They are just cheating with this prank, no actual progress and delayed till end of jan 2016.
I coudn't agree with you more. After having pocketed 95% cost in May 2013, promising completion by March 2014, they have deliberately put the project in virtual suspension. The progress is extremely slow and also the finishes are being downgraded to save money. Latest promise to hand over is March 2016 but it may also suffer the same fate as earlier deadlines... They seem to have no money to complete the project as there are no sales happening due to the ongoing delays & continuing uncertainty. Builder has lost all its reputation of quality & timely delivery.
25th September 2015
Hi all,
The project Mantri DSK Pinnacle by Mantri Developers Pvt. Ltd. located at Bannerghatta Road, Bangalore is going to be complete by December'2015. The current price quoted by the developer is Rs. 8000/sq-ft.
Location advantages:- Close proximity to developed residential areas like Jayanagar and JP Nagar, Well known schools such as Ryan International School, Presidency, Innisfree and Clarence in close vicinity, 15 minute drive to Electronic City via NICE Corridor, Close to major software companies like Honeywell, IBM, Oracle and Accenture etc.
Yes, after pocketing 95% cost (more than a crore) in May 2013, and reconfirming possession by March 2014, they are dragging the project completion endlessly and also downgrading the quality. We lose almost Rs 1 lac per month interest on the paid amount and they are showing us the compensation clause in the agreement which says Rs 6600/- per month of delay. This can not go on for ever. Let us take some collective action.
25th September 2015
I have unfortunately bought a flat in pinnacle it is nowhere near completion my sincere suggetion to all ;don't go anywhere near mantri unless you want to get cheated as per there own letter it will be handed over may be a few months from now that is feb 2016
Few months from now ?? You can never be sure until you actually get the possession. They have made written promises of delivery several times in the past only to forget it & make a new promise, just to buy time. There seem to be some long standing issue with authorities as well so the project completion & hand-over may not see the light of the day in near future. Suggest all of us (victims) to join up and take some collective action. Please revert if you are willing.
Agree...this is one of the worst cases of cheating by the developer. Project showcased as a very high end super luxury iconic tower, promised to be ready in March 2014. Payments collected on structural slab progress, 95% already taken as in May 2013 when only the bare structure was done. Balance works/finishes etc. very slow progress with inferior cheap materials replacing the high end finishes promised on booking....Top management not available for any meeting, no one there to provide any info. Project completion still uncerytain.Agree...this is one of the worst cases of cheating by the developer. Project showcased as a very high end super luxury iconic tower, promised to be ready in March 2014. Payments collected on structural slab progress, 95% already taken as in May 2013 when only the bare structure was done. Balance works/finishes etc. very slow progress with inferior cheap materials replacing the high end finishes promised on booking....Top management not available for any meeting, no one there to provide any info. Project completion still uncerytain.
My comments to replies
Dear Flat Owners, the Current status of the building is nowhere near completion.
Every time on being contacted there is an unresponsive commitment of completion within 6 months with nothing actually moving on ground and this is happening for almost two years.
I am facing a financial burden of installments of housing loan, rent of present house along with lot of mental agony. I urge the flat owners to team up & sue them for appropriate compensation.
Sir, I am also suffering the same agony as you. We paid 95% cost in May 2013 on a renewed promise that the possession will be as per schedule in March 2014. Ever since there seem to be an unending saga of promise and default. While we are losing around Rs 1 Lac per month on interest, the compensation for delay by the builder is only Rs 6600/- pm. and they are not listening. Besides this, the finishes are being downgraded. I agree with you and am willing to team up with the fellow sufferers to take up the cause in a larger group. Please advise how to move forward in this direction....Regards.
25th September 2015
This is one of the worst project. The possession of flats were supposed to be given by May 2014 and since then there is regular delay. It has been more than year and still there is no concrete answers from the builders as to when the flat will be handed. The response by the builder is also very bad. Every 2-3 months there representative keeps changing and then you will have to talk to new representative the whole problem. The current work progress is very slow and there is hardly any work going on. The facade is still incomplete and the High Crane has been removed from the site so I doubt at what rate they will finish the work.
So if you looking for something nice i will suggest you to look into some other property and not to waste your hard earn money here.
No one in Mantri developers is ready to provide an answer to this question...why they are taking so much time to complete the project? Worst sufferers are the people who made bookings initially as they have paid 95% cost in mid 2013 itself when the possession was re-confirmed to be given in March 2014. Since then the developer is sitting on their money with no commitment of completion and now even the quality of finishing is also being compromised...
8th September 2015
Mantri DSK Pinnacle is one of the ongoing projects by Mantri Developers in Bannerghatta Road. This marvel comprises 3/4/5 BHK homes and rises to 46 floors. Homes equipped with smart home technology, powered by Cisco. Mantri DSK Pinnacle is one of the South India's tallest residential tower
Yes this is one of the perpetually ongoing project of Mantri. No completion commitment now.
8th September 2015
What is the status of the project and has the project got all the approvals?
Status totally uncertain even now (Sept 2015). No credible update from the developers. Mr Mantri not willing to meet & listen to aggrieved customers. Terrible state of affairs.
Please check and confirm the possession date and current status of work before taking a decision. Be very careful in ascertaining the builders' current reputation & capability to deliver. It is highly doubtful that they will keep their promise.Please check and confirm the possession date and current status of work before taking a decision. Be very careful in ascertaining the builders' current reputation & capability to deliver. It is highly doubtful that they will keep their promise.
My comments to replies
Please check and confirm the possession date and current status of work before taking a decision. Be very careful in ascertaining the builders' current reputation & capability to deliver. It is highly doubtful that they will keep their promise.
Assuming you are a genuine buyer, please also be careful about the fine print while signing the agreement. The clauses are heavily loaded against the interest of the buyer, especially the provisions on penalty & compensation for delays, etc...
Q:
Need to know various legal options available to buyer to seek fair compensation for delay by the developer when the buyer has already paid major share of the cost.
Thanks Dushyant & Balaji for the information.
Is there a rule or law which makes it obligatory for the builder to refund the money with compensation in case of major delay in possession. What happens when the compensation as per the builder-buyer agreement is negligible and will not cover the interest losses even by a small fraction?Thanks Dushyant & Balaji for the information.
Is there a rule or law which makes it obligatory for the builder to refund the money with compensation in case of major delay in possession. What happens when the compensation as per the builder-buyer agreement is negligible and will not cover the interest losses even by a small fraction?
Q:
We have learnt that the sanction plan of this project does not show 3BHK apartments. The two 3BHK apartments are shown as one 5BHK unit in the originally approved plan. Builder is not giving information on this issue at all.
If you have booked an apartment in Mantri Pinnacle and wish to join the Owners' group on WhatsApp, please share your contact details, name, flat no. etc. on 9538864227.If you have booked an apartment in Mantri Pinnacle and wish to join the Owners' group on WhatsApp, please share your contact details, name, flat no. etc. on 9538864227.
My comments to replies
It seems the project has got approval from BBMP and banks like HDFC, Axis and ICICI. Is there a delay in possession, as far as I know the project was expected to get completed by 2014?
Let the builder re-confirm that the apartment units (especially the 3BHK) are constructed as per sanction plans approved prior to the start of construction & sale of flats. Original possession commitment was March 2014 and accordingly 95% payment was taken in May 2013. There is an unending/unexplained delay since then.
4th April 2016
Mantri Developers is one of the top developers in the market than what is the reason that there are delays in giving possession. Quite Strange.
Reason for this unprecedented delay may be related to the ambiguity on authority approvals mentioned in my query. Mantri is not clarifying this aspect inspite of repeated requests.
4th April 2016
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