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Regulating Developers & Brokers-What About Regulating Buyers & Owners?Case of Aashish Bansal

By Qubrex, Section Ask Questions
Posted on Wed Jan 13, 2010 at 03:12:01 AM EST

There is much news about regulating builders and developers and also about regulating brokers , and their response. And all this was highlighted during the Pravasi Diwas where the Govt promised NRI (Non Resident Indians) that they would sort out the real estate sector for them.

Enough attention is being given to regulate the developers and brokers to fix the Indian Real Estate Market, but what about regulating the buyers/owners/tenants also? There are bad brokers who must be regulated, and bad builders who must be regulated, but isn't it naive to believe that there are no bad buyers or owners of properties? Doesn't the bad behaviour of these small number of buyers and owners affect how brokers and developers address the general market. It does, and any attempts to fix and bring transparency in real estate dealings must deal with the whole chain of developers, brokers, and real estate clients.

And it is hard to understand why and what do some brokers and developers do, unless you understand what clients they sometimes have to deal with. Just like many clients have horror stories to tell, every broker and developer also has many horror stories to tell, and we are no exception. Over the years we have dealt with all sorts of people, and most of them have been good and fair - Indians at their core are still majorly decent people. But some of them are neither fair nor decent. And to illustrate the point we would like to share one of our stories. Hope it will explain why there is need to regulate the whole troika of developers, brokers, and clients if we are to ever fix the real estate market.

Our story starts with an NRI landing in India with his wife and daughter to spend holidays, and probably buy a property in India. Owner of many properties, the NRI contacts a broker and also gets his mother in India to explain to the broker what his various needs and expectations are.

As Aashish is going to be in India only for 2 weeks, it is urgent to get him up-to-date on the various options very quickly. He works for a renowned Indian IT company at a high position, so target is high end properties. Details of Aashish Bansal (cache here) confirm that the United States has been good to this NRI, who has moved up in life and is now ready to buy into some prestigious property. After talking to him some properties are shortlisted, and then arrangements made for the keys and showings.

It is important to understand that when a buyer/owner/tenant cheats they don't have to be strangers. We have known Aashish for over 5 years when they bought a 3br in Atlantis from us. Since then his aged mother and father would call on us for stamppapers and notaries, free advice on documents and agreements, even getting their driving licence and passport renewed. Once we even made two trips from Gurgaon to Army headquarters in Delhi so that Ashish's brother-in-law could be sent the form for applying to DSOI club (Defence Services Officers Institute) in Palam Vihar.

On January 02 Aashish Bansal and his family were taken to the DLF Aralias on the Golf Course, Laburnum Villa and a Laburnum apartment, and then a tour of the World Spa 4br and 5br. He liked the World Spa. So on Jan 04 a tour was arranged to show him a World Spa penthouse and a 5br. On Jan 06 he wanted to see Orchid Petals for his brother-in-law, and a 3Br and 4BR were shown, and tour given of the Golf Course Extension Road. Raisina was way too far off. On January 07 DLF Pinnacle was the destination. He liked it. So calls went out to many owners to see if they were interested in selling. Some confirmed apartments were not of choice. After more discussions we then took them to Bestech Parkview Spa on January 08.

(Click on "Full Story" for more.)

Parkview Spa seemed to appeal to the family. So we called the Marketing Manager from the head office of Bestech. He came to the sample flat and answered all their questions. He also gave them the actual stock of what was available - a penthouse each in C, D, and G tower, and a 3715sqft unit. The price tag for D block penthouse was approx 3 crore.

The manager1 invited them to the head office for negotiations and best price, and to seal the deal. But they dallied. Wanted time to make up their mind. The manager1 then offered to provide the printed the specs of the penthouse and other details to us the next morning, which we could then give to the Mr Bansal.

The next day at the appointed time we went to the Bestech Offices to pickup the spec sheets and penthouse details, and then drop them at Aashish Bansal's home. He could then make a decision immediately, or his parents (to whom he had given the Power of Attorney and who are living in a penthouse in Unitech Palms) could buy on his behalf - if he decided to buy this.

But, to our utter shock we found out Aashish had come earlier in the morning to Bestech, introduced ICICI as his broker, and had already done the booking for the D tower penthouse. We had been left out in the cold, and manager1 who had come and had actually sold them on the project was also left out too.

So the actual people who worked on the deal including manager1 got cold-shouldered, while ICICI and manager2 got all the credit - is it fair? If Aashish Bansal had not liked the 10 properties we showed him, but chosen an 11th property, we would not have held a grudge against him. That is a part of our business. But to buy the exact property, a penthouse in D Tower of Parkview Spa that we showed first, that we provided all details of, that we got company executives to describe to him, by dumping us and introducing a dummy broker is clearly cheating.

We talked to the senior company executives. There was no dispute that we got the client into the sample flat, we introduced them to the company, we helped sell the flat. We deserved the brokerage. But they were in a tough position - the client had cheated us, and had cheated their manager1, but he was holding cheque for a penthouse worth 3 crore that the company could ill-afford to refuse. The executives said the company would hold the booking till later that day, and credit it to us if Aashish would call and tell them to mark us as his broker. The price would remain the same for him.

We called Aashish and he took the phone, said he was busy and would call back later. Called his mother and she said the same. They just would not attend to us. Later in the evening he returned our call, and said he thought there was nothing wrong in what he did. And by that time in the evening it was too late to do anything about getting credit for the booking. The same night he boarded a plane with his wife and daughter to Plano, Texas. The next morning he must have woken up in Texas, and we woke up holding the bag back in India.

What recourse does a broker in India have? A few can get the actual, or threat of, violence to work for them, but mostly you have to let it go.

It is strange that in the US some people learn to play by the rules, but in India it is okay for them to bring their daughter to India after years and teach her that it is perfectly acceptable and so easy to shaft the locals. She will be back in coming years with this lesson about dealing with Indian property brokers, and implement the same next time too. And another thing she would have learnt is how to score free taxi service in India. The family of Aashish always came to see the properties in a big group - Aashish, his wife, his daughter, his sister, her husband who is a Colonel in the Army, their son, and Ashish's mother. And obviously they would not fit in the Santro that they own, so they would spill over and sit in our car. Why pay Rs 800 per taxi per day when your friendly broker will come to your house and pick you up. Then the broker will get you access into all these gated places, act as a guide giving you the pluses and minuses,and then drop you back home - all for free!

The lady executive, and partner in our brokerage firm, who arranged everything for Aashish Bansal and his family was heartbroken. Could not eat for two days and still feels sick at the mention of their name. But, in time you get over it and learn to move on.

Should there not be regulation that protects brokers from clients like Mr Aashish Bansal of Infosys?

The Indian real estate market does not have easy fixes. You can't transplant rules from other countries without modifying them for Indian conditions. And most important, just regulating the developers and brokers, without doing the same for the buyers/owners/tenants, will not fix the problems in how and why the market operates the way that it does.

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Regulating Developers & Brokers-What About Regulating Buyers & Owners?Case of Aashish Bansal | 102 comments (102 topical, 0 hidden) | Post A Comment

Re: Who will regulate owners (none / 0) (#102)
by Unregistered Visitors on Sun Feb 07, 2010 at 09:07:27 AM EST

Apologies for waking up a sleeping thread.

Think of this as the buyer (No, I am not him). He approaches the bank for a 3 cr. loan, who says, I will give you half a percent lower interest rate if you show the bank as the agent. In the long run that is about 25 lakhs! A good deal for The buyer, target met fo rboth deal and loan for the bank.

[ Reply to This ]

Perspective from USA (none / 0) (#101)
by saratdayal on Wed Feb 03, 2010 at 05:25:36 AM EST

I am not a realtor in the US but have purchased and sold many properties and, as such, have spent a lot of time with realtors here. They tell me that American buyers, too, pull an Ashish Bhansal quite frequently. The difference between India and the US is that nobody ever blames the buyers, perhaps due to the "customer is king" culture of American business in general. Instead the realtors blame the sellers for not honoring the broker agreement. However, such agreements in the US are in writing and are almost always honored by the sellers for fear of lawsuits. Brokers have been known to sue unscrupulous sellers. In fact, most broker agreements guarantee the commission even if a sale occurs 6 months after the expiration date of the broker agreement, the rationale being that it was the broker's effort that initially brought the buyer and seller together even if the deal occurred much later.

Whether in India or the US, the buyer with money to spend will do whatever they darn well please, as Ashish Bhansal with his crores proved. The burden should be on the sellers to stick to their agreements with brokers, whether in writing or not. I am not sure if Indian brokers even have written contracts with sellers.

SDayal
[ Reply to This ]

Double Standards (none / 0) (#87)
by Unregistered Visitors on Mon Jan 25, 2010 at 09:56:01 AM EST

Well. Everybody in a sermonizing tone.

Close the thread... this happens all the time...move on in life... part and parcel of broking business...buyer has a right to choose....don't disclose his identity publicly...

Will the same words apply,if something of the same sort was done by a broker,with Aashish Bansal at the receiving end.

All hell would have broken loose.

Double standards.

[ Reply to This ]

what would happen if the situation is reversed (none / 0) (#90)
by knightrider on Mon Jan 25, 2010 at 11:41:37 AM EST

Imagine..if the dealer would have shown a property to the customer and very next day, without informing the customer, the dealer would have sold the property to a different customer who came with a ready cheque and higher price offer.

blah..it happens all the time, the customer knows the dealer wont wait for 5 mins for him if another offer comes at a higher price or quicker payment. Hell wont break lose on this..we are used to it.

[ Parent | Reply to This ]

situation is reversed (none / 0) (#93)
by fubar on Tue Jan 26, 2010 at 01:36:17 AM EST

I know a 'situation reversed' case personally. Last year one of my friend almost finalized a deal agreeing to pay the 62L for a society flat in ggn. However, no 'bayana' was paid at that time. When he went to pay the advance 2 days later, he was told the price has gone up by 1.7L (100 rs/sf). My friend came back disappointed. But that is normal.

A buyer is a cash cow to me milked. Nothing unethical here.

I know some people would say that since it was a verbal agreement, what the seller did was okay. And I agree its okay but then by the same yardstick, what Ashish Bansal did is perfectly okay too.

[ Parent | Reply to This ]

But, what does it have to do with Broker (none / 0) (#94)
by Unregistered Visitors on Tue Jan 26, 2010 at 02:59:09 AM EST

Fubar, what does your example have to do with the Broker?

