12 PDC for remaining 85% sale value

Did Prstige group asked anyone to provide 12 PDCs for remaining 85% sale value to be furnished by August mid!

few months back I was asked to provide PDCs.
I am not sure if this something new and asking by mid of August.

Anyway, in my case I spoke with them and asked if I can do without it(just gave 2-3 PDCs) as I am not in India at the moment.
They were OK with this as by that time loan would be approved and then there wont be any need of checks.

I hope this helps.

Cheers
Nareehs

Dear all,
I have a quick question regarding the payment. I was wondering if all of you have paid the balance 15% ? Secondly, I wanted to know what is the best mode of transfer online ?

Thanks

Hi,

When I visited the site I met Mr. Paramesh who claims that the land has still not been taken over by prestige. He shared the order sheet number and I found out that he has contested the claim in High Court and Session Court. Clearly there is no end in sight and I cannot see Prestige resolving it in near future.
So I decided to cancel my booking and when I contact Komal they are delaying it and not reachable most of the time. Any idea how best to approach this.

Regards,
Hari

Hi Hari,

Your investigation is a cause for worry among us. Any idea how we could get access to the high court order sheet on the dispute between paramesh and prestige? How did you meet paramesh?

-Vikas

Hi Vikas/All,

The land has been disputed by one Mr. Paramesh. He is defendant no.49 in the case. The order sheet number is OS No 7410/07. There is also a case in high court in this regard. My lawyer vetted the documents and has raised serious concerns about this. Not only that when I contacted the SBI lawyer who is known to me he too agreed that this is disputed and will not be approved by SBI. Also please note there are similar concerns with their project at Sunny Side.
BTW you can talk to Paramesh directly at the number 96867 33555. Even when I visited their site it is very clear it does not belong to prestige. It has been rented out by Paramesh to another builder to construct their shed. This is nothing short of prestige suppressing the facts before launching a project.
Now when I requested them to repay the money they are acting funny and want me to go ahead an pay the rest of the money and sign the agreement. When I insisted I want to cancel they only paid part of the money back. I plan to take them to court.

Regards,
Hari

Hi Hari,

Could you please send me the scan documents you have shown to your lawyer. I would also like to verify the same with our attorney. I feel if there is a problem with the property ownership no one wants to buy this and that case if all of us want to cancel on ownership ground prestige is bound to return our full money.

Please send me the documents at search_vivah@yahoo.com

Thanks
Rimita

Hi Rimita,

I met Mr.Paramesh at the site and he showed me the hard copy. The Order Sheet number is OS No 7410/07. He will be able to give you the details.
I am quite shocked by the way Neeraj from Prestige reacted when I confronted him with these facts. He first denied and then he got annoyed and said that is why this is a pre-launch where they take 6 months to 1 year to get the legal documents sorted. He then agreed that there is an issue with the land and told me that I should have verified all documents before booking and hence the reason to hold back the cancellation fee.
I tried to explain several times to him that the reason I am cancelling is bcos the land itself is being disputed and does not belong to Prestige and they have hidden key facts from us before booking. And that it was not like I was cancelling any other normal booking where the builder is hurt by a cancellation. He then told me that I can take legal recourse and that they would not pay the 1% cancellation fees.
I explained that I have to pay interest on the loan taken to pay the 15% booking advance and the fact that I lost interest as it has been idle with Prestige for last 5 months.
Quite interesting the way they reacted when I confronted them with facts.

Regards,
Hari

Hi Hari,

Can you please let us know whether prestige has now refunded your complete 14% of the booking amount (after 1% cancellation fee)?

Please give me your contact detail so that I can discuss these things in detail as this has started to seriously worry me. My contact info is rahul.mithu@gmail.com/9986029279.

Thanks,
Rahul.

Dear All,

As informed by Hari earlier, I also had a chat with Mr Parmesh today.
As per him, this case (the order sheet number mentioned by Hari) is going on from year 2007. He is getting calls from Prestige every now and then that they will settle this case, but no one is actually meeting him even after promising him so many times.

