Hi Guys,
I just wanted to share something hoping to help others like me fall into a trap. I recently made an offer to one of the apartments by Bhatla group and later terminated the contract. The developer turned out to be a fraud who are working with several realestate agents and the realestate agents are also owned by the developer. They marked up the price a lot and none of the big four banks would lend Universal Properties aka Bhatla investment any money due to the developers credit history and customers finding their properties having lots of issues after few yrs and the developer wouldn't do anything abt some obvious major damages.
I also found several friends and acquaintances also going through a lot of hurdles trying to purchase the units in Wentworth Ave Toongabbie NSW. When the banks devalued the property by 90k or more the realestate agents use to send a broker (one of theirs) to the customers place and get all their details and started applying for credit to 20++ lenders.
One of my friend went through this and now he can't buy a property due to too many credit checks.I hope this post helps people like me that went through bad experience and hope no one loses their 0.25% on that property.
Thanks for the information, I was infact going to inspect one of their off ther plan projects tomorrow.
I have heard a lot of negative things about this builder, but wasn't too sure which way I should go.
Better keep away…
ThanksStraight from the ASIC website:
11-81MR Property developer enters into enforceable undertaking providing compensation for vendor finance borrowers
Thursday 14 April 2011
ASIC has accepted an enforceable undertaking (EU) from a Toongabbie (NSW) based property developer, Mr Bhart Bhushan, and his company Universal Property Group Pty Ltd (UPG), following an investigation into alleged unconscionable conduct in connection with their lending practices.
As part of the EU, UPG and Mr Bhushan have agreed to a scheme whereby vendor finance borrowers – who were clients of UPG or Mr Bhushan – will be entitled to seek compensation if they believe they were victims of unconscionable conduct.
The compensation scheme will involve UPG and Mr Bhushan writing to clients and providing them with an opportunity to provide information in support of a compensation claim. UPG is also required to appoint an independent person – to be approved by ASIC – to consider any compensation claims that UPG has rejected.
UPG has operated a residential property development business from 1997, mostly in western Sydney. Mr Bhushan is the sole director and secretary of UPG.
From 2004 until mid-October 2009, UPG offered vendor finance to people who purchased property from UPG and associated entities. Mr Bhushan met with prospective purchasers and made oral inquiries about the person’s income, assets, and liabilities. Mr Bhushan accepted the information he was given as true and accurate but neither he nor UPG took steps to independently verify the information provided by prospective purchasers about their financial situation.
Many of the purchasers were immigrants – from Sudan or the Philippines – who came from non-English speaking backgrounds.
UPG stopped offering vendor finance in October 2009.
ASIC’s investigation identified concerns relating to the conduct of UPG and Mr Bhushan, including:
whether UPG made adequate inquiries as to the borrower’s or any of the guarantor’s financial situation;
UPG’s reliance on the borrowers’ assertions as to their financial situation and its failure to test or verify independently the borrowers’ assertions as to their income, expenses, assets and liabilities;
whether the borrowers understood to a sufficient degree the terms and conditions of the vendor finance loan in circumstances where UPG knew or ought to have known that some borrowers had a poor understanding of spoken and written English and/or little financial acuity;
UPG’s offer of vendor finance to some borrowers who were recipients of Centrelink benefits;
UPG’s offer of vendor finance on promotional terms, including the offer of capped repayments, contributions to the borrower’s first mortgage loan, and lump sum cash rebates.Further details relating to the compensation scheme are contained in the EU, which is available from ASIC’s website. ASIC accepted the EU as an alternative to commencing court proceedings.
ASIC acknowledges the assistance provided by the Mt Druitt & Area Community Legal Centre Inc in this matter.
I cannot believe this tool is still in operation. We had issues with him many years ago whereby the state & federal police were involved, along with the all the mainstream lenders had stopped lending to them. BE VERY WARY OF BHART & his groups they are not very nice people.Hi All
One of my friend bought an apartment in the same complex mentioned by Mr. Sweethome for $380000 and got his loan approval from Common wealth bank in first go. I think it all depends on purcher’s credit rating not builder’s.