If the broker had told him not to give that bayana, that would be the brokers fault - but highly unlikely. And that is the scenario if the broker was in the transaction.

So the Seller is bad. Buyer was good as the buyer always is, and unfairly betrayed by the Seller. Seller bad. But, one day the seller was a buyer too. So was he bad at that time, or good?

If he was bad at that time too, then what remains of the claim that all "buyers" are good?
And if the seller was good at the time of buying, then what is the problem with your friend that turned seller into bad? Must be some fault of your friend.

And bottomline, it has nothing to do with broker. It is the problem with these darn buyers and sellers.

[ Parent | Reply to This ]

Executives at top positions most corrupt: survey (none / 0) (#84)
by Agnihotri Sir on Mon Jan 25, 2010 at 12:06:11 AM EST

For those who think that senior officials can't be corrupt or cheaters, here is something to think about.

http://www.business-standard.com/india/news/executives-at-top-positions-most-corrupt-survey/83946/on

Executives at top positions most corrupt: survey

Press Trust of India / New Delhi January 24, 2010, 18:52 IST

Corruption is rampant in the Indian corporate sector and those at the top indulge the most in it, a majority of private employees surveyed have said.

"An average 86 per cent of respondents believe that corruption is a common phenomenon in corporate India. The acceptance towards corruption increases from lower management (83.4 per cent) to middle management (88.1 per cent) to senior management (90.2 per cent)," the survey by market research and consulting firm Marketing and Development Research Associates (MDRA) said.

The study by MDRA was conducted among 742 employees across the sectors in Delhi, Noida, Gurgaon, Mumbai, Pune, Bangalore, Kolkata, Chennai and Hyderabad.

The employees surveyed have ranked monetary transaction as the most prevalent form of corruption while nepotism comes at bottom. Monetary transaction at 39.2 per cent is followed by exploitation at 17.1 per cent.

Besides, breach of trust and fraud are the other form of corruptions widely seen in the corporate world.

When it comes to activity-wise corruption, 36 per cent respondents said most frequent corruption is observed in recruitment process followed by promotion/ performance appraisal (24 per cent).

Further, 22 per cent said it occurs most in procurement and 17 per cent of them consider it is visible in project implementation, the survey said.

It seems that the recent scams and fiascoes have helped in strengthening people's distrust on accounting and auditing practices among Indian companies.

Overall 80 per cent respondent believed that it is common in corporate India to have a "window dressed balance sheet".

People who are working in IT-software and consulting sectors feel more strongly about prevalence of such practices in corporate world (88 per cent) as against those in telecom (67 per cent) and retail (69 per cent).

[ Reply to This ]

Econmy is growing. (none / 0) (#92)
by Unregistered Visitors on Mon Jan 25, 2010 at 12:03:48 PM EST

The Indian Economy is growing steadily.

<a href="http://timesofindia.indiatimes.com/biz/india-business/Indias-GDP-to-grow-at-92-CMIE/articleshow/5499043.cms">http://timesofindia.indiatimes.com/biz/india-business/Indias-GDP-to-grow-at-92-CMIE/articleshow/5499 043.cms</a>

Inspite of all the doom and gloom by people like you, India is the envy of the developed world, and I am sure most countries will like to change the places with us.

Corruption is prevailing in all over the world especially at the higher level.

It is the way of life.

[ Parent | Reply to This ]

Keep your moronic attitude (none / 0) (#99)
by Unregistered Visitors on Thu Jan 28, 2010 at 09:49:37 AM EST

You can write any stupid think sitting in your rat hole, who cares? You and some other ignorant think India is envy of the world. India is still known around the world as and is with chronic problems. I do not know who wants to switch places where it is full of hypocrites and filth of all kinds. Growth is relative as over 500 million people in India still go hungry every day and live in inhuman conditions. But, ignorant like you do not care about these thing because you have no value for it.

[ Parent | Reply to This ]

: Nationality ? (none / 0) (#100)
by Unregistered Visitors on Thu Jan 28, 2010 at 10:08:37 AM EST

I do not know your nationality, but if you are Indian- you definately have low self-esteem of yourself even you may be residing abroad.
Why did you visit this website ? To make us feel bad. Thank you for doing that.
Perhaps you should know your originals comments were on the wrong thread, and thanks for calling fellow readers 'moron'. Go to your mom and learn some manners of discussion or is that also India's fault to have not kicked your butt?
Do something for India or shut up.
Cheers

[ Parent | Reply to This ]

Regulating Developers & Brokers (none / 0) (#83)
by Unregistered Visitors on Sun Jan 24, 2010 at 02:25:21 AM EST

As a buyer Aashish has the right to choose and decide who to go for, and at any level or stage he finds your service inadequate or feels that he is being led to believe facts which may not be entirely true, he has the right to go to any other broker.
Anyone who is spending that kind of money will do the due diligence and would ultimately go for the one who he trusts more.

Sanjay this is a part and parcel of broking business.For every case like this there are 100 cases where investors are made to suffer on account of unholy alliance of brokers and builders.So accept this and move on rather then trying making a case out of it.

You moved in cause you saw money in the deal and are frustrated now cause you lost the deal..Period..All the best for the next deal

[ Reply to This ]

Another thread of " tamasha" . (none / 0) (#80)
by Unregistered Visitors on Sat Jan 23, 2010 at 07:23:44 AM EST

Some of us must be bored by now, we should start another thread of 'tamasha'. I do not think Aashish Bansal, really exists, it may be a fictious name.

Don't we have another name, another topic?

This time we should pick on Resident Indians instead of NRIs.

So, what do you think folks?

[ Reply to This ]

pick me pick me! (none / 0) (#81)
by knightrider on Sat Jan 23, 2010 at 08:13:17 AM EST

I am up for a scrap. There was a guy here who wanted to pick a fight with me :)

Sanjay, enough time has passed I am sure your team feels better now. I suggest we all let it go and delete this thread lock stock and barrel. Its really in everybodys best interest.

cheers

Knight

[ Parent | Reply to This ]

Wow ! (none / 0) (#82)
by Unregistered Visitors on Sat Jan 23, 2010 at 09:34:32 AM EST

You sound like a prostitute. "Pick me pick me".

[ Parent | Reply to This ]

We have had enough!!! (none / 0) (#86)
by Unregistered Visitors on Mon Jan 25, 2010 at 09:41:42 AM EST

Sanjay,

I think this discussion has done its time and it is best to nuke it NOW.

Cheers/RK

[ Parent | Reply to This ]

Your mind is in the gutter (none / 0) (#85)
by Unregistered Visitors on Mon Jan 25, 2010 at 08:30:26 AM EST

I dont know why you called Knightrider a prostitute. He was trying to lighten the mood. You know so much about what prostitutes sound like?

akanksha

[ Parent | Reply to This ]

Lightening whose mood? (none / 0) (#89)
by Unregistered Visitors on Mon Jan 25, 2010 at 10:20:50 AM EST

This is not a place neither people are tensed in any way to get their moods lightened. Look for some funny place or a circus.

What else, pick me pick me, means? Ask some people on the street, and they will tell you the same thing.

Is it Knightrider has some chip on his shoulder that no body can go against him?

He is a nuisance and ought to be controlled.

please re-visit his comments, available for scrap...

Incidentally, no body called Knightrider a prostitute, only he sounded like one. Do not through your "Akansha" without reading the text.

You definately need to lighten up.

[ Parent | Reply to This ]

controlling nuisance (none / 0) (#91)
by knightrider on Mon Jan 25, 2010 at 11:58:42 AM EST

I dont have a chip on my shoulder my friend. Notice when hulk hogan calmly commented on my off topic rant on icici/mutual funds, I kept quiet mainly cos he was absolutely right!

Your comments on me sounding like a prostitute only showed your state of mind. I dont think thats the first thing that came to most peoples minds.It didnt occur to me at all.

And yes, I am up for a scrap so if you want to say something even faintly logical, I am up for a debate. If you can prove your point, I will happily admit you are right.

Qubrex lost a high profile client. Why did an otherwise normal person with whom they have dealt with for 5 years suddenly dump them so unceremoniously? (Did you milk him in the last 2-3 deals? Did he get his fair discounts as a HNI buyer?)

A business that stops listening to its customers starts decaying. You have to wonder what went wrong qubrex. Why did your customer assume he wont get the right price from you? Was it your past record? Did he drop hints in the last meeting that he wanted a discount and you stonewalled it? Surely hes not crazy or do you think he is crazy so he dumped you even though he knew you would get him a fair price?

cheers

Knight

[ Parent | Reply to This ]

knightrider = idiot (none / 0) (#96)
by Unregistered Visitors on Tue Jan 26, 2010 at 08:36:16 PM EST

knightrider = idiot
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[ Parent | Reply to This ]

wife...is that you? (none / 0) (#97)
by knightrider on Wed Jan 27, 2010 at 08:46:35 AM EST

cute...no? :)

[ Parent | Reply to This ]

: Well, ride her in the night (none / 0) (#98)
by Unregistered Visitors on Wed Jan 27, 2010 at 10:06:54 AM EST

May be. Ride her in the night - Is it Knightrider or NightRider. Conserve your energy for something else.

[ Parent | Reply to This ]

For the Last Time! (none / 0) (#95)
by Unregistered Visitors on Tue Jan 26, 2010 at 05:29:04 AM EST

For the last time, your comments, "pick me, pick me" were out of place. What did you mean by saying that? Your lenghthy comments do not clarify that, or go anywhere near them.

You have tried to patronize Quberex by your comments. I also sympathise with Mr. Sanjay Sharma. But, are these not the hazards of any sales jobs? Small sales from electronics to bigger sales like real-estate, the sales persons are quoting prices, and find buyers buying elsewhere at equal or lower or higher prices. My heart goes out for these people who have no website like this or a shoulder to cry on.
Perhaps look for those people and tell them, "pick me, pick me", if your comments were anything but a chip on your shoulder.

[ Parent | Reply to This ]

some guys are sic (none / 0) (#88)
by sj112a on Mon Jan 25, 2010 at 10:13:45 AM EST

this guy instead of talking pro and cons of this case is getting down the drain.. Dont even waste a single moment commenting on such people...

[ Parent | Reply to This ]

AAshish Bansal (none / 0) (#78)
by Unregistered Visitors on Fri Jan 22, 2010 at 04:07:58 AM EST

This is a broker who is crying hoarse and divulging the details of the client and his family simply because the client did not toe his line and went on his own. So much for the confidentiality of the client. Future buyers beware of this agency!!!!

