Reg launch and payment schedule

jayesh wrote:if approvals is delayed and then how you can apply for a loan.???

nishabhishek wrote:

Hi all,

We spoke to the executive from Prestige regarding launch and as to what happens to the first payment schedule of April 10 th , if project approval is taking time. As per her in case the approval is not in place they will not wait for it and will go ahead with the construction but will demand payments from us only post project approved by govt and banks.

Also the allotment letter will be sent in a few days time and the project final details like finalized layout plans , drawings etc will be sent post March 15th. Anybody else got similar news.

Regards

Nisha

nishabhishek wrote:

hi Jayesh,

They dint say that approval will be delayed... just were replying to our query as to what if the same is delayed.

you need not wait for the project to get approved to apply for loan... you can go for pre approved loan, stating property not yet identified and basis your eligibility bank will sanction the loan and post project approval the loan will be disbursed. This is waht I have done, i have already applied for pre approved loan. Once applied the loan is pre approved it is valid between 2 months to 6 months depending on the bank.

jayesh wrote:if approvals is delayed and then how you can apply for a loan.???

pgupta75 wrote:I got allotment letter and receipt of payment made.

Prestige is asking for PDC and 0.1% of apt value for agreement. It looks ridiculous to me to pay them 12 PDC on the top of 15% cash payment we have already made that too when project is not even approved and NO work is expected to initiate for another couple of months or even more. I spoke to Prestige executive, their argument is 'as a part of process' they are taking PDCs from all owners and will return them once they get payment from Bank. I am failed to understand why should pay PDC, when we have already paid decent amount (15%) to show our commitments. We should pay any more amounts only after getting all the approvals and getting loan sanction from major banks.

0.1% for agreement – getting the agreement done is builder’s responsibility. Buyers’ responsibility is to pay registration expenses NOT agreement expenses.

Please come forward and build a strong group to avoid any exploitation from builder.

I request all owners to come together and oppose all unreasonable demands of builder. Can we meet some place and discuss all the points and take them forward to Prestige?

rashmi wrote:I also was asked the same and have presented the PDC cheques with the clause you mentioned below ("Not to be presented"), i wrote it on my own. So even though we have to go through the pain of actually issuing the cheques they are unusable. Also i don't think that this is an allotment letter yet. A formal allotment letter will only come once they have the 15% cleared and they receive the 12 cheques along with the DD that they have asked.

Question on DD - I am not sure if this amount that goes as part of agreement should be borne by Prestige or Customer. I already gave the draft as unaware of it and thought it was part of process, someone who knows the legality can confirm please? below looks like you folks think that it should be borne by prestige?

The thing that i find unreasonable is that they are still asking for first installment in April even though the project is not launched. They should be pushing it back as the launch is not done and have the first installment post the proper launch. Thoughts?

vikas wrote:Hi,

I am also surprised that Prestige is making PDC mandatory even if we go for house loan option. Also, Prestige executive stated that we could add "Not to be presented" clause on post-dated cheques if we go for house loan.

Also, 0.1% additional agreement charges should not be charged to the buyers.

Regards
Vikas

pgupta75 wrote:I got allotment letter and receipt of payment made.

Prestige is asking for PDC and 0.1% of apt value for agreement. It looks ridiculous to me to pay them 12 PDC on the top of 15% cash payment we have already made that too when project is not even approved and NO work is expected to initiate for another couple of months or even more. I spoke to Prestige executive, their argument is 'as a part of process' they are taking PDCs from all owners and will return them once they get payment from Bank. I am failed to understand why should pay PDC, when we have already paid decent amount (15%) to show our commitments. We should pay any more amounts only after getting all the approvals and getting loan sanction from major banks.

0.1% for agreement – getting the agreement done is builder’s responsibility. Buyers’ responsibility is to pay registration expenses NOT agreement expenses.

Please come forward and build a strong group to avoid any exploitation from builder.

I request all owners to come together and oppose all unreasonable demands of builder. Can we meet some place and discuss all the points and take them forward to Prestige?

Rashmi wrote:

rashmi wrote:I also was asked the same and have presented the PDC cheques with the clause you mentioned below ("Not to be presented"), i wrote it on my own. So even though we have to go through the pain of actually issuing the cheques they are unusable. Also i don't think that this is an allotment letter yet. A formal allotment letter will only come once they have the 15% cleared and they receive the 12 cheques along with the DD that they have asked.

Question on DD - I am not sure if this amount that goes as part of agreement should be borne by Prestige or Customer. I already gave the draft as unaware of it and thought it was part of process, someone who knows the legality can confirm please? below looks like you folks think that it should be borne by prestige?

The thing that i find unreasonable is that they are still asking for first installment in April even though the project is not launched. They should be pushing it back as the launch is not done and have the first installment post the proper launch. Thoughts?

vikas wrote:Hi,

I am also surprised that Prestige is making PDC mandatory even if we go for house loan option. Also, Prestige executive stated that we could add "Not to be presented" clause on post-dated cheques if we go for house loan.

Also, 0.1% additional agreement charges should not be charged to the buyers.

Regards
Vikas

pgupta75 wrote:I got allotment letter and receipt of payment made.

Prestige is asking for PDC and 0.1% of apt value for agreement. It looks ridiculous to me to pay them 12 PDC on the top of 15% cash payment we have already made that too when project is not even approved and NO work is expected to initiate for another couple of months or even more. I spoke to Prestige executive, their argument is 'as a part of process' they are taking PDCs from all owners and will return them once they get payment from Bank. I am failed to understand why should pay PDC, when we have already paid decent amount (15%) to show our commitments. We should pay any more amounts only after getting all the approvals and getting loan sanction from major banks.

0.1% for agreement – getting the agreement done is builder’s responsibility. Buyers’ responsibility is to pay registration expenses NOT agreement expenses.

Please come forward and build a strong group to avoid any exploitation from builder.

I request all owners to come together and oppose all unreasonable demands of builder. Can we meet some place and discuss all the points and take them forward to Prestige?

nareshd wrote:Hi Nisha,

thanks for the update, did sales executive informed about what approvals they(builder) are waiting for ?
And now looks like date of launch will be moved somewhere around last of this month as they are pushing date for next payment to 10 May?

Thanks
Naresh

gaurav wrote:Hi All,

I have not paid my balance of 15 Lacs as well as the PDC yet.
Has anybody paid and given the cheques to Prestige? I am still waiting for the confirmation around litigaton from them.

Thanks
Gaurav