Modi Builders Hyderabad & ICICI cheating customers

Complaint

1) On 18th May 2005 I booked a duplex house for 15

lakhs from Modi builders (Golden Palms) Hyderabad and

had a sale agreement for the same on 14th July 2005.I

paid a total of 1,35,000 as initial payment for this.

2) The plot is under HUDA mortgage and got released on

12-May-2006.

Our agreement says that I will go for housing loan

after huda release.

3) On 20-May-2006 I received a cancellation letter

from builder saying that I didn’t go for housing loan.

4) I got housing loan sanctioned from ICICI on

24th-May-2006 with account number LBHYD00001337141and

submitted the original sale agreement for loan

processing along with other documents on 4th June 2006

to MR M Ramakrishna Reddy, Home loans agent.(No

receipt received as agent says “As per ICICI policy

they wont issue acknowledgements for the documents

received”).

5) ICICI agent called me on 9th June and said the sale

agreement is valid for 1 year only and I need to get a

new sale agreement. As I got the sale agreement on

14th July 2005 so I told him one year is not yet over

then how come it is invalid.

6)As I got doubt I called the ICICI Bank Relationship

Officer THALLI and she says that the agreement is

valid for 11 months only. She enquires some one in her

office and says that it is valid for 6 months only.

7) As I become suspicious about the validity of the

agreement I asked ICICI to give me in writing that the

agreement is invalid and return my original sale

agreement back to me so that I can get the new sale

agreement. ICICI didn’t give written statement nor

returned back my original sale agreement.

8) I escalated this issue to ICICI Branch Sales

Manager Mr. KRISHNA RAO. He kept delaying the matter

without any resolution. Builder is asking me for loan

amount and the bank is neither disbursing amount nor

giving back my original sale agreement so that I can

approach other banks.

9)Frustrated I escalated this matter to Area Sales

Manager MR Sudhakar Atla by sending a written

complaint to ICICI on 16th June 2006 (sent a copy to

the builder).I sent a email to Mr. Sudhakar requesting

for the return of the sale agreement. Still no

response from ICICI.

10) I received a shocking letter on 26th June from the

builder saying that “ I agreed for the cancellation

and forwarded the original sale agreement to the

builder. And the builder destroyed the original sale

agreement since it is no longer valid”. But still I

didn’t receive any communication from ICICI.

11) This is a well executed plan by both the builder

and the ICICI bank. Builder want to sell off the plot

as the current market price is 35 lakhs which is 20

lakhs more than the price at which I booked.

12) This is a clear case of cheating from builder and

ICICI bank.

Please provide me justice and take necessary action.

Thanking you sir

Madhusudana Rao

Plot No 211

Near Ration shop

Avanti Nagar

Erragadda

Hyderabad – 500 018.

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Comment On This

Hi Madhusudan Rao,

I am another victim of ICICI bank with loan officer THALLI and M. RAMAKRISHNA REDDY.

I would like share my thoughts and my case with you. Please provide your email address.

Comment On This

Hi All,

I am the one who raised this complaint.I read the reply by MR Raju Simhadri.

After struggling for many days I approached Ombudsman complaining against ICICI bank it said that "Housing loan issues" do not come under their purview.So I filed a complaint in District consumer court intially asking for a stay on selling the plot to some one else. Modi said they already sold it to some one else at 25 lakhs which is exactly 10 lakhs more from the price at what i initially purchased.

So the court said they cannot give a stay as it already sold so the only option left for me is to ask for compensation.If modi can make 10 lakhs more from my plot there is every reason I can ask for a compensation of 15 lakhs.

Getting the agreement from ICICI bank and destroying the agreement is what is mutual consent.??

if there is any document which says I have agreed for the cancellation please submit the scan copy of the same.

I can provide a proof for all the readers which is sent by ICICI bank customer agent which clearly says " The document has been given to the builder for revalidation.If you can submit the document we can release the loan". This clearly shows that the document has been given to the builder by the bank agent.

I can challenge even ICICI bank can provide any proof about returning the original sale agreement to me.

I got the judgement saying the builder has to pay 12% interest and 2000 as case fee. As i am not satisified with the judgement I am applying for State Consumer council. Will approach the supreme court even I loose in state.

I am working as project Manger in one of leading IT company.

I am not fighting the case to earn money out of it. I just want to make the builder realise that he cannot escape by cheating the customers.And many of these builders feel we Software people are the soft Targets.

House might be a one more peace of land for the builder. But for the customer its life time earning. And many sentiments attached to that.

Its my mothers last wish that i should buy a Independent house.Its been four years since she passed away in 2004 still I am not able to buy an independent house.

Once again I thank all the customer friends.

Dont just let the cheaters escape.Prove that we Sofware people are not so soft.

Regards

Madhusudan

68 days ago by Madhusudana Rao [send email]

Please find the following mail from one more victim of modi in Golden Palms.

E-Mail from "Ravi" to "Friend" on www.complaintsboard.com

--------------------------------------------------------------------------------

Wed, 18 Jul 2007 06:14:56 -0700

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I booked a house in Golden Palms Ameenpur when it was 23 lakhs. We were in the process of getting loan and other stuff. Meanwhile all advances were fullypaid and there was still time for giving the full money.

Modi builders came back saying that they cannot construct the house as per original plan and hence I need to cancel my booking.

They forced me to cancel my booking finally.

But the real fraud is by that time the house prices went up and they sold the same house for about 40 lakhs later.

Please be aware of these frauds

...

I am not the only one who suffered from Modi Builders but I am the first one who raised the voice against them.

So customers beware...

Regards

Madhusudan

Comment On This

Mr Madhusudhan-who has lodged this complaint- has earlier booked a house at our project Golden Palms. Once Huda released the mortgage was released , he was asked by the builder to pay the amount due towards the house.

Mr Madhusudhan could not obtain the home loan from ICICI bank where he had applied. Since he has defaluted his house was cancelled on mutual consent.

He is making allegations about the builder as well as the banker. Is it possible that a major bank such as ICICI will engage in such practise based on the builder's suggestion. He is doing this since the price of the house had increased considerably and wants to benefit by extorting money from us by creating these allegations.

He has in his law suit, demanded that we pay him a compensation of Rs. 15 lakhs.

Please note that all the neighbouring houses have been sold at a price lower than his. We have never charged any customer additional money in the history of our organisation. It is absurd to think that only he was singled out amongst all the buyers for extra payment

Comment On This