[ Reply to This ]

: Ashish Bansal (none / 0) (#79)
by Unregistered Visitors on Fri Jan 22, 2010 at 12:30:22 PM EST

It is high time that that Mr Bansal chapter is finally closed, by admitting the fact that whatever/whosoever is wrong is wrong. Let us admit that at times even the buyer can be wrong but a wrong-doing by buyers must be exceptionally rare as compared to builders/brokers.Builders in india are not worth calling even human-beings and are worst than animals because not only they rip-off their clients, they even play all sorts of dirty tricks when taken to court for their pathetic behaviour. Most of them deserve to be behind bars because they are spoiling India's image globally. While most buyers are bleeding
at the hands of morally bankrupt builders, indian government is sleeping. Hats Off to our goverment for sleeping over this matter despite knowing all the facts.

[ Parent | Reply to This ]

Tail wags the dog ! (none / 0) (#76)
by Unregistered Visitors on Thu Jan 21, 2010 at 10:35:03 AM EST

Most real-estate boards in the developed countries would had pulled Quebrex for disclipine hearing and possible got "resist and desist order" against them for doing any further real-estate transcactions for,

Quberex admission for coercion in a deal for doing all that that they are admitting. It being contrary to a fair competition for their fellow real-estate agents.
Compromising the confidentality of client, and dragging their name on the website.

I regret I am writing the above, but I have to call a spade a spade.

Unfortunately, the client has not admitted anything to his advantage.

Think.

[ Reply to This ]

Grow up! (none / 0) (#75)
by Unregistered Visitors on Thu Jan 21, 2010 at 06:02:39 AM EST

Sanjay,

I would be very surprised if this is the first time someone did this to you? Or is it just because that there was too much money at stake or because the buyer was an NRI or because he is highly placed, you thought this would sensationalise it?

Doesn't this happen all the time in all the businesses? I am sure you do it to a sales guy every time you go make a major purchase.

It is ok to feel bad (and skip a few lunches) especially because of the goodwill you shared with him, but crying about it is hardly going to help anyone. He might end up suing you for defamation.

If I were you, I would have tried to understand why he did it and what could I do better. I am sure ICICI offered him something (you are assuming a higher cut from their commision, but that might not be true) which made him overlook your past relationships and accumalated goodwill.

I am sure your eyes lit up when you saw a 3cr deal which had to be closed in 2 weeks. You might also have thought, this guy doesn't have too much time to check with a few more brokers, so may be I can fleece him a bit more.

I am sure this experience has made you much wiser and grown up. You should just nuke this thread or at the very least remove all references to a real person.

Sincerely,
SG

[ Reply to This ]

One raw deal and .... (none / 0) (#73)
by Unregistered Visitors on Wed Jan 20, 2010 at 06:36:56 PM EST

You exposed your erstwhile client on the internet just because he exercised the basic human right - the right to choose? Where are your work ethics, Qubrex? I had held Sanjay, Gurgaonscoop.com and Qubrex at very high esteem due to their involvement in the industry in Gurgaon since a very long time. But all that have now changed.

So long!

[ Reply to This ]

: i am not agreed with you (none / 0) (#74)
by Unregistered Visitors on Wed Jan 20, 2010 at 08:47:55 PM EST

i am not agreed with you on this point, if we people want to expose unethical, corroupt builders or brokers or other element of this society on this site then why not a bad client.
they heve never done this before and i believe nobody had done this with them before.
My understanding is : - they(aashish family) seen all the places which was showed by Qubrex and use all of this research, studies and understanding about the real estate market. but then they bypassed them and book the same flat which they were talking with Qubrex and Qubrex were doing their negotiation with the company. but later they came to know that they are just wasting their energy & time because they(Aashish) already done the booking of the same property.
My question is Does Aashish knows about the Property before Qubrex showed them, or they were told by ICICI people. if Qubrex was the first one then ethically and professionally they have to book this property by Qubrex only. this is the first rule of a real estate market. Do not bypass your a broker in between the deal for just the sake of finicial profit. I believe Qubrex will make the deal as the way Aashish wants.

[ Parent | Reply to This ]

Hi Aashish Bansal, is that you ? (none / 0) (#72)
by Qubrex on Wed Jan 20, 2010 at 11:45:30 AM EST

We can say with a very high probablity (say greater than 95%) that Comment #66 is by Mr Aashish Bansal himself ...

1. did Aashish even verbally commit to this agent that he wants them as his broker in any Real estate deal that he does on this trip ?

2. Do Agents expect that the 3% of X crores rightfully belongs to them

3. To accumulate the facts ...

[ Reply to This ]

: Ghosts? (none / 0) (#77)
by Unregistered Visitors on Thu Jan 21, 2010 at 05:39:00 PM EST

Qubrex
Have you started to see Ghosts? Do you see Aashish Bansal everywhere?
God Bless You.

[ Parent | Reply to This ]

Worst enemies (none / 0) (#67)
by arun1964 on Tue Jan 19, 2010 at 10:23:17 PM EST

brokers are there own worst enemies

what would have Qubrex done if the case was vice versa ICICI was the loser they would have not bet an eyelid

Actually the problem is much deeper

1. There is hardly any value inputs from the broker. In fact his major inputs on each property have a very close relationship with % brokergae he is getting from the company. How aggresively they marketed projects of companies which even after five years show no sign of progress(M tech
Jai Krishna Ramprastha & so on others have faded from memory)

If they say they enjoyed a good relationship with AASHISH ( DID THEY SEND HIM REGULAR REPORTS ON INDIAN property MARKET)Atleast I can say Qubrex is much better on this aspect he is doing a great job by maintaing this site
Just imagine the kind of work a Private Equity

guy does if he has to get an investment of 3 crores in a company. Compare with the work that the broker does
4. My final emphasis is that the brokers have to profesionalise rise from there simple broker mentality ( a la olden day bse broker mentality) & move towards a broking house( modern day religare/motilal Oswal etc with lot of research inputs)

mal
[ Reply to This ]

Qubrex- can of worms (none / 0) (#69)
by Unregistered Visitors on Wed Jan 20, 2010 at 02:41:33 AM EST

One do feels for Qubrex more so bcoz of thier great site gurgaonscoop but out there are thousands of brokers who cheat buyers at every transaction, every day - this topic has opened a can of worms.

Image Associates, Gurgaon is one such prominent name. They were refrred so we expected some amount of professinalism but that was a blunder
- project BPTP Sec 66
- Got booking showing us a wrong project site
- never sent the buyer seller agreement
- revealed 30% hidden charges later
- took side with builder when he changed the sizes 3 times in one year
- when confronted said that 'kya karen, real eastate mein to yeh hota hai'

- when market went bust, pleaded with us again to park more money (thnakfully we didn't)

- now, again out there cheating again more people)

- BPTP is now rasing IPO, another way to cheat with public money

So, we buyers really can't feel real sorry for dealers or trust them either

[ Parent | Reply to This ]

: Ethical broker vs buyers. (none / 0) (#70)
by Unregistered Visitors on Wed Jan 20, 2010 at 04:42:32 AM EST

I am an NRI and I bought three properties through a broker that I met at an exhibition in LOndon. He promised to share half of his commission with me ( it is all there in black and white) but eventually paid me only Rs 40000. So, where are ethics for the broker in my case. Despite my personal experience, I still feel for Sanjay Sharma. My understanding is that builders gets paid anything between 4 to 8%. In one of the properties that I purchased from this broker, the other broker was paying 4% openly to everybody.

[ Parent | Reply to This ]

Clarifying issues about Aashish bansal case ... (none / 0) (#65)
by Qubrex on Tue Jan 19, 2010 at 05:14:00 PM EST

Well, just to clear up the record.

We at Qubrex never quoted a price to Aashish Bansal. We took him to the sample flat, and there we got him to talk to the company officials. He was invited to the head office to discuss the best price the company could offer, and the price was approx 3 crore. At that time it was still not confirmed that he would buy the penthouse.

Aashish never asked us for the price, because we were not setting the price. Let me categorically state that the price was never discussed with us - and the place to discuss the price after the manager1 in Bestech had made his quotation, would have been sitting with us on the table across the builder in the builder's office - sharing the commission only would come after he would confirm he was buying the property and the company would tell us what our final figures for commission in this penthouse would be.

The company was interested in selling the flat and would have given the same, if not better, price through us than ICICI.

And look at it as a real estate transaction - it is not about selling scooters or cars. Don't muddy the issue with analogies. And it is a real estate transaction in India not the US - and Aashish is not ignorant about buying in India - he bought a 3br Atlantis, a 4br in Atlantis (where he hired us to do the documentation), and already owned a penthouse in Palms and a 2 br in Palms, including a plot in Greater Noida before we met him. And despite that he did not have the courtesy to inform us, or ask us for any price before rushing to do the booking with a "dummy broker." And don't justify this issue by putting in the light that Aashish did this to Qubrex to avenge all the misdeeds that had been done to the buyer community by the brokers - it is a specific case with clear cut actors and clear cut actions.

In Indian real estate mores, it is clear cut cheating, and that is what it is in our books. We have been in business for over 6 years in real estate and have been running this website GurgaonScoop.com for almost the same time. Even though the GurgaonScoop.com website is open to posting comments, you would be hardpressed to find comments against us because we have done our best to prevent any wrong being done to our clients. And we are mature enough to know that if we were offering a higher price and he bought elsewhere, it is nothing to write home about.

People who are not convinced it is cheating never will be - we all learn to rationalize our positions, like probably Qubrex is doing it itself. My belief is that 80% of the convicts in Tihar Jail probably believe that they have been wrongly imprisoned and no amount of discussion will convince them otherwise. But, they are behind bars according to what Indian Penal code prescribes not what they think or what their rationalizations are.

And what Mr Bansal did is wrong in the Indian Real Market. If he had no intention to compensate the broker in case of a successful property search, he should have posted an advertsisement on 99acres.com or magicbricks.com. There is a FSBO (For Sale By Owner) trend in the US where they want to bypass the broker. He, and those who want the best prices, are welcome to do it - the commission in that case to the broker is Zero.

And hi knight, fubar, hulk, and dheeraj - long time no see ... and glad you are back.