He is ready to settle the claim with Prestige but I think Prestige people are not interested.

He told me that he is putting advertisements in the newspapers (Public Notice) about these things which is valid in the court of Law. When the property was registered last year (i think to prestige group), he again put a public notice against this. As per the rule, whenever any registration happenes, for confirmation the buyer should advertise in newspapers to prove that one one has any objection. Parmesh had that time also objected to that and gave a public notice in newspapers.

I also asked him how come BBMP can sanction the plan when the property is under litigation. He told that he had objected to BBMP as well, but prestige group got it sanctioned (through the means which everybody is aware of!!!! how things work in India). So he has made BBMP a party in his case against Prestige. He has also made sub-registrar a party in his case since even after his objection, they have registered the property in prestige group's name.

He told me that HE WILL MAKE EVERYONE A PARTY TO THE CASE WHOEVER BUYS THE APRTMENT IN THIS PROPERTY.

This seems to be a serious issue to me and I do not want to be party to any case currently going on in the court of Law.
What I fail to understand is, when this guy Parmesh is ready to settle this case, why Prestige is not coming forward and settling the case for the benefit of customers.

I am very Happy that I have not yet signed the agreement with prestige for my apartment and I am not going to do that until they settle this case and show me the proof of that. If prestige insist otherwise, I am going to cancel my booking with prestige.

I want to know what everyone else is thinking about this property. We had booked the aprtment just trusting the 'Prestige' Brand. But that also seems to be not working. I would prefer my peace of mind by cancelling my booking than trusting them again.

If anyone is interested to get more details, plz contact me @ 9986029279.

Thanks,
Rahul..

Spoke to Prestige folks. They have accepted that though BBMP approval is in place but legal documents are NOT yet cleared. 'You pay the remaining of 15% amount, legal document will be cleared SOON;...but she was not willing to put any time line. The way Prestige sales team reacting to such query, I really started douting credibility of Prestige they are known for!!!!

Another point, I was told that more than 75% of of the owners has paid the 15% amount and PDC. I really doubt about this statement as I am in touch with 5-6 people and no one has made more than 5 Lakhs (15% is atleast 8.5Lakhs) and they have NO plan to pay even sigle penny without getting all the legal clearance of the property.

When I spoke to Niraj about the dispute on land, he was so furious that make me feel that they are hiding the fact. It seems that SBI has not approved this project due to leagal isssue involved. any other PSU bank approved this project?

Hi,

I feel prestige cannot ask us for signing in the agreement unless otherwise they start their construction as the very first of their own letter mentioned. If there is legal dispute they cannot start the construction. We can always argue on that point.

How did you know that SBI has not approve the project?

Hope things will get sorted out.

Rimita

I think it is normal for people to take advantage of getting as much money as possible from a big ticket builder like Prestige.
Prathamesh must be trying to do the same and Prestige may be pushing back just to be in a stronger position to negotiate.

@Rimita,
I friend, who also booked in PSC checked with SBI/Home Loan Branch. They clearly said this project is not approved by SBI. Also, when I personally spoke to Prestige folks and confornted them, they also accepted that SBI is asking for more document and they are yet to approve.

@knndvn..Prestige also doing same. Trying to GRAB more money from all of us without starting any work and even without clear document!!!!

I spoke with a guy who is handling this for me.
He has some legal documents , obtained from prestige and he has said that he will verify them with the help of a lawyer. As per him, on last Saturday(18 August) prestige told that all the things are cleared now and settlement between prestige and other guy have been reached.
But after reading all your postings I am a bit suspicious.

Has anyone contacted prestige for latest update? just to verify that all the disputes have been resolved.

Thanks
Naresh

Hi,

I spoke to a person named Pooja on the 18th August. She is from Prestige group and had done my apartment booking. She said construction will start in first week of September. Hope it actually happens.

