Evershine director Lachman Ludhani said, "We are giving bonds of all financial institutions recognised by the government depending on the availability in the market. For Apna Ghar, we are offering only ICICI bonds. This scheme is a celebration of 40 years of our existence. It is a goodwill gesture to our customers."

The Apna Ghar mela which is slated to close by June 7 has targetted sale of 300 flats. Ever since the mela opened on April 24, Evershine has been able to book 175 customers for its projects at Borivilli, Mira Road and Vasai in distant Mumbai suburbs.

Besides the bonds, the Apan Ghar projectshas other interesting features to entice customers. The developer's brochures claim that it has the lowest down payments with the customer having to pay just 15 to 20 per cent of the total cost at the initial stage.

Ludhani has also reduced the rates for its projects by out Rs 50 to Rs 100 per square foot, depending on the location.

Said Ludhani: "We just break even for the sales that take place during Apna Ghar. Only when we are able to sell a reasonable number of flats we move over to new projects." New projects from Evershine project are coming up at Veera Desai Road at Andheri and Evershine industrial estate at Vasai.

ICICI peeved over reference in advertisements

ICICI has objected to Evershine Builders' use of the term-lending institution's name in the promotional materials like print media advertisements of the developer. When Evershine launched its much-hyped "Evershine Apna Ghar: A special incentive scheme", the print advertisements said the developer would give ICICI bond to itscustomers.

According to sources, the institution has directed the developer not to use the ICICI name in the advertisements as it suggested that the builder has some sort of a tie up with the insititution.

"They can purchase our bonds and transfer the instrument to their customers. But they have no right to use our name for their promotions without prior permissions," a source in ICICI said.

However, Evershine chief executive officer J Augustine said: "We have not received any such communique from ICICI. We are merely using a Goverment of India-recogniosed institution's bonds in our borchures and advertisements. We are within our rights in doing so."