Sanjay

[ Reply to This ]

let's introspect (none / 0) (#68)
by fubar on Tue Jan 19, 2010 at 10:23:52 PM EST

Hi Sanjay,

You raise a very good point here that we all learn to rationalize our positions, like probably Qubrex is doing it itself and that 80% convicts believe that they have done no wrong.

This forum is open for everyone to post but has even one dealer come forward and supported his clients when as another post mentions 100 buyers are cheated on more than 100 counts on an aggregate? Why does any dealer not raise his voice against the builders here? Why don't you yourself say that 80% builders should be behind bars?

The fact, and bitter it may be, is that builders are too powerful. They have money, muscle, political connections and no one can even touch them. A buyer however is a cash cow to be milked and maligned if he does not comply.

One NRI example was enough to malign all NRIs but all the crook brokers are not enough to give a bad name to dealer community as a whole?

And in the end its a useless debate. What changes with this incident? Nothing. The mess carries on...

[ Parent | Reply to This ]

Great expectations! (none / 0) (#66)
by Unregistered Visitors on Tue Jan 19, 2010 at 07:37:02 PM EST

To accumulate the facts presented;

What did not happen:

Agent did not quote a price
No paperwork was initiated
The agent did not render any purchase related service

What happened:

- A real estate agent accompanied Aashish to the places of interest

What the agent expects:

That Ashish has a binding relationship with the agent just on the basis of their previous record. (Forget about paperwork, did Aashish even verbally commit to this agent that he wants them as his broker in any Real estate deal that he does on this trip ?)
Agent expects that others should think this was immoral / unethical / illegal and that there should be an outcry!
Do Agents expect that the 3% of X crores rightfully belongs to them because they happened to be the first (for a stranger) to point their finger in the direction of upcoming buildings!

I think there is a need to revisit the expectations and also to inject some paper trail in the whole sequence.

[ Parent | Reply to This ]

: Hi Aashish Bansal, is that you ... (none / 0) (#71)
by Qubrex on Wed Jan 20, 2010 at 11:43:48 AM EST

Comment #66 - welcome to the discussion Aashish.
Three statements - and a greater than 95% chance that they are from Mr. Bansal himself.
1. did Aashish even verbally commit to this agent that he wants them as his broker in any Real estate deal that he does on this trip ?
2. Do Agents expect that the 3% of X crores rightfully belongs to them
3. To accumulate the facts ...

[ Parent | Reply to This ]

Be a sport qubrex (none / 0) (#64)
by asheeshpuri1 on Tue Jan 19, 2010 at 02:26:50 PM EST

Qubrex!! first of all let me begin with due condolences to you for the event. You lost your fair share of income and the tech guy purchased the same flat from some other dealer.

Lekin!!! do u know out of a hundred deals in gurgaon, how many times a buyer is cheated. I can assure you it is more than a 100 times. The broker asks for an unfair share...one... tells him an incorrect possession time.. two... the builder gives him a wrong idea of the flat area, the actual flat is much smaller..three...during construction the flat size is increased so as to inflate the price for the buyer.. four... i can go on counting like this till a hundered and atleast some of them hold true in each case.. so as a matter of bargain, i can conclude that in a 100 deals that happen in gurgaon, the buyer is cheated almost 800--1500 times!!!! (amazing analogy..isnt it??) So if in one of the deals "jiski jooti usii ka sar" adage comes true..wat is soo surprising in that???(psst except that it was ur sarr!! ). i do not wish to say that you have cheated people.. but then i hardly know you.. whatever dealers i have met, have mostly been either crooks.. or very big crooks..they have tried to sell me projects which have been held up since ages.. for which cases are registered with EOW.. for which possesion is delayed by 3--4--5 yrs.. so community v/s community as in buyer v/s dealer/builder the score is still 1--10000000.

U can point towards the personal favours that u gave to the guy,but in the end, as someone rightly pointed out that they are just personal favours.. u cud have choosen not to extend those personal favours and give the buyer an attractive price and may be he wud have bought the flat from u.. it can also be guessed that probably after buying raheja atlantis from u he got to know that it was available for a relatively cheaper sum and it was his way of getting back !! u never know!! all said and done.. as a parting note.. i would only give just one simple theory---dont take the onus upon u to arrange travel for a customer.. dont take the onus upon u to run errands for the customer.. dont take the onus upon u to take him to rockman's beer island in ambience for a drink...just take the onus of giving a customer the best possible price in the fist shot wen he asks u and you would never see a buyer turn ur back up on you.. it was just ur want of earning as much as possible on the deal rather than earning a hefty but acceptable amount which ultimately cost u the deal and more than that lead to all the heartburn and this long thread!!!!

[ Reply to This ]

CASE OF AASHISH BANSAL (none / 0) (#62)
by Unregistered Visitors on Tue Jan 19, 2010 at 09:27:53 AM EST

Even if we presume that Aashish has acted unethically, what is the broker doing now by taking names and dragging his entire family into it?? In business the seller does all these things to woo the buyer and noboby must have forced him to do this-taking big car, getting forms, passport etc. Sanjay is crying like a baby cries over spilt milk. Grow up man-these things happen in any deal. Just showing a property does make it mandatory for the person to buy from you only. The customer will go for the best possible deal. And also everybody reading this be wary of this broker because in case you do not buy the property shown by the broker from him he may take your name and malign you.

[ Reply to This ]

Mr. Ashish Bansal's version of the chronology? (none / 0) (#59)
by Hulk Hogan on Mon Jan 18, 2010 at 05:02:17 PM EST

In this skirmish, unless Mr. Bansal's version of the events is known, any conclusion is going to be musky one.

In the meantime, it is unfortunate that some of us are selling Mutual Funds etc and advertising for ICICI bank at the cost of this incidence.

Let us try to raise the bar of the discussion to make it worthwhile for everyone.

NRIs are good people.

[ Reply to This ]

: Ashish Bansal (none / 0) (#61)
by Unregistered Visitors on Tue Jan 19, 2010 at 02:01:23 AM EST

I am a frequent visitor of this site and this most probably is the first time,even a broker has been outplayed by the buyer. Unfortunat, it definitely is and my full sympathies are with qubrex but this kind of incidences are quite obviously exceptionally rare and deserve to be condemned as well. One should not endorse unethical behaviour from any quarter and as such if buyers are also brought within the scope of Regulatory Authority, then there is no harm except that any NRI's will be out of reach of the Regulator, if the buyer has acted unethically. Moreover, the number of complaints against NRI buyers will be almost negligible compared to other way around.

[ Parent | Reply to This ]

Total case of cheating on good will (none / 0) (#57)
by sj112a on Mon Jan 18, 2010 at 09:50:40 AM EST

well i do not know who Ashish is.. if we him Mr X, Mr X really did wrong.. If Sanjay showed him some properties and had quoted what ever the price was... Ideally Mr X if he got better price than Sanjay, should have thanked for his time, should have attended his call in the first place and also should have informed about the deal.. Possibly Sanjay could have offered him a better deal.. Brokers never want a deal to be canceled. He could definitely could have worked out something better. But buying the same property which has been shown by a broker, Dude Ashish is a morally fabricated man...

Shame on such a learned man....

[ Reply to This ]

Too much! (none / 0) (#48)
by dheerajmatta on Sun Jan 17, 2010 at 11:56:47 PM EST

This entire issue appears to be given undue importance. One lost deal and it almost became a national tragedy. if the tone of the posting was to say that there is a trend that buyers are duping brokers, this one example is simply not adequate. if the tone was to compare buyers' malpractices vs. builder/brokers' malpractices - not convincing. if the tone was however to invite some empathy - mission accomplished.

All the talk about free transport, personal favors etc needn't be drawn because providing transport is a normal feature and personal favors are exactly that i.e. personal favors. so don't expect professional benefit for those.

focus on tne new potential clients and not the one which did not happen. i am frankly surprised that the person who has been named as buyer hasn't taken any action for dafamation.

cheers!

[ Reply to This ]

awesome conclusion (none / 0) (#60)
by Unregistered Visitors on Mon Jan 18, 2010 at 08:16:36 PM EST

completely agree!

mountain of a molehill...

easy earnings have made some people so lazy that they have started blaming the fruit for not falling in their mouth while they lie below the tree waiting for it to....

shame

[ Parent | Reply to This ]

: AAshish (none / 0) (#63)
by Unregistered Visitors on Tue Jan 19, 2010 at 09:42:45 AM EST

Very well said

[ Parent | Reply to This ]

aashish bansal story (none / 0) (#44)
by Unregistered Visitors on Sun Jan 17, 2010 at 09:21:32 AM EST

My sympathies, Qubrex.

[ Reply to This ]

unrelated rant on ULIPs vs MFs or IRDA vs AMFI (none / 0) (#42)
by Unregistered Visitors on Sat Jan 16, 2010 at 11:13:02 PM EST

have you ever met a bank relationship manager or anyone who says they are financial experts offer you a term insurance or a mutual fund?

Chances are no, because they dont sell you what you need, they sell you where they get big commissions.

Everyone sells ULIPs because the total commissions are above 15% typically. Just see the fine print and you will notice that for every 1 lakh premium put in a ULIP, you may end up investing only Rs 80000/- or so in the market. You get some peanuts as insurance worth maybe a couple of thousand per year and 15-18k goes into the sellers pocket. No wonder nobody wants to sell you MFs and term insurance.

If you spend 1 lakh in a ULIP, you will get a life cover of maybe 2-3 lakhs, a market exposure of maybe 80k, and the rest is going into someones pocket. If you spend say 3-8k in a term insurance per annum (depending on your age), you may get 20 lakhs life cover and can spend the rest of the 92k or so in a mutual fund and get market exposure of almost the entire 92k!.

I cant figure out how to start a new thread for this, if someone else can please do it for me.
thanks
Knight

[ Reply to This ]

Define. (none / 0) (#45)
by Unregistered Visitors on Sun Jan 17, 2010 at 01:37:35 PM EST

What is ULIP or IRDA or AMFI ?

Banks do offer term insurance and mutual funds.

What is your problem or so called beef? You never mentioned.

Are you an NRI from Bangladesh?

[ Parent | Reply to This ]

beef from bangladesh (none / 0) (#47)
by knightrider on Sun Jan 17, 2010 at 09:32:44 PM EST

I would love to hear your undoubtedly hilarious punchline about why you think I am an NRI from Bangladesh. Sadly I am one of those they left behind in Delhi breathing its lovely air since my birth.