Now I am planning to buy an under construction property from Bathla. After looking at few finished stock and getting the feed back of my friend who bought properties from Bathla I am happy to go ahead.
One of my friend bought his first house in Pamulway from very reputed builder for $570000, 3 years back and he later on find out many quality issues which are fixed later on. Now he has recently bought an under construction houses from Bathla and found it much better than his previous house on all aspects either its Price or quality.Dear ALL,
I HAVE RECENTLY PURCHASED A BRAND NEW APARTMENTS IN TOONGABBIE FROM BATHLA INVESTMENTS PROBABLY NOW THEY HAVE A NEW NAME AS UNIVERSAL PROPERTY GROUP PTY LTD. IT GOT SETTLED LAST MONTH. I BOUGHT IT LIKE WHEN IT WAS UNDER CONSTRUCTION. THE SALES STAFF HAS SHOWN FEW APARTMENTS FOR THE QUALITY ASSURANCE AND WAS VERY HAPPY WITH THE MATERIAL THEY HAVE USED EXCEPT ONE SHOWER HEAD…. I THINK ALL THE OTHER BUILDERS ARE USING SAME MATERIALS…
THERE WERE FEW MINOR ISSUES BUT THEY WERE ALL SORTED OUT BEFORE SETTLEMENT. I HAVE REQUESTED FOR FEW EXTRA THINGS IN THE PROPERTY AS IT WAS MY FIRST HOME.. FOR WHICH THEY HAVE CHARGED ONLY COST PRICE… THE SAME STUFF WAS COSTLY IN THE MARKET.
I AM THINKING TO BUY ONE PROPERTY FROM THE SAME BUILDER AS THEY ARE COOPERATIVE AND WHAT EVER THEY HAVE PROMISED, THEY HAVE DELIVERED IN THE PROPERTY.
GETTING FINANCE WAS NOT A ISSUE AT ALL…NOW MY NEXT TARGET IS TO BUY A TOWNHOUSE OR A HOUSE, FOR WHICH THEY ARE VERY FAMOUS IN THE MARKET…
THANKS
YANGLEEHi Yanglee and Kotleralex,
How are you both? Enjoying reading and learning?
I'm sorry if i can't take your words for it, you posted glowing reports in favour of a company that's under scrutiny from authorities. You did this on your own accord… that I'm pretty sure.
But what is suspect is the fact that you joined the same day as your posts. Did you join for the sole purchase of spruiking this company?
Umm… not so nice.
Take care.
Angel
Hello angelinsydney
So true,, both comments on same day,, first time users,,, spell mistakes in both comments,, and they are not taking to buy one,, but buy too many propertiesssss(read between the line),, it takes a while to get sorted with one property,,, and they are taking few,,, so definately think they are one of their sales staff,,,, I don't understand problem with them,, few properties look good, and few of them are of very poor built,, I think it is do with their poor knowledge tradies,,,, So true,, they are taking as if they work for them,,, they gave few things such @ cost price,, well taking like vendor,, rather than a customer,,,,,,,,They could have done so much better if they know what they are doing,,,, I guess they beleive in quantity,,, not quality,,,, which ultimately does not prove good for future,, and One techinical point,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,( Banks if they vary in lending amts thats only by few thousand dollars, not by 90K as above,,,, It is always upto a builders reputation and quality of construction,, that the loan lending amt is based,, they can't even spell Pemulwuy properly above,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Good lick((ops luck) peps
Hi Yanglee and Kotleralex
<moderator: delete abuse> This company is under serious investigation by ASIC as well the ACCC. People, do NOT touch this company, its subsidiaries, real estate agents, spruikers, or any other connection to them.
Where there is smoke there is usually a fire – in this case, an Ash Wednesday and they'll leave nothing but destruction in their wake!
I cannot believe this tool is still in operation. We had issues with him many years ago whereby the state & federal police were involved, along with the all the mainstream lenders had stopped lending to them. BE VERY WARY OF BHART & his groups they are not very nice people.
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