Adarsh is a big cheat: CAUTION

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Adarsh is a big cheat: CAUTION
Sep 11, 2010 08:22 PM 64603 views
(Updated Nov 21, 2010 09:15 PM)

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I am writing this review to caution anyone planning to buy a property with Adarsh, specifically Adarsh Palm retreat where I myself committed a mistake of buying a property.


My experience:


INORDINATE DELAYS: I have yet to get possession of the property which was launched SIX years ago. This builder launched the property even without a single approval in place. Worse than that, even the land on which the property was supposed to be constructed did not belong to the builder. The plan was launched on assumption that the builder would be able to arm twist the owner of the land into selling to Adarsh. That never happened and ultimately few wings had to be removed from the plan. To compensate, additional wings were added into original T1 and T2 plans to "recover" the cost.


LIES AND SHAMELESS LIES:Their marketing and project people are bunch of BIG liars. I mean really BIG, SHAMELESS liars. Agreed there are schedule slips on most of projects and marketing etc. do tell small lies to customers. But at Adarsh, there is no limit to lies. They will give you an execution schedule knowing very well there is not even a remote chance of even coming close to schedule. For example, they will tell you lifts are going to be installed in building in couple of months when they would not have even ordered lift equipment. These dumb excuses will drive you mad after some time and you will feel your intelligence is being insulted by providing such lame excuses. They will keep on giving you deadline for completion of property, keep on missing that, keep on shamelessly giving new deadlines and acting as if nothing has happened. BUNCH of SHAMELESS LIARS.


PONZI SCHEME: The real reason for these inordinate delays is that builder works on a model similar to a PONZI SCHEME. It took money from customers of Villas and apartments and invested mostly into buying huge land bank. In India, there are not many regulations on shady builders and they can divert your money anywhere they like (unlike an escrow fund in western countries). The builder has no money to construct the properties it committed to finish earlier. Want a proof? Visit APR Bangalore and you will see the hotel building construction has been stopped for at least couple of years now (it makes no sense to stop construction on hotel as it has been built with Adarsh's own money, umm T1/T2 client's money). Shangari La has moved out due to deadline misses as they did not have one sided legal agreement with Adarsh unlike other customers of Adarsh. T1 has been completed for two years now but does not have outer paint yet. THE LATEST PLOT IS TO SELL OTHER TOWERS AND USE THAT MONEY TO FINISH CONSTRUCTION OF HOTEL, T2 AND MAY BE SOME VILLAS. ADARSH IS DEMANDING 25% DOWN PAYMENT FOR OTHER TOWERS (T3-T8) . SOUNDS MORE LIKE A PONZI SCHEME TO ME.


On the liquidity crunch side, I have known from highly reliable sources that THEY HAVE NO MONEY TO FINISH THE PROJECTS THEY PROMISE. BELIEVE IN ADARSH'S DEADLINES AT YOUR PERIL.


I visited Adarsh's main office last year and I found one employee hunting for jobs in Adarsh office. When I casually asked her about the job hunt, she naively told ADARSH HAS NOT PAID HER A SALARY FOR LAST THREE MONTHS.


SUMMARY: This builder is still selling on its previous success Adarsh Palm Meadows and is able to fool customers, especially NRIs. This builder has no MONEY TO FINISH THE PROJECTS ON TIME, HAS NO CUSTOMER SERVICE AND IS WORKING ON PONZI SCHEME MODEL TO FINISH THE CONSTRUCTION. IT WILL BLOW UP ONE DAY, BIG TIME. INVEST WITH ADARSH AT YOUR OWN PERIL AND DO A DUE DILIGENCE BEFORE BUYING ANYTHING FROM THESE BUNCH OF CHEATS AND LIARS.


PS: I don't want this post to be a story, but if you are still interested, please read on.


LEGAL TROUBLES ARE STILL THERE: Go to APR and you will see that front boundaries of T1 and T2 are still not there and there is still some steel shed to define the boundary. Ever wondered why?


This is because T1 and T2 are part of single (survey) approval but Adarsh sells them as separate properties. The road in between, as per approved plans, belongs to Park and open area!! THIS BUILDER HAS NO ETHICS AND LEGALITIES ARE STILL NOT IN PLACE. I WONT BE SURPRISED IF SIMILAR LEGAL LOOPHOLES EXIST IN VILLAS/OTHER TOWERS. THESE HOLES CAN POTENTIALLY BE BIG HEADACHES WHEN YOU DECIDE TO SELL YOUR PROPERTY IN FUTURE.


EXECUTION TIMELINE: From what I have seen, the other towers (T3-T8) will take 10-15 years to complete and I am not kidding here. Remember, they will have a common clubhouse and other facilities and that will be last priority for Adarsh to complete and will be done after LAST tower is build. Would you like to live in a community where you paid money for clubhouse will get only after 15 years? I will not.


Given all this, my conclusion is that it is not worth buying a property with Adarsh given so many unknowns (legal troubles, hopeless execution etc) There are other builders in BLR who will probably give you almost the same quality with much more peace of mind.


==Update Nov 21, 2010:


More proof that Adarsh will use your money to indulge in shady land deals. See the story below.


==Now it is a well known fact that current Adarsh projects are languishing due to paucity of funds. But that does not stop Adarsh to lend money to others at 7.2% interest rate and possible become partner in land deals with them.


They take the customer's money at 0%, lend it to others at 7.2% or use it themselves to buy more land. for themselves. THESE CHEATS WILL USE YOUR MONEY TO FULFILL THEIR GREED, BUY MORE LAND,  AS I MENTIONED ABOVE. HANDING OVER YOUR PROPERTY IS LEAST OF THEIR CONCERN.


Ample proof they have not changed their cheating ways of playing with customer's hard earned money to further their own business interest (which is not delivering your preoperty on time).


As media disclosures shifted the spotlight on her during the day, Shobha conceded that she was involved in the purchase of  166 acres of farm land in Kodagu sometime ago. On record, the land in question was bought for Rs 3.5 crore.


The purchase was made in the name of what appeared to be a fictitious company––Kapila Manjushree Apparels. Shobha has shown herself to be the company's managing director with her brother Lakshman Gowda as one of the partners. She had availed of a loan of Rs 3.5 crore from Bangalore-based Adarsh Developers to buy the land. Adarsh Developers gave her the loan without any security or agreement.


https://deccanherald.com/content/113591/yeddyurappa-says-cabinet-decide-land.ht
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Shobha had given #18 Crescent Road as the address of Kapila Manjushree Apparels. However, no such company operates from the address. She claimed that #18 Crescent Road was her residence-cum-office when she floated the company.


When contacted by Deccan Herald, Shobha claimed that she had arranged money for the land purchase from Federal Bank by pledging her BDA site in Bangalore. But she also conceded to having borrowed some money from Adarsh Developers at 7.2 per cent interest for the land deal. She, however, claimed that she did not know the exact amount of loan borrowed or how much of it had been repaid so far.



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