In any case, ULIP is a unit linked insurance plan, a MF is a mutual fund, IRDA is the insurance regulatory and development authority adn AMFI is the association of mutual funds in India.

My beef/pork or tofu depending on your religious affiliations is that my ICICI relationship manager never comes home selling MFs or term insurance. Instead she comes to sell me highly overpriced ULIP plans (She earns 15-20% of my premiums on it!) and wont even part with a part of her commission.

Its a straight swindle job IRDA is allowing, because the insane commissions are hidden from everyone except those who insist on studying the offer documents, and people get fooled by well meaning, smooth talking sales executives who give home service.

Reminded me of Qubrex's great service to he who must not be named. I love the home service that these ULIP sellers provide but I wont part with 15% of my annual investment for that service. Would you?

cheers
Knight

[ Parent | Reply to This ]

Hi Knightrider (none / 0) (#50)
by Unregistered Visitors on Mon Jan 18, 2010 at 06:16:01 AM EST

great to see u back after long time
where u have been these days?
keep on posting something atleast once in months
i guess its been more than a yr since u write anything here.
Best regards

[ Parent | Reply to This ]

You are your own punchline. (none / 0) (#49)
by Unregistered Visitors on Mon Jan 18, 2010 at 04:40:08 AM EST

You do not need any punchline as you are doing a great job yourself showing your own stupidness.

For starters, you are on the wrong site. Your concerns do not belong here. Check with someone ,must you disagree. I am sure you are likely to disagree.

Secondly, by not explaining your abbrevations you have bought a bad name to NRIs from Bangladesh.

Thirdly, visit SBI Branches and the banks will sell you Mutual Funds and Term Insurances.

Fourthly, Bank Managers will not visit you unlike Bangladesh. You may eat your pork, beef, toofu but if you want ULIP you will have to fork out 15%. I am sure others are buying it and paying the commission.

You yourself are a punchline.

Cheers.

[ Parent | Reply to This ]

21/2 kgs of Punchline (none / 0) (#52)
by knightrider on Mon Jan 18, 2010 at 07:18:33 AM EST

Dude, you dont like me, I get it.
Please make a nickname so we can avoid each other or get on each other nerves on purpose in the future.

For starters I will have achari paneer tikka :)
(stupidness again? or stupidity..Stupidness is 1 isolated act, stupidity is when you see a pattern)

ya..so for starters, I started my post with the subject "unrelated". Please avoid reading such postings if you dont like reading unrelated postings.

Secondly, Did an NRI from Bangladesh hurt you in someway? Why this fascination?

Thirdly,MFs and term insurances are available at all banks, but nobody tries to push them.Customers like me smell a rat when a salesperson gives too much home service. It means he/she is getting a fat commission.
Why bother going to SBI , its a fish market there. I buy these things online now. (except term I already have coverage of around 50 lakhs, costs me hardly Rs 15k per annum).

Fourthly, ICICI bank managers do visit some customers at their homes in Delhi. I am one of them. Does that upset you? Would you like to discredit me? Please try.

If you have a nickname atleast, I can avoid you from now on. Alternatively we can continue this friendly banter.

cheers

[ Parent | Reply to This ]

kya baat hai (none / 0) (#54)
by Unregistered Visitors on Mon Jan 18, 2010 at 09:12:32 AM EST

FInally ...f****D up BEYOND any repair (FUBAR) got a job after one year where he was asked to go bcoz all he did while working for some MNC is "BLOGGING" on gurgaonscoop.com........i hope you remember me ..ummnnnn let me give you a clue....are you still enjoying what got you upset last time...he he he he

I am back tooo...just for you .....:-)

[ Parent | Reply to This ]

: Chamcha? (none / 0) (#55)
by Unregistered Visitors on Mon Jan 18, 2010 at 09:26:04 AM EST

What a chamcha?

[ Parent | Reply to This ]

Sorry for Qubrex! but brokers act no better...... (none / 0) (#36)
by Unregistered Visitors on Sat Jan 16, 2010 at 12:34:16 AM EST

Based on what Sanjay has written, Aashish Bansal did not act professionally.

Having said that, in my experience, I have not found the Gurgaon dealers professional at all.

Just think of the following incidents:

Generally, the brokers do not show more properties if I am not interested in the first one they show. They assume that I am not interested. They do not realize that I also spent time and money visiting Gurgaon to see the first property.

Then, I booked a flat for which the developer ended up booking a more expensive flat than what the broker had promised. Yes, the broker said sorry. But, the company would not relent. And, I am now stuck with my money with the developer and having to accept the more expensive flat.

Having experienced the above, in the future, I will not have any concerns about dealing with the Gurgaon brokers the same way as Aashish did.

It is unfortunate and unfair that Sanjay's company was treated unprofessionally. But, if the broker community, in general, starts behaving more professionally - the customers will do the same. Regulating the brokers will help in this respect.

[ Reply to This ]

: integrity of brokers (none / 0) (#37)
by Unregistered Visitors on Sat Jan 16, 2010 at 06:50:32 AM EST

Haryana govt. has made registration of brokers mandatory but only 3 have registered themselves. That itself speaks of the integrity of brokers.

[ Parent | Reply to This ]

Will any Regulation work? (none / 0) (#29)
by Hulk Hogan on Thu Jan 14, 2010 at 10:15:26 AM EST

The way judiciary works in India, any regultaion is not likely to work. The courts take years and years to resolve disputes. Even after that the decisions,the orders are not executed.

NRIs are likely to be short changed as they do not have time or patience to attend long court battles.

A board/tribunal is not going to be effective as in a population of billion plus, the tribunals are going to be swamped with millions of complaints and smarter ones will appeal to the courts to frustrate tribunals.

I am an NRI and quite unhappy with my builder, but for the reasons mentioned above is not causing waves.

Unfortunately, the law of the jungle prevails with builders, developers and brokers having the upper hand.

Most NRIs are law abiding honest people who are contributing to the growth of India. These people have special needs.

So, the question is irrelavent whether you regulate builder or developer or a buyer/seller, the answer is a sham.

Cheers!

[ Reply to This ]

Case of Aashish Bansal (none / 0) (#28)
by Unregistered Visitors on Thu Jan 14, 2010 at 10:07:07 AM EST

I spotted the story of Aashish Bansal by chance while I was looking for some information at this website.I speak to young people on ethics and core values as a professional speaker and hence this issue engaged my attention.I have lived long enough not to be surprised at the greed of some human beings.I thought of posting these comments not for Aashish,( he is on a different wave length), but for all those who have the inherited family values and who want to succeed with honour.
Since most of the NRIs are in the US which is a Christian nation, I am sure that they have heard a quote in Bible which says," What shall it profit a man if he shall gain the whole world and lose his own soul." Many of you might snigger at this moralistic quote but it is the essence of happy living. Having used the services of a borker which would cost the latter time and money, the buyer bypasses him. Do we expect the buyer to confess that he lacks the moral fibre that distinguishes good from evil?
During my evening walk, I see a lot of old people sitting in wheel chairs near the gates of their palatial houses. A few harkened to me after having seen me walk past their houses many times. They told me that they compromised on their values and principles to build all this and today no one cares for them. God and nature are unforgiving. In the evening of your life, which comes soon enough, you would be haunted by your wrong doings. Therefore look at yourself in the mirror and ask yourself whether you are worth the trust and the big salaries that your employers give you. Or at heart, you are a small man mired in greed, and a horrible example to your children.
If the story of the broker, the builder and the buyer is true, it would be worth telling Mr Narayana Murthy and Mr Nandan Nilekani about the value system of some of their star performers. I might do that during my next speaking assingnment at Bangalore

[ Reply to This ]

Unethical Vs. Illegal (none / 0) (#41)
by pretty on Sat Jan 16, 2010 at 10:32:13 PM EST

What Aashish did was certainly unehical but I do not think he did anything illegal. However, most real estate transactions have a cash component which is not only unethical but also illegal.

We had zeroed in on a property and we saw an ad by an NRI for the same property. We thought that the NRI would sell the property taking only white money. We reached out to the NRI and subsequently gave him an offer. He confirmed that we were the only one talking of an "all cheque" transaction. All other offers from brokers had a signifgicant amount of cash component in it. We were willing to negotiate on the price. However, the NRI felt that he would go for a "normal" deal as he did not want to compromise at all on the price even if it meant accepting cash as part of the deal (which is illegal and punishable under Indian law). We backed off and the NRI went through the "normal" deal.

I would have tremendous respect for Quebrex and Mr Sanjay if they (and those who have dealt with them) confirm that they do not participate in any deal that has a cash component. However, if they are like any other broker in this regard, it is like being an accomplice in dacoities all the time but complaining when you are a victim of a pilfirage.

I believe that cash in real estate deals is one of the scourges of the real estate sector and if it can be eliminated, the real estate sector would be significantly less murky as well as more affordable for the people. Where does ethical behavior go when greed to save tax(for sellers) and more business from your clients (for brokers) takes over?

[ Parent | Reply to This ]

: buyers, brokers, sellers, morality (none / 0) (#43)
by fubar on Sun Jan 17, 2010 at 05:26:28 AM EST

If you take a house on rent, a lot of dealers will ask for one month rent as their brokerage. It should ideally be 15 days rent paid by renter and 15 days rent to be paid by home owner. But it never happens and dealers dare not raise their voice because the home owner will give the boot to the dealer then and there and find a new one. Dealers have no problems with that either. Everyone thinks of buyers as the cash cow to be milked. As if their money is not money. As if they did not toil for it. And if a buyer trumped them, all hell broke lose.
There was an article on TOI 1-2 days back about Dwarka CGHS problems where these people are raising a hue and cry because they paid a princely sum of 15-20 lacs for their flats and are now having to pay 15-20K EMI. But when it comes to asking price for their crappy dwellings (that's the quality of construction in most CGHSs) they want 70-80 lacs. Their money is money but buyers money is not.
Coming back to this thread, not so surprisingly, Qubrex is ready to bend backwards to get this deal and still preaching morals!!!

[ Parent | Reply to This ]

Wrong info (none / 0) (#33)
by Unregistered Visitors on Thu Jan 14, 2010 at 07:17:05 PM EST

US has minimum no. of NRI's by the way. The Indian origin people, if you want to call NRI's to all of them, are about 2.25 million. Many of them are second/third generation.

