Belair Gurgaon case against property giant DLF Ltd, the Supreme Court yielded to Competition Commission of India’s (CCI) advocate, Amit Sibal’s argument that CCI did not have the expertise to unlock the value of land and therefore would need the compensation paid in money. DLF was ordered to pay the Rs 630 crore penalty imposed by the CCI for exploiting its dominant position in the Gurgaon property market against consumers in three projects in the city.

With this order the EMI concept has now shifted to the other side of the table. Defaulting developers who are penalized by courts with stiff compensations cannot offload the land that they have held as stock in trade to compensate the cash component. This order has come as a relief for the developer which had to pay Rs 630 crore as compensation and has already agreed to pay over Rs 100 crore on November 27. However, this is a particularly unkind cut at a time when the property markets have been slow and even to the developer it is not the best time to sell off land to keep its commitments.

This is a clear case of the well-earning and well-informed upper middle class buyers who are senior professionals across corporate work forces refusing to bow down to opaque practices followed by the developer community. While the legal routes had traditionally taken long, the CCI angle of being dominant players in markets and therefore putting consumers on the back foot as a unacceptable trade practice has now opened a new line of recourse to consumers who have formed activist groups to pressure the system into drafting trade practices acceptable to both parties. Clearly the consumer groups are not willing to take no for an answer.

In a scenario where many developers are over-leveraged and struggling with weak sales in the market, the penalties imposed are a double whammy as the lenders have already upped the risk perception in lending to the sector.

Message from Mr. Pankaj Nagalia for all unit holders in Urbtech NPX

Dear NPX Friends
Yesterday I received a call from Mr Pathania for Meeting with CMD.

I have suggested the following for the meeting:

1.First we will send the agenda by email and the Promoter can go through our grievances and offer us solutions.
2. There will be structured meeting with an agenda and look forward for clear-cut solutions.
3. We would meet Mr Ghai only personally and not through video conferencing.
4. There will be a group of persons representing the buyers side.
5. The Solutions have to be as per UP Apartment Act 2010 and within the ambit of law.

As we all know that the Builder has harassed/cheated us in every possible manner, I suggest we put a consolidated document with all grievances/charges to the builder.

I am also uploading two documents delivered to the promoter on 13th March 2015 for which there has been no response.

The Promoter has violated laws in every possible manner and has taken all the Investors/buyers and for a good ride.

The Allotment has already been cancelled by Noida Authority, for which the Promoter has taken Stay from Honb’le HC. We too have to stake our claim by engaging the Promoter & Noida Authority.

I suggest all to put forward our ideas for this meeting.

Lets give peace a chance, otherwise we have to be proactively ready for other options also.

Regards

Pankaj Nagalia

REAL ESTATE BILL

• All developers will have to register their projects with a real estate regulator. All states across the country will have one regulator which will settle disputes and impose compensation.
• Neither housing nor commercial projects can be launched unless it got registered with the real estate regulator of the state.
• If the bill is passed in the Parliament, the ongoing projects, which are yet to receive completion certificates, will also have to abide by the same rule.
• Developers can’t even advertise of their projects without prior registration with the real estate authority.
• Developers cannot sale properties by showcasing the super area. Instead, the developers will have to disclose the carpet area before putting any advertisements.*
• The regulator authorities will monitor layout plans which should be declared during the time of registration of the project.
• Developers need to mention all details of contractor, architect, structural engineer, etc. associated with the project.
• Any buyer will get all information related to the project from the real estate regulator authorities.
• At least two-third buyers’ consent to be needed if the developer wants to alter plans, structural designs and specifications of the building.
• Developers will be responsible for structural defects and they need to refund money in cases of default.
• Any third party or broker, who are interested to sell flats or an apartment, will be asked to register their names with the regulatory body.
• The brokers also will be penalised for non-compliance.
• Developers will have to pay refund with interest to buyers in case they fail to deliver projects on time.
• Promoters will have to deposit 50 per cent of the amounts collected from buyers in a separate bank account within 15 days. It will ensure that they will complete the project on time.
• The real estate regulator can impose penalty on developers if they violate any rules set by the authority.
• Projects can be de-registered and penalties might be imposed on the developer in such cases.
• Developers may have to pay a fine up to 10 per cent of project cost.
• Misinformation will attract fine of 5 per cent of project cost.
• To curb corruption and use of black money in the real estate market, the bill will bring some provisions which will help to track down the source of black money which currently costs the govt billions of rupees in lost taxable income.

What are the changes/amendments made in the bill by NDA?

Congress leader Ajay Maken in his blog highlighted a few points which actually irked Rahul Gandhi and other Congress leaders. Here are the points, which according to Congress, are problematic amendments to the bill.

• UPA had set the threshold of 70% of buyers’ money which should be kept aside in a separate bank account by developers. The 70% money was to be used for construction cost. Now NDA reduced the amount and made it to 50%.
• In UPA’s bill, builders were not allowed to make any changes in the plan of the project once it got clearance from the regulator. But now, they can make ‘minor altercations’.
• Unlike the present bill, the previous bill had a clear definition of ‘carpet area’.
• In NDA’s bill, ‘carpet area’ definition replaced the definition of ‘ rentable area’ which is used by the National Building Code.
• NDA’s bill has a clause which may help developers in case of any delay of the project. Builders will not face penalties for delays due to “issue of completion certificate, approvals etc.”
• Ajay Maken said that above mentioned clause can be misused easily by the developers.

About Urbtech India

Urbtech India Developers (P) Ltd.:  Builders in Noida, Delhi NCR

Urbtech India is a growing company in real estate sector and has an excellent presence in Noida as well as in Delhi NCR. We are into the real estate business for the last four and half years. We came from the strong background of steel manufacturing and marketing, this keeps us on the top notch position in the Real Estate sector as steel and cement are mainly consumed for construction of real estate projects. Therefore, real-estate development is not un-connected field for management of Urbtech India Developers Pvt. Ltd.

We have our registered office at F-1098, Basement, chitranjan Park, New Delhi- 110019 and our correspondence Address is Plot No. B-4, Sec – 132, Noida.

Urbtech India’s Group Companies

Our group companies, Bhupendra Steel Pvt. Ltd., a steel manufacturing company in Faridabad and Khosla Agro Overseas, one of the biggest exporter of Indian Basmati rice in Punjab, have a formidable reputation amongst their competitors.

Urbtech India’s Projects

We have successfully completed and hand over a grand project of Intellect Park in Sec-125, Noida, a corporate building, on schedule time to reputed corporate houses.

In 2009, we have launched Nehru Place Extension (NPX), a commercial project in Sec. 153, Noida. NPX is going to be the most happening business hub on Noida expressway. Matrix Tower in Sec-132, Noida is our also ongoing commercial project.

We have also launched our residential project, Urbtech 168’s Xaviers in Noida on expressway and FNG.

FIR against Parasvnath for cheating investors

NEW DELHI: Real estate firm Parasvnath Developers Limited (PDL) has come under the scanner of Delhi Police’s Economic Offence Wing (EOW) with the registration of an FIR against the company for allegedly duping the investors of Rs 1,000 crore.Police in its FIR registered in April this year also named the chairman of Parasvnath Developers, Pradeep Kumar Jain and and MD, Sanjeev Jain, accusing them of cheating, extortion and criminal conspiracy and falsification of documents. The case  ..

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