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JBJ Developers - what is happening?

For people who are familiar with real estate in Tamil Nadu would have started hearing about JBJ City Developers very frequently in the last couple of weeks.  JBJ City Developers has been in the news over the last couple of weeks for all the wrong reasons.  For the customers who buy plots from them, they were complaining that registration was not happening on time, for registered plots documents were not delivered.  For the financiers of JBJ City Developers, they were complaining that they were being cheated by the promoter Justin Devadoss @ David as he has not returned the funds.   

To give a brief introduction about JBJ City Developers, they are into the business of developing real estate plots across Tamil Nadu and selling it to customers.  Their focus is on the peripheral areas of various cities and towns of Tamil Nadu.  They have projects across Tamil Nadu and their business style is to promote real estate projects at low cost.   They have grown in a big way and they have 13 "Regional" offices across Tamil Nadu.  I have seen lot of advertising happening for JBJ City Developers both in Television/Radio as well as the print media.  They employ agents to sell plots for a commission.  

For a person like me, who has been actively following Real Estate in Tamil Nadu atleast for the last 5 years, till very recently,  I have not heard the name JBJ City Developers.  They entered Chennai in a big way over the last 12 months or so with an advertisement blitzkrieg.  JBJ was originally a Tirunelveli based small time real estate developer who wanted to make it big.  My immediate reaction to the sudden growth of JBJ City Developer is that of a firm which is politically well-connected or this would be a "benami" of some powerful politician.  Otherwise, I dont think such a growth of creating lot of real estate projects within such a short time is not possible.  

For most of the middle-class, buying a plot is a once in a life-time activity and it is very important that we remain very careful about the vendor.  The problems are plenty.  No proper registration would happen, no patta/name transfer in patta, delay in getting registration documents/non-receipt of registration documents, un-professional attitude, lack of standardisation are the common issues you face when you deal with fly by night operators.  I think it is better to stay with established names in Chennai real-estate to relieve yourselves of the hassles of going through a deal with these kind of operators. 

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