[ Parent | Reply to This ]

You need a break (none / 0) (#23)
by Unregistered Visitors on Thu Jan 14, 2010 at 05:35:26 AM EST

Sanjay please take a break and come back with your mind

[ Reply to This ]

whats wrong in this? (none / 0) (#17)
by fubar on Thu Jan 14, 2010 at 12:55:23 AM EST

If I go to a car showroom for a test drive and the manager convinces me that its the best model/brand for me but I later go and buy from a different dealer who is giving me a better deal than what's wrong with that?

If you are a registered property dealer with Haryana govt. and think you are legally on the right grounds, why don't you take a legal action against this person?

[ Reply to This ]

For fubar (none / 0) (#21)
by Unregistered Visitors on Thu Jan 14, 2010 at 04:53:28 AM EST

So far, I have seen logical and reasonable posts from you, of course this one is an exception. I can't believe that you can endorse people i.e. consumers in this case, so blindly that you are unable to see the injustice done to this broker by Ashish. Would it be acceptable to you if you had booked a scooter say 25 yrs ago and waited for it for two yrs to arrive only to find out that your booking had been given to some one else just because he offered 200 bucks more?

[ Parent | Reply to This ]

my scooter booking (none / 0) (#40)
by knightrider on Sat Jan 16, 2010 at 09:08:44 PM EST

dude you better not give my scooter to anyone else. I already paid for it in advance. The sale happened when I paid you. It did not happen when I visited your showroom and you sent me a nice taxi for pickup and drop.

It happened because I found the overall experience including the taxi (nice gessture!) and the price (sharing 2.98% out of your 6% commission was great! I wont have left you even if someone had offered me 0.02% more)

Infact you should be paying me penal interest@ 24% p.a. for delayed delivery. This is what happens in just about any contract in India. No wait I forgot real estate is different from scooters.

[ Parent | Reply to This ]

Buyers interest is always given the first priority (none / 0) (#24)
by Unregistered Visitors on Thu Jan 14, 2010 at 06:05:29 AM EST

It is a very common thing in any soceity to take care of Buyer's interest first.
Buyer has all the right to look for the best deal.
In the above case of Mr. Bansal what if the the first broker was quoting him higher prices.
He is no way obligated to agree to what the broker is quoting the price.
Lets take into consideration a property transaction in USA. It is the Seller who pays commission to the Agent/Broker and not the buyer. Buyer still can hire any broker he wants but the commission to his broker will be paid by the Seller and NOT the buyer.

[ Parent | Reply to This ]

: Everyone throws in USA (none / 0) (#30)
by Unregistered Visitors on Thu Jan 14, 2010 at 10:25:58 AM EST

It is so stupid even to compare anything with USA. USA is totally different in terms of following laws, regulations, business ethic, human values, culture, openness etc. India is a chaotic, anarchic and virtually with no law abiding people, so it is just pointless to even compare any real estate issues with US or other developed countries. There are so many other issues related with real estate Industry that needs to be addressed before any sanctity can be brought in India. In a country like India builders can take 80% or even 100% of the cost and do not even start construction for 3 years or 5 years, still can get away with!

[ Parent | Reply to This ]
: True (none / 0) (#26)
by Unregistered Visitors on Thu Jan 14, 2010 at 07:01:41 AM EST

and if the buyer goes ahead and buys a property that his broker showed him without getting that broker his brokerage, he would be violating the law! Infact, no matter where the buyer buys his property, his broker has a right to brokerage, this is the law in US!

[ Parent | Reply to This ]
: True (none / 0) (#25)
by Unregistered Visitors on Thu Jan 14, 2010 at 06:59:29 AM EST

and if the buyer goes ahead and buys a property that his broker showed him without getting that broker his brokerage, he would be violating the law! Infact, no matter where the buyer buys his property, his broker has a right to brokerage, this is the law in US!

[ Parent | Reply to This ]

here is what is wrong with fubar's logic (none / 0) (#19)
by Unregistered Visitors on Thu Jan 14, 2010 at 03:28:15 AM EST

First there is a difference between a car dealer and property dealer. The car dealer decides what price to sell his car at, but the property dealer does not decide what to sell it at - either the builder or the seller does.

Secondly, one car is equivalent to another car - it is not location dependent. Apartments and villas are location dependent.

Third, a car is not in limited edition. If you order a car from another dealer and he does not have it, he can get it from the company at a later date as the company continuously manufactures it. Apartments are in limited edition and there is so many after which they will have none left.

The problem is less like switching car dealers, and more like going in the resale market to the seller with one broker. Not doing the deal, but marking the seller's house or telephone number. Then disclosing the deal to another dealer, taking him along as a dummy "dealer", and then closing the deal. It is against the rules of the market, but is easy to do. And sometimes fatal too.

[ Parent | Reply to This ]

point taken (none / 0) (#22)
by fubar on Thu Jan 14, 2010 at 05:07:15 AM EST

Your point is well taken. There is a difference but still the criticism should not be directed at the buyer but the other brokers/dealers. They are the one at fault if they do not retract after knowing the case history.
Everybody is serving their best interest in this case. And the buyer has the right to go with the one who serves his best interest. Since when ethics became the operative norm in real estate?

[ Parent | Reply to This ]

actually fubar is right (none / 0) (#31)
by Unregistered Visitors on Thu Jan 14, 2010 at 06:48:11 PM EST

The real issue is whether that broker is an exclusive seller of the said property or not. Given that the Builder and Broker have no exclusive binding arrangement on selling right, the buyer is in no way obligated to choose a particular broker no matter what sales efforts the broker may have done. (Some companies actually do this in other fields, the broker could access the builders software system and log the potential clients details, to log in a certain exclusivity w.r.t. that property and that client)

Incase the broker can get an exclusive selling license for a particular property or "cheez" as our friends like to call it, then it is a matter between the broker and builder.

The scenario mentioned in this story happens all the time. Just because you saw a samsung TV first in big bazaar, does not mean you will necessarily buy it from them.You could go to any number of independent sales outlets and get a better price, which is your right.

Sales Effort/expenses do not give you the right to a sale.The buyer has every right to evaluate the offers made by multiple sellers at sellers expense and decide his/her own interest.

To the weeping lady who lost her client: Quit shedding tears about the one that got away! Consider hiring a luxury bus and selling weekend tours of gurgaon properties, Rs 500 per head. Actual home buyers will gladly pay for this service, that lets them tour the area in 1 day with a guide. Its very common all over the world.

[ Parent | Reply to This ]

what crap about logging into software etc (none / 0) (#35)
by Unregistered Visitors on Fri Jan 15, 2010 at 03:44:26 PM EST

The fact that the company executives were called to meet Ashish is locking in the sales - no software access into their internal systems is necessary.

For someone with the intent to cheat there is nothing that will convince them they are wrong. If it is in the software they would want some notarized agreement with the company, and if that is there they would want something registered with the Ministry of Corporate Affairs to ensure that the exclusivity to sell is irrevocable - there is no end to demands for what should happen. And none of this happens in India.

"Scenario happens all the time?" - It doesn't for your kind information. Real estate deals happen on trust and even agreements are formalities - if someone backed out of an legitimate agreement, the courts would still take years to decide on it. What NRI Ashish has done is called freeloading - there are some people who benefit from relationships and implicit understandings by using them when necessary and backing out when their part of the bargain has to be executed. I have invested many times and there is one thing about what Ashish has done - it is pure theft and it does "not" happen all the time.

"Sales Effort/expenses do not give you the right to a sale.The buyer has every right to evaluate the offers made by multiple sellers at sellers expense and decide his/her own interest." What crap in this context. And since when in the real estaet market do uyers have right to evaluate at sellers expense? Further, Ashish approached the broker for properties not the other way. The broker showed them something that they eventually bought. The broker could have gotten them a deal as good as ICICI. No matter of twisting, or trying to apply US based logic is going to change it (and by the way US brokers charge 6% commission) - it is pure theft in this case.

And less said about your idea of hiring a luxury bus, the better it is. Shows the gutter mentality you people have, and esp NRI's. If NRI's are so ethical why doesn't someone in US contact Ashish Bansal and tell him to fix matters back here at home? NRI's are good for writing on discussion boards like this, but not in taking any action.

[ Parent | Reply to This ]

: well said bro (none / 0) (#53)
by sj112a on Mon Jan 18, 2010 at 09:08:15 AM EST

Well all what Ashish did and what others think of this issue.... You are the man who has aptly put it...
it was pure cheating in name of buyer has right of deciding. Damn idiot ashish should have decided and told Sanjay that i am going to someone else. He just did not correct moral background to do so... He is a soft cheater...

[ Parent | Reply to This ]

Dude you are pathetic (none / 0) (#32)
by Unregistered Visitors on Thu Jan 14, 2010 at 07:16:37 PM EST

Qubrex wasn't charging any thing. And Ashish traded 5 yrs long relationship for 1-2 lakh gains. I'm sure Qubrex could have also matched the deal he got form ICICI.

And pls. don't shout as if you were beaten throughout our life by lecturing in the last para. She worked, she was cheated and she did feel well. No one needs your rude comments at-least at this time.

[ Parent | Reply to This ]

oh no the bullies are angry! (none / 0) (#38)
by Unregistered Visitors on Sat Jan 16, 2010 at 08:48:02 PM EST

These comments show clearly how twisted the real estate industry in India is. You are unable to accept that their is a basic customer-supplier relationship in real estate? Have you ever thought that the 'Customer is King'? Alien notion is it?

Real estate is not unique dude, no matter how aggressively you guys try to push it down our throats.

There is a clear analogy between a real estate broker and a used car salesman. If you want exclusivity on the sale, go and buy the property you are showing and show only those properties that are exclusively yours. (Analogy is : If you want to be the exclusive seller of a used car, put money where your big mouth is and buy the damn thing)

If you dont own the property you are selling, dont cry wolf if the customer does not like your face and chooses to buy it from another dealer. (Analogy: If you are just a used car broker, your customer is free to see the car through you and buy it through another dealer because he/she didnt like your terms/your face)

Instead of whining you should be wondering where you lost out on the sale. Obviously the customer wants to save a couple of lakhs on his sale! If you want to compete, make sure you have the most competitive price. If you are smart, make sure your builder does not deal with customers directly. Take your whine to the builder and ask him for an overriding commission. (ofcourse he wont give you the commission because your approach is promiscuous too, you try to sell every builders properties, not an exclusive dealer for the seller)

Tell me one industry in this world where you wont have lost a customer who chose price over presentation?

