Saturday, August 19, 2017

DSK Defaults: Now homebuyers getting notices from lenders to pay pre-EMIs

This is double whammy for home loan borrowers as they are not sure if they will ever get possession of their dream house and yet had to meet to repayment obligations.

"DSK Aadhi Ghar Nantar Paise"

The financial anarchy at DS Kulkarni Enterprises is becoming messier day by day.

After defaulting on repayments to thousands of investors, DS Kulkarni & Co, a subsidiary of DS Kulkarni Developers Ltd, had stopped paying all pre-monthly instalments as per agreement for the home loan taken by buyers in its projects.

Since DS Kulkarni & Co has defaulted in repaying the instalments, buyers are being asked by the lenders to pay pre-EMIs within seven days that too when there is no guarantee that the project would be completed on time or no.

Read more at - Moneylife

This story reminds me of my blog on "DSK Aadhi Ghar Nantar Paise" offer in April 2015. I had warned homebuyers not to go for it. Here is that blog -

Pune Property Buyers, Hurry!
Turn Your Home into Private Prison Cell

Gharala Private Prison Cell Banavanari Manse!

Long long time ago, D S Kulkarni Developers - DSK - was known as - Gharala Gharpan Denari Manse.  Helping common man to become a homeowner was DSK's mission. Building homes which offer - prosperous & happy family life was DSK's promise.

Recently, DSK has changed his role. Now, DSK is working for housing finance companies. Not for the common man.

Now, DSK assists foreign owned finance companies. Like HDFC. Converting middle class Maharashtrian families into financial slaves of foreign owned finance companies is DSK's job profile.

Finance companies have high regards for DSK.  Mainly because - they have realized that - middle class Maharashtrian families are difficult to make financial slaves. Credit card, car, education loan are not efficient products to make them financial slaves. A home- is the only effective way to make them slaves. And these middle class Maharashtrian families love to buy a home from DSK. Obviously, DSK is their best bait to catch the slaves.

From political & religious regimes, finance companies have learned a lot -
1)  You can not use force to impose slavery.
2) You have to create a situation which will motivate free human beings to accept financial slavery.
3) Financial slavery should have social acceptance & respect.
4) Financial slavery should become a way of social & political life.

More than any builder in Pune, DSK - who has strong bonds with middle class Maharashtrian families - is more efficient & effective in convincing them that financial slavery is a way of life. Aadhi Ghar Nantar Paise - is nothing but a new way of life.

By the way, there is no risk. If you fail or find it difficult to pay your home loan EMI -  you can increase your loan tenure to 30 years. You can refinance or restructure your loan!

Don't worry! No one is going to send you to prison cell. Because, your home itself is your private prison cell.

Tomorrow, 19th April 2015 is the last day of DSK's Aadhi Ghar Nantar Paise" event. So, hurry! Join the new way of life!!

DSK Aadhi Ghar Nantar Paise

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09) Probe DSK under MPID Act

08) Vijay Kumbhar exposes DSK of D S Kulkarni Developers Ltd

07) Sonu Tuza DSKvar Bharosa Nay Kay

06) DSK is struggling to get his ducks in a row

05) Investing in DSK Dream City Pune

04) Is D S Kulkarni Developers offering 25 per cent discount?

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01) April Fool

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  1. I think RERA should cover such financial institutes also which pays upfront to the developer without confirming work progress & then later catch hold of flat holders! In a way keeping due sympathies with the flat holders unless such cases comes in open the buyer wont get wise & choose the builder with open eyes! Its not just big names or rates or offers or loan schemes but the product ie home matters most is what the buyers should learn lesson. Its high time to make business with only the people who delivers as whatever has happened this hasnt happened in over night, what all these flat holders were doing when the first slab itself must have got delayed & yet they have paid nearly 80% of their home loan amount, why they kept mum for two years just because builder was supposed to pay the EMI? In first place why they didnt thought when a builder needs to make such offer then only he is doomed as no sane builder will come with such offer to sale his flats! Lets hope now at least flat buyers will be aware !

    1. RERA has already taken steps atleast towards financing of projects. However no power on earth can help if buyers act idiotically by buying something which doesn't have approvals, & builder doesn't have strength to complete it. Buying ready for possession flats with all approvals is the way to go. And if options are not of your choice, then better stay put on rent. The residential rentals in Pune too are under tremendous pressure as well.

