I recently came across the same project.  From this post,  it looks like the project was launched sometime in Jan ‘2012.  In the last Eight months, they seem to have completed only the Basement Slab. I hope they would not have started work without approvals in place. Does anyone have any update / news to share on this project ?.

Thx for the answer..

well the project was pre lanunched sometimes aug 2011 and due to approval delay, work started in jun 2012. I booked finally @ 2800 price. The current price is 3400.

Hi..

We are also planning to book a flat in VARS parkwood. the construction seems really good. However, the sales guy says that they dont have SBI approval, nor can we get a loan from SBI if we apply one.

I am concerned about whether this would be a good place to put your hard earned money in. If anybody has booked in this, can you please share your experience and whether you got it verified by a lawyer. Also, if anybody aware of a google group or any other group for this project?

Thanks in advance

You are right. They don’t have SBI Approval but we are 4 people, booked there last year. The reason behind going with VARS was I’m staying in their other apartment as a tenant and construction wise very good. Second reason is they can alter few things per our need which big builders don’t entertain. We verified with 2-3 lawyers and they gave green signal.

Thanks  for the answer. We also liked it and booked the flat there.

If there are a few of us, we can make a google group and stay updated abt the project

I also spoke to them. They said that it is A Katha and have already obtained occupancy certificate.

I am wondering if it is really A Katha then why SBI is not approving it? Also without completion how are they claiming occupancy certificate? Moreover they are expecting 45% down payment at the time of booking itself. In the pricing breaksheet they have also included about 50,000 for Katha.

I think whoever books there might get only B Katha which is of no use.

Can somebody confirm this?

As to what we know, there is joint development agreement which needs to be made between the land owner and the developer. And then it has to be registered. They said the registration charges are some 40-50 lakhs, so they are not getting it registered. In the agreement, they will make the land owner and the VARS builders both as party.  They do have an A Khata as to what our lawyer confirmed and other people’s lawyer have also confirmed above.

Occupancy certificate I am not too sure. I don’t think the sales guy said this to us.

Regarding 45% downpayment, if you look at other projects, there is a payment at each slab that is put in place. They are already constructing the third floor, so this is the same here.

Did you have a look at any other project(s) in Bangalore and saw that the builder is asking for just 20% even when they are constructing the third floor? Also, whom are you talking to – the land owner side or the builders side sales guy? This might make a difference on how are your queries are being answered

I am interested in this project.Why SBI is not granting loans for this project?Is the builder reliable?What about the construction quality?

Please let me know if the project comes under A katta and all documents are legally verified and good to go? Please let me know the pros and cons that you observe about this project.

Hi, reviving the old thread, I saw this property last week & liked the floor plans & the locality which seems to be quite prosperous or will become one once the surrounding area develops in light of Palm Retreat & the hotel, to name a few. As I was told by the builder, this property is A Khatta & the clients will get all necessary papers at the time of possession. All seems good except the fact that SBI has not approved the loan (which seems to be the case since they haven’t signed the agreement with owners yet) and that there are so many flats available still available, though the property has been practically out since June 2012.

Any feedback on this, please, from people who have already bought or from those who have some research will be really helpful & will help make my mind?

Aniket, I don’t have the info but I’m also looking for projects nearby. If interested we can meet. Drop me a mail at haripadhuka at the rate of gmail.

Thanks!

I’ve booked corner flat but the construction haven’t been started. They kept telling since last 6 months that it will start next month…but still not started. The overall project seem to be on track though. What exact information are you looking for.

Thanks for replying.

@”psangani”, my mail id is – . Can you please drop me a note and/or your mobile no – it will be a quick that way?

@Hari Prasad – which projects have you seen & how does this one compare to the rest?

@Aniket, I tried to connect with you via email but my email got bounced. Can you share your personal email id and we could connect. You could also reach me on rohit.tkumar1 at the rate gmail.com

Hi everyone,

I visited this property last Saturday, 18th October. Base price is Rs 4200/- psft now. For a 1325 sqft 2-BHK, all inclusive price is about 64 lacs + registration. They are saying they will give possession in December, 2014. But I doubt it because still construction is going on. Looks it will take at least 6 months for completion. I was contacted by an agent and was told this has A-khata and Occupancy Certificate; but it is not approved by SBI as no agreement has been signed between the landowner and the builder. Anybody has booked in this property? It seems still many apartments are unsold. Any opinion on the property overall? I am looking to buy a 2-BHK for own use.

Thanks,

Debottam

Hi,

I am Siddarth Reddy, director of Vars Builders. I am here to understand your concerns and address them promptly. I believe this will enable us to be more transparent as an organization.

1>As many seem doubtful about the agreement between us and the landowners for VARS PARKWOOD, all the landowners have been made as a party to the sale agreement and the sale deed during the time of registration. You can verify the same in our office.

2>Our project Vars Parkwood is currently not approved by SBI but we have approvals from other major banks such as HDFC, ICICI , PNB-HFL &  AXIS.

3>Our project Vars Splendid is approved by major banks such as SBI, HDFC, ICICI , PNB-HFL &  AXIS.

4>Both our projects are approved by BBMP (A Khata)

5>We provide CC and OC to all our projects.

If you have any specific queries which need to be addresses personally. Please send a mail to varsbuildersindia at the rate gmail dot com. I will personally address all your queries.
If you require any queries to be answered publicly, I will ensure that they are addressed as soon as possible.

Thanks & Regards
Siddarth Reddy

BEWARE OF THIS BUILDER – BUY FROM THEM AT YOUR OWN COST – IT IS A FAIR WARNING

This is from my personal experience in purchasing a flat from Vars. I purchased the flat B220 in Parkwood. In the agreement they had confirmed that they will complete this in July’2014. As of today the status seems to be that it will be atleast another 3 months for completion – i.e. SEP or OCT 2015.

In the agreement that had requested a grace period of 3 months from JUL’14 and after which they will give the rental income as compensation.

I have been running from Pillar to Post to get in touch with about the compensation and for 4 months they did not respond to any of my calls. Subsequently I had received the MD’s (MR.KRISHNA REDDY) mobile number and when I contacted him he flatly refused to commit to the agreeement – he was quoting Manpower, Sand etc as his problems. It was clear that he is palming off his lack of management skills to the customers. He even told me to read the agreement – probably an escape clause somewhere which none of owners had read.

For even a small timers they probably have an well-oiled legal section which probably will say

“Want to file a case, please a take a ticket and stand in line”

While we customers are preoccupied with work/travel – they are confident that nothing much can be done in this country – legally

BEST OPTION FOR ALL PROSPECTIVE BUYERS – Avoid VARS like a plague – even if need to pay a premium get one of the reputed sellers.

I have given my email id – in case anyone wants more detail.

Sridhar Krishnan
CHENNAI