Thanks

Raj

Hi

I spoke with prestige people recently. They are telling "there is a guy who is demanding the share of the property which we are avoiding". Now as all of you aware of the fact that they don't tell anything explicitly, I failed to understand whether they are simply avoiding or flighting against it at court. I also didnot make out whether his demand is valid or not!!

Rimita

Hope everyone must have received email from Komal regarding invitation for Ground Breaking ceremony schedule for 2nd Sept. I am wondering with the litigation issue raised by Prasanna still pending, can prestige go ahead with this.

Has anyone visited the site recently and know whether those temporary sheds are still there or been removed.

Also, received call from HDFC home loan dept (seems got the reference from prestige ppl only) and they mentioned that HDFC has approved this property/project and start with loan process if you are interested. Does anyone know if any other bank also approved for this project especially with the litigation issue (not sure if its settled or not).

Regards,
Naveen

Hi,

Just now I had a telecon with Paramesh and he declared all the issues has been sorted out by prestige.

Rimita

Hi,

Has anybody signed the agreement or is planning to sign the agreement. Please let me know.

Raj

Hi Raj,
I'll be signing the contract soon.
Have u decided about which bank to go with for loan?

Thanks
Naresh

Hi Naresh,

I am planning to go with SBI. I saw in the discussion that SBI is doing through investigation of the property before approving the loan. Even though the dispute is resolved we need all the legal documents which says so. These are my thought. Let me know what you feel.

If anybody is having any other points please let us know.

Raj

Hi

Naresh/ Raj - Did you people sign the agreement? Did you get all the property documents from prestige to furnish to SBI?

Did anyone get the legal papers stating that the litigation has been sorted out!

Are anyone going to give 1st installment on due date mentioned by prestige?

Share your views!

Rimita

This project is not yet approved by SBI. Earlier Nirmala was working on PSC but now this project is taken away from Nirmala and given to another lawyer from SBI. (sounding fishy ?? ).
Anyway i have NO plan to give any more money without getting clearance from SBI.

Thanks Shree for the informaton. Did you sign the agreement? I have not done yet, wondering how many people have done that!

Regards
Rimita

No..I have not signed any agreement. Will do only after getting full clarity on property issue.

Rimita- I am in touch with 10-12 people...no one has signed agreement. Couple of them has made 15% payment else majority of the people have paid initial token amount and waiting for litigation issue to be resolved before releasing any more money.

Rimita wrote:Hi,

Just now I had a telecon with Paramesh and he declared all the issues has been sorted out by prestige.

Rimita

Hi
1- As per Rimita's post all the issues have been sorted out.
I am not sure what litigation issues \ clarity on issues of property we are talking about.
is it only the approval from SBI or am I missing something here?

2- I have received a demand letter for next instalment and as I have seen if these payments gets delayed builder charges interest on them.
Has anyone else has received the same demand and if yes what you are planning to do about it.

Thanks
Naresh

Hi,

Thanks, I will also hold the agreement till they show the legal paper.

To Naresh:

Now, both prestige and that paramesh guy are telling that the litigation issue has been sorted out, our-of-court. Unlike earlier, if you call paramesh he will say he has no issue with this property. But we cannot believe X, Y, Z unless prestige shows us legal document. They are telling court paper will appear soon but not putting any deadline!

Regarding the 1st installment, I am also really worried, I don't want to pay 15% yearly interest on that. I spoke with them, they can hold the payment, but not sure whether they impose interest on that! Share your views.

Regards
Rimita

Hi All,

I m wondering if all issues are resolved why Prestige hasn't started with any construction activity till date on the site. I am not sure whether the outside road widening in undertaken really by prestige or by civic agencies and prestige is taking that credit.

Even the temporary sheds are still there as it was there in Feb 12 during pre launch. Whenever, I talked to Niraj/Komal, they keep saying its going to start next month but nothing till date.