Real estate brokers are like pampered children whose parents always told them they are special and when the real world treats them just like any other kids, they sulk!

[ Parent | Reply to This ]

To Knighrider (5.00 / 1) (#46)
by Unregistered Visitors on Sun Jan 17, 2010 at 01:39:27 PM EST

No one is disagreeing with what you said about RE mkt in India, it is totally screwed up! But that does not give everyone a right to do whatever they want in the name of "Consumer is King"! What Ashish did was really wrong and you need to be able to digest this fact that a consumer too can be wrong! Some people here are saying that what he did is unethical but not illegal, I say if it is unethical, it should be illegal too. After all, civilized societies create laws so that everyone can live a just and ethical life. I know a number of people supporting Ashish, would cry over govt wasting money over IIT guys when most of them move to foreign countries after studies for better career prospects. Govt. spends money on IIT guys just like Qubrex did on Ashish, educates them i.e. transfers knowledge from Profs to students and makes them an expert on certain fields of science just like what Qubrex did when it showed him all the properties so that Ashish could take an informed decision. But then Ashish going with another broker is ok and IIT guys going ahead with another govt is not. Heck, IIT guys atleast paid for some part of their education but Ashish did not pay even a single dime to Qubrex! Laws or not, if we don't learn to live in a justified manner, its going to come back and bite us, sooner or later! This is for people who blindly support Consumers cause but having said that I agree almost all the builders and brokers belong to the morally corrupt lot. Of course exceptions are always there.

[ Parent | Reply to This ]

from knightrider (none / 0) (#51)
by knightrider on Mon Jan 18, 2010 at 07:05:37 AM EST

Dear Friend,
I appreciate your views. I know many people have said that what this person did with qubrex was unethical but not illegal. I know many will not agree but I really believe what he did was perfectly ethical. Mind you I dont know this person and I know Sanjay (the owner of this site and quite certainly one of the brains behind Qubrex) is a very level headed person, seeing him on TV and his few comments on this site.

The example you gave is a professor-student relationship. In my honest opinion, this relationship is not a professor student but closer to a supplier-customer or rather stating the obvious, broker- buyer relationship.

When the customer approached Qubrex, he had the following unstated expectations

Good service
Honest Dealing
Best price in the market ( This is the most important promise these days with price guarantees being the most common refrain "If you get it cheaper, we pay you double the difference")

He got good service and honest dealing for sure. However Qubrex did not give him the best price and instead wanted a undue premium for good and honest service. They lost this client because of this mistake of theirs. I lead a fairly succesful sales team, people travel by air to meet clients, call them for dinners and whatnot, but still we lose orders because our price is higher..whats so special about this case??

What did Qubrex get from this thread? I hope Sanjay reads this and answers this question?

If I am a buyer, now I know that incase I go to Qubrex, see a property and they tell me any price they like, if I buy the same thing from someone else, they will malign me so much? Sanjay, even a million dollars will not get you so much bad publicity from actual buyers with similar profile to your buyer. The customer is really almost almost always right. In this case, I want to put my vote that the customer was infact right.

I dont expect many will agree with me though I hope some people will atleast see my point of view.

cheers

[ Parent | Reply to This ]

by the way, I am knightrider (none / 0) (#39)
by knightrider on Sat Jan 16, 2010 at 08:53:01 PM EST

I forgot to login. Point #31 and #38 are both mine. Please feel free to attack me personally :)If you search for my older posts, there may be a lot of ammunition.

Also , hi fubar,hulk and Sanjay

[ Parent | Reply to This ]

: KN is right (none / 0) (#58)
by Unregistered Visitors on Mon Jan 18, 2010 at 10:41:06 AM EST

I fully agree with Knight rider - the customer is always right and deserves the best that is available in the market. Ashish did nothing wrong by going for the deal which was best for him - how many of us would do otherwise.
I have a feeling that some guys venting their anger against Ashish are the unscrupulous brokers who do not like when something wrong is done to them not realising that they do the same thing to their customers all the time.
Fubar - good to see you back after a long time.
Cheers

[ Parent | Reply to This ]

Other side of story-Need help to sell NRI property (none / 0) (#9)
by aahlawat on Wed Jan 13, 2010 at 08:33:23 AM EST

Hi Sanjay,

Sorry to hear the NRI buyer side of a sad and unethical story.

The problem is that whenever NRI leave India they carry this notions about the corrupt Real estate workforce - which was true a couple of years back but just like any other sector there is an evolution process. I think we should have regulation of this Real Estate sector so that no one is cheated and there are rules established with checks and balances.

I agree there could be some bad apples in the NRI lot but not all NRI should be painted with the same color.

Anyway how can you help me as I have a property listed in Gurgaon and except for DECEPTIVE talk I have not got anything from brokers/property dealers in Gurgaon for the last 6-8 months?

The details are at http://delhi.craigslist.co.in/reo/1538370580.html

Lets see if we can make a successfull story of a NRI Sale with a India Broker.

Thanks,

Ajay Ahlawat

[ Reply to This ]

Price? (none / 0) (#10)
by Unregistered Visitors on Wed Jan 13, 2010 at 10:02:06 AM EST

Are you asking 11 crore for this villa? Your ad in craigslist says that you paid 12.10 cr for it!! How do you expect it to sell for that price?

[ Parent | Reply to This ]

Oops it is 1.1 crores or 110 lakhs (none / 0) (#12)
by aahlawat on Wed Jan 13, 2010 at 09:44:10 PM EST

Oops it is 1.1 crores or 110 lakhs

Thx for noting the error

[ Parent | Reply to This ]

: House look like Dharuhera (none / 0) (#15)
by Unregistered Visitors on Thu Jan 14, 2010 at 12:35:45 AM EST

The house look like a sector house u will find in Dharuhera built on 50Gaj plot.
12 crore if u paid for that house its your mistake

[ Parent | Reply to This ]

Bad on Ashish and his family part (none / 0) (#5)
by Unregistered Visitors on Tue Jan 12, 2010 at 12:52:07 PM EST

Hello Sanjay,
I am an NRI and invested in some properties through some other broker but I am a regular visitor of your site too. It is really bad on Ashish and his family, I am surprised how a big IT company like Infosys can have such un-ethical person at such high post. I totally agree and support you in this un-ethical behavior of Ashish and his family. I am not sure how much he would save by doing all this but definately he drops himself down so much ethically and morally [Hope he or his new generaion will realise that some day]. As some one pointed in earlier post, he could not have done that in USA.

thanks,

[ Reply to This ]

Ridiculous Behaviour ! (none / 0) (#3)
by Unregistered Visitors on Tue Jan 12, 2010 at 09:28:30 AM EST

I am not surprised with your story at all. Look at this second comment, most of the NRI's are actually very insecure people. They neither belong here and nor do they belong in the country they live in.

They are the most difficult and morally corrupt people. I have scant respect for such people anyway, suffering from an inferiority complex.

I like the way you have written your complaint and I think sometimes these guys take people for granted.

Our second dude from New york, why is he blaming you for his stupidity, they put in money to become rich and expect to double it, dont do their research and blame other people.

Yes, the real estae companies in this country are a bunch of corrupt landlords so you need to ensure your safety yourself, due the due diligence, you put in money in EMAAR, when they ahve not even completed 1 good project.... there are better ways of loosing money !!

Remember this rule my friend, 80 % of NRI's are opportunistic and complexed individuals, most of them have left old parents behind for their own future, they have no love and respect for their own country, so be careful next time when you deal with Mr IT, I made it rich !

[ Reply to This ]

hey u spoke the correct stuff (none / 0) (#56)
by sj112a on Mon Jan 18, 2010 at 09:31:40 AM EST

i know of at least 6 NRI, who was morally corrupt and think they can easily dupe Indians for any thing and still go scot free..

[ Parent | Reply to This ]

Definition of morally bankruptcy (none / 0) (#14)
by Unregistered Visitors on Thu Jan 14, 2010 at 12:13:26 AM EST

You are very right my friend, all the NRI's are morally bankrupt just because they pay the builders money in advance and in return never gets any reply from them if their projects are delayed by years. They again get only 2000 sq feet area from indian builders despite paying them for 3000 sq feet and yet again, they are being classed as morally bankrupt.Literally thousands of cases have been filed in the court both by Indians and NRI's against these builders but still NRI's according to you are morally bankrupt.My sincere advice to you is to check the meaning of this term in the dictionary and you will get the answer yourselves. Let me give you the meaning of the term morally bankrupt if you don't know - a morally bankrupt person is the one who promises something but do not honour his own words.

[ Parent | Reply to This ]

To the authour of comment# 3 (none / 0) (#8)
by Unregistered Visitors on Wed Jan 13, 2010 at 05:01:22 AM EST

Good job Sir, painting every NRI in the same color! No matter how much our country (and in turn its citizens) have benefitted from NRIs, they would always be called "morally corrupt" people. These NRIs send anywhere between 30-50 bn dollars every year and keep Indian economy healthy and so truly deserve the title of "difficult people". Some of them actually go ahead and reach great heights in their career (like Indra Nooyi, Pandit etc) and so can be aptly labeled "morally corrupt"! They try hard to make sure that Indian companies get a fair chance to compete for IT/ITES projects in western world, earning the titles like "ones that do not have love or respect for their own country", in the process.

Having said that, I totally agree that the comment from the New York guy is totally unjustified but then isn't it true for yours too?

Author of Comment# 1

[ Parent | Reply to This ]

: Morally bankrupt (none / 0) (#16)
by Unregistered Visitors on Thu Jan 14, 2010 at 12:44:35 AM EST

I entirely endorse the view point of Newyork guy.
He is speaking from his bitter experience and quite obviously, he must be kicking himself for trusting indian builders. His only fault is that he took the builder on their face value and paid them in advance. Remember, he is a victim of a fraud ( not a single brick for 3/4 years despite almost full payment in advance) and believe you me
if they would have behaved in such a fraudlent manner in UK/USA, the Jail would have been their permanent residence and they would not have been able to breathe in fresh air, as currently seems to be the case with them in India. They are enjoying luxury life at the expense of those, they managed to make fool of. Remember, they are supposed to be businessmen but in reality, they are day light robbers disguised under the veil of realty business.

