Beware of buying in mahindralifespaces Chennai SEZ

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Beware of buying in mahindralifespaces Chennai SEZ
Oct 09, 2015 01:06 PM 11558 views
(Updated Oct 12, 2015 09:34 PM)

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If you are planning to guy property from Mahindra lifespaces in Mahindra world city Chennai in SEZ area, please be informed that the flats they sell is not actually outright sale BUT Lease of property. While their sales team talk to you, they will not even inform this detail. Only when you pay the advance and sign you come to know that it is a leased property(though it is perpetual lease).


Moreover, recently TNVAT(close to 2 lakhs) got added to the price, There is a recent issue from Chengalpet registrar office that these leased properties need to pay stamp duty(which is 9% of your property value) also. Mahindra lifespaces team will not let you know all these additional cost. Only after booking, you will come to know all these costs.


Think before investing in Mahindra lifespaces in Chennai. Because the money you pay is for only a lease and there is no price appreciation for the past 2 years and also even if you want to sell in future, there are NO TAKERS for these properties.


I am writing this so that some innocent people who have no clue about the lease concept should not get trapped and waste all their hard earned money in this property. I am one unfortunate buyer who invested(in IRIS Court project inside MIPL) in this couple of years ago and now stuck with them!



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