And i guess most of the ppl are waiting to get approval from SBI and this is something Prestige has to arrange, how can they charge 15% interest on delayed payment. And since many ppl had already paid 15% payment, prestige should also show some progress on their end that project would meet its committed timeline.

With current pace, I don't think it would able to meet its committed timeline. Anyone who has signed agreement, please confirm what completion date has been mentioned in it and what are the clauses if it gets delayed.

Regards,
Naveen

pgupta75 wrote:Rimita- I am in touch with 10-12 people...no one has signed agreement. Couple of them has made 15% payment else majority of the people have paid initial token amount and waiting for litigation issue to be resolved before releasing any more money.

Well, we are in the same boat as well.
We dont feel comfortable Signing the Sale Agreement and handing over the PDC's without getting any clarity on Loan approval.

Could any of you (Rimita/pgupta ) advise what is the best course of action ?
I am currently waiting for the approvals from Prestige/SBI for Home Loans.

Thanks

Hi All,
We all are waiting for SBI to approve the project and the deadline to pay next instalment is also close.
We should talk to Komal\Niraj about this today.
I am going to call them today and will post what they say.
Questions I am going to raise -
1- Why there is a delay in getting SBI approval
2- When there is no construction activity then why the demand for next instalment
3- Can we get an extension on deadline of 10 October and if not need to know the consequences.

manashar4 wrote:

pgupta75 wrote:

Rimita wrote:

To Manas, Naveen and Rimita - Did you get a chance to talk to any prestige folks? (Adding blank quote from you all , I guess you'll get email notification on quotation. plz let me know if that works)

I may be missing something so can we discuss our options here and then talk to prestige folks again.

Thanks
Naresh

Hi Naresh,

I spoke with Komal last week.
1) Regarding bank approval, her answer was - finalcial institutions are coming and they are in process to approve the project.
2) Regarding construction, her answer was - physically there is no construction but soil testing is going on, they have sent the sample to lab.
3) Regarding payment of 1st installment, her answer was - we will give time till you get loan, but I missed to ask her whether they will charge interest on late payment! You can check this point.

Rimita

Hi All,

I have got a draft agreement from Komal which says that the construction will complete in September 2014 and they have a grace period of 6 months which will end on 31st March 2015. So looks like, the project is officially delayed by 3 months.

Also the agreement wording seems to be completley favouring Prestige in all circumstances. I think we will need to show this agreement to some lawyer and get it verified. I am not sure whether this is the standard format of agreement every builder follows or Prestige guys are overly smart.

My agreement is ready and Komal is asking me to sign it from last month. Every time she is giving me new deadlines. When I asked about the timeline for SBI approval, she is telling it will be done very soon. But no proper timeline.

Please let me know if anyone else has read the agreement and share similar views.

Thanks,
Rahul.

Hi Rahul,

I too have read the draft and Komal is asking us also to come and sign the agreement! But I am bit worried, unless they show us the legal paper showing clear property title, we are hesitating to sign the agreement. In the agreement to sell, in sale deed a, b, c, the present issue with that paramesh guy has not mentioned. Don't you feel, that either should come in the agreement to sale or prestige should give legal documents mentioning that issue so that latter it will become a problem for us! Consulting with lawyer is a good idea. We are also thinking the same, we can even go together. We are much bothered about the legal paper! Once that come, I think SBI will not have any issue to approve it seeing prestige's name!

Rimita

Hi Rimita,
did you two get a chance to meet your lawyer?

I guess all the agreements would be favouring the builder types, not sure what we can do on that.

thanks
Naresh

We should hire a good lawyer who can help us in negotiating clauses of Agreement and also verify the authenticity of property documents.

Hi All,

I am currently not in Bangalore and would need your help in understanding the construction status of Prestige Silver Crest. I have called Komal sometime last week and she informed that all legalities are completed and excavations have started on the site. IS this correct? Have you signed the agreement by now and or we need to wait for some more time?

Please advise.

Thanks,
Pankaj