[ Parent | Reply to This ]

Quite unfortunate! (none / 0) (#1)
by Unregistered Visitors on Tue Jan 12, 2010 at 04:33:47 AM EST

Assuming what you are saying includes both sides of the story, the treatment you got from Ashish and his family is totally unjustified! I understand that he is an NRI but he could not have done this in states as you can not buy a property without your broker getting paid, if you have signed documents with the broker, that is the law! I agree that laws should be made to cover both parties, Builder/Broker and Buyer so that everone's rights are protected. In short, Life is quite difficult for law abiding citizens in India, it does not matter if you are a consumer or producer.

[ Reply to This ]

Bad buyers Vs morally bankrupt builders. (none / 0) (#2)
by Unregistered Visitors on Tue Jan 12, 2010 at 05:36:33 AM EST

It looks like that some builder seems to be crying over loss of brokerage fee due to one bad example but they don't seem to care about their own filthy behaviour. They seems to delay their projects by years without even informing their clients and despite collecting from them almost 95% money. I am also an NRI from Newyork and have paid EMMR almost full price for their Mohali project but when I visited the site recently, there was not even a single brick. I paid the builder back in 2006 and possession date is Jan, 2010. Not a single brick despite paying them full money and despite this kind of behaviour across the board- you guys are still grumbling over loss of brokerage fee. How sad and shameful of you- the morally bankrupt lot.

You guys rightfully belongs to- prison.

[ Parent | Reply to This ]

Bad buyers Vs morally bankrupt builders. (none / 0) (#27)
by Unregistered Visitors on Thu Jan 14, 2010 at 07:52:52 AM EST

I wrote above comments and wish to withdraw the same. As a matter of fact, my comments were actually vented against the builders who I really detest for their moral bankruptcy but in this case, a hard working broker has been deprived of of his legitimate dues and as such my sympathies are with the broker all the way. His sincere efforts has not been rewarded but despite all this, I would still say that most NRI's are ethically -led and are victimised by Indian builders. My sincerest apologies to any one who has been offended by my writing. Brokers deserve to be paid for their efforts and I am sure that some of them are equally sick of pathetic behaviour of the builders and have themselves become targets, for no fault of their own.

[ Parent | Reply to This ]

Are you talking about Mohali Hills? (none / 0) (#20)
by Unregistered Visitors on Thu Jan 14, 2010 at 04:47:04 AM EST

Per the pics from EmaarMGF, the construction is going on in full swing at their Mohali Hills Project. In fact I got a table calendar from them that has pics from all of their under construction projects, including Mohali Hills.

[ Parent | Reply to This ]

With Qubrex Team... (none / 0) (#7)
by Unregistered Visitors on Tue Jan 12, 2010 at 11:43:31 PM EST

I do agree with Qubrex Team and not able to understand the relevance of the NY gentlemen comments in the context of this issue. Let me clarify to all of the users as I said before that I am also an NRI investor and I am not very happy with my builder either but at the end of the day it was my decision to invest and to do that investment, I have to choose some one who knows more then I do in the realty market and I take the services of a broker. I believe that we all should understand that BROKER is facilitating the deal between us and builder and good brokers (which I am sure QUBREX is one of those) help their customers to make the deal simple and easy and they get brokerage from the builder so what is wrong in that? If the builder delays some project why do we all start blaming dealers? I believe that we all know that there are some immoral/unethical builders/dealer/investors so we all should unanimously discourage that unethical behavior out irrespective of it being a builder or broker or an investor.

[ Parent | Reply to This ]

Qubrex Properties did no bookings for Emaar Mohali (none / 0) (#6)
by Qubrex on Tue Jan 12, 2010 at 08:28:50 PM EST

I am not sure why this comment is directed at us because we are not builders. Further, we never did a single booking in Emaar MGF's Mohali project, and definitely are not responsible for the gentleman from New York's problem.

And for the rest of the comments, we appreciate your support, and thanks a million for the kind words. It makes it easier to deal with the rest of our old and new clients without being colored by the negative experience described in the main post above.

Qubrex@gmail.com
(0124) 411 0926, 411 0927, 411 0928
98 119 87371, 98 716 70006, 98 105 76028
www.Qubrex.com

[ Parent | Reply to This ]

: Qubrex not blameworthy (none / 0) (#34)
by Unregistered Visitors on Fri Jan 15, 2010 at 12:33:25 AM EST

If qubrex is a victim here, then I feel exceptionally sorry for Mr Sanjay sharma who is doing a brilliant job. I visit his site on regular basis which is totally impartial and allows all of us to speak our minds.All I can say is that Mr Bansal has not behaved ethically, as one if expected of and we should not give too much importance to such a person. I totally detest this guy because he is giving all the NRI's a bad name, NRI's are mostly ethically led-
a side of effect of western culture.

[ Parent | Reply to This ]
: Qubrex not blameworthy (none / 0) (#18)
by Unregistered Visitors on Thu Jan 14, 2010 at 12:58:06 AM EST

I am the guy from Newyork and I have never ever blamed you for anything. As a matter of fact, I am a great admirer of Sanjay, who is doing an exceptionally wonderful job. Unlike some other websites, he really does so in most impartial and transparent manner. Yes, for the benefit of your readers, qubrex never did my booking. It was done at an exhibition directly with EMMR at Newyork.

[ Parent | Reply to This ]
: Ethically Ashish is wrong (none / 0) (#13)
by Unregistered Visitors on Wed Jan 13, 2010 at 11:35:24 PM EST

Ideally he should have called Qubrex and discussed the extra rebate he was offered by ICICI. There are many polite way to ask for rebate.
Assuming ICICI gave him 2% rebate out of 3% commission given to agent, Ashish would have got 6 lakh back on his investment of 3 crores ( 2% ). The likely rebate seems like the main motive behind his steps.
But in these days, everyone offers price match, and Ashish should have taken more ethical approach.

[ Parent | Reply to This ]
: MY VIEWS (none / 0) (#11)
by Unregistered Visitors on Wed Jan 13, 2010 at 07:41:03 PM EST

Anyone reading this excellent piece of writing would be inclined to comment.
But first let me introduce myself. I am not an NRI, I work in an Indian company. I've invested in 2 Gurgaon projects, both through different agents.
First, the NRI gentleman in question appears to be at fault; he should have the courtesy to reimburse your out of pocket expenses at least,when he chose to proceed through another broker. Legally speaking, I am sure you can send him a bil for out of pocket expenses incurred, which he may be bound to pay.
Secondly, my personal opinion is that you could have avoided printing his name etc. in this news item. See there are plethora of US laws on defamation, and though your acts may not amount to defamation as defined under section 499 of the Indian Penal Code, a basic understanding of US laws (of Texas etc) is needed before publishing such an item. If you did your research before publishing this news in order to protect yourself from potential claims, that's just fine.
Send him a bill though to keep the record straight. My advice is also to remove his names etc. from the news.
-An advocate, who has high regard for you.
realfactufind@gmail.com

[ Parent | Reply to This ]

Bad on Ashish and his family part (none / 0) (#4)
by Unregistered Visitors on Tue Jan 12, 2010 at 12:49:14 PM EST

thanks,

[ Parent | Reply to This ]

Regulating Developers & Brokers-What About Regulating Buyers & Owners?Case of Aashish Bansal | 102 comments (102 topical, 0 hidden) | Post A Comment

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. Look Beyond Gurgaon, Industry Told (1 comments)
. RBI Panel Proposes Collateral-Free Loans (0 comments)
. Stress Relief :Banks Can Lend Below Base Rate, System To Come Into Effect From July 1 (0 comments)
. Will Emaar MGF Make It? (1 comments)
. Kids in Crime Web? Net Help At Hand, "WWW.DPJJU.COM" Police Launch Website For Parents (0 comments)
. Haryana Imposes Ban On Mining Of Major Minerals (0 comments)
. Post-Budget Assessment Too Feeble A Boost (0 comments)
. Pro- Active Road Repair Plan (0 comments)
. Realty Companies Opt For Joint Play To Save On Costs (0 comments)

Friday March 5th
. Haryana To Secure Its Share Of Water Through SYL Canal (0 comments)
. Education Records of Public Servant Comes Under RTI (0 comments)
. Booking Home Before July May Let You Escape 3% Tax (0 comments)
. Pulses, Potatoes Push Food Inflation To 17.8% (0 comments)
. Taj Expressway Will Be Ready Before Sep 30, E' way Will Have 5 Toll Plazas (1 comments)
. Delhi Metro Online, Like New York Subway, Delhi Metro Routes Now On Google Map (0 comments)
. Higher Rates : Banks Hike Home, Auto Loan Costs (0 comments)
. Pay No Tax On Gratuity Below Rs 10 lakh (0 comments)

Thursday March 4th
. Check Online Before Hearings (0 comments)
. No Taxing Time For Real Estate:Govt, Says Construction Attracts Service Tax Only on 33% of The Value (0 comments)
. India's Budget 2010 Offers Goodies For NRIs (0 comments)
. Ghaziabad Development Authority (GDA) illegally Selling Homes Made For EWS (0 comments)
. Before Unique ID, Get Ready For Population Register Entry (0 comments)
. Govt Panel To Fix Circle Rates Hike (0 comments)
. From March 8, Prices Of Pulses Set To Reduce (0 comments)

Wednesday March 3rd
. RBI Allows Credit Enhancement Facility To Infra Firms (0 comments)
. Residential Area Main Guest House Par Ankush Lagane Ke Manng... (0 comments)
. 24 Ghante Ke Ander Commercial Ploto Ki Scheme Vaapis?... (0 comments)
. Retailers Scale Up Operations In Metros (0 comments)
. Mumbai's First Land Sale in 18 Months Gets No Bids (0 comments)
. Keval Ek Click Par Gurgaon Ki Information.... (0 comments)
. DND Toll Bridge Se Gujarna Ho Sakta Hai Mehnga... (0 comments)
. Haryana Housing Board Launches Low-Cost Industrial Housing (0 comments)
. Gurgaon Residents To Repair Road Themselves (0 comments)

Tuesday March 2nd
. Noida Calling: Registration Opens For The Allotment Of Industrial Plots in Noida (0 comments)
. Mediclaim Cos Cannot Fool Clients By Playing With Words: Court (0 comments)
. Commonwealth Games : Games HQ Fails Fire Safety Test, Yet To Get No-Objection Certificate (0 comments)
. Law Can Make Civic Bodies Pay , Courts Identify Culprit To Fix Liability And Calculate Relief (0 comments)

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Regulating Developers & Brokers-What About Regulating Buyers & Owners?Case of Aashish Bansal

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