      Builders won't get loans if they don't register under RERA: report

      It's getting tough for builders unwilling to register under RERA with banks deciding not to give loans to them. According to a report on the Economic Times, banks have decided they will not provide credit to unregistered builders after discussions with the Reserve Bank of India. The decision aims to weed out fly-by-night builders. Banks want a stronger security mechanism, and have even suggested keeping personal properties of promoters of some real estate firms as additional collateral.

  2. Ravi Sir, I have a question out of curiosity; quite irrelevant to this post above but still matters a lot. When we purchase any standard product, it is assumed to serve the desired purpose or fitment of use. E.g. compressor of refrigerator comes with something like 10 years warranty, so as picture tube of TV, car comes with 5 years warranty etc. What we get to see is a product that is built and can be seen tangibly. In case of real estate you don't get to see that product, but still shell out huge amount of money only after which it is handed over to you. A sample flat for that matter gives you a glimpse but not always a guarantee of same quality being replicated for end consumer. I am seriously concerned about leakages in flat, poor quality hardware, paint peeling of walls, hollow/ vacuum space within the walls/ floors, lack of sound proof walls, floor tiles swelling out and the list is endless. Now my question is - what kind of legal protection does a consumer get and for how many years after the flat is handed over?

    1. Very good question! Please, download RERA Act & read MahaRERA rules here -

  3. So many chit funds scams come to light every week. Yet people want to invest their money in high interest instruments!
    Forget interest even the principal is not safe in such schemes.
    I pity the investors. But a majority of them are well educated. They should also introspect. Why the greed for higher interest.

    DSK has played with the emotions of the middle class Marathi Manus. He should be punished. He should be asked to sell off all assets in a distrsss sale and give back the money.

  4. All this points at something that has been mentioned a few times in the past. RERA has no real significance. The one and only law that show be passed is the builder cannot sell an under construction flat. But obviously that will never happen as long as the builders have a hand in the law making process. The only way is a "consumer revolution" where no one buys a single flat demanding that this rule be put in place.

  5. All the financial schemes were nothing but ponzi schemes, which attracted greedy hoarders & investors. No builder will give anything for free, they will rather loot you of 100 rs by offering discount of 10 rs.
    But then greedy chaps can't see such games because once greed overtakes the logic, the mind becomes dysfunctional.

    See this case of greedy investors in DSK. Wonder how can someone put their entire lives saving on builder schemes. In this case, both husband & wife put their money into DSK. Now they must be wondering whether they slogged out for their entire lives so that DSK can enjoy.

    Mounting cheque bounce cases finally put DSK in the dock -

    Among the exhaustive list of investors who have approached courts are Chandrakant (69) and Kavita Bidkar (63), residents of Rasta Peth. An advocate by profession, Chandrakant invested Rs 50 lakh in DSK’s fixed deposit scheme in 2016. His wife, who is a retired government employee too invested Rs 34 lakh. “DS Kulkarni’s wife Hemanti had approached us stating that they would offer us 18 per cent interest per annum on our investments. This was far more than what our hard earned money was fetching in banks. DSK was a reputable name, and since we knew him personally, we simply collected our savings and gave them to his company,” said Chandrakant. While Chandrakant pooled in his savings from several years of practice as an advocate, his wife Kavita pooled in all her retirement benefits.

    This crook DSK has not paid even to it's football team members while the owner of the team, DSK's son Shirish kulkarni enjoys his lavish stay at Trump Tower by paying 4L/month as rent.

    DSK Shivajians yet to pay 2016-17 season wages to several Indian internationals
    The Indian football team stars have not received their salaries for the last 2-3 months from the I-League club.

    And these are some other news in Pune real estate -

    Amanora dream home turns into nightmare for defence personnel -

    Hermes society builders slapped with MOFA case -

    Bizman Rajiv Bhale’s sprawling Aundh home auctioned -

    The real estate developer was under I-T scanner for defaulting payment of Rs 16.52 crore

  6. Ravi,
    DSK didn't refund money by 15th Aug as he had promised. So what are buyers, investors doing now. Any idea ?
    Is DSK enjoying what he is doing or is he preparing for jail term ?