Importance of Demand Letter - Indian Real Estate Forum

saihtul · 12-01-11

Hi,

As per normal terms -

10% on booking
10% within 60 days
10% within 90 days...so on..

My question is... should we make payment on receipt of demand letter only or on as per own following the schedule...

Say, if demand letter does not come on or before 90th day..should we proactively make payment or wait for demand letter.

Thanks.

**MANOJa** · 12-01-11

Many Developers do not stick to the timeline of demanding payments, as per schedule & some deliberately delay sending Demand letters, so as to claim interest on delayed payment .

So, it is a Catch 22 situation .

So, join in forums like this & project specific groups on the web, where u will keep on getting updated information .

saihtul · 12-01-11

So, to avoid any interest penalties...we should make the payment in time as per schedule even though there is no demand letter from the builder.

Thanks.

**MANOJa** · 12-01-11

No, that would be entirely wrong, unless u have hordes of money stacked & it is rotting .

Memnon · 13-01-11

Quote:

Originally Posted by saihtul

So, to avoid any interest penalties...we should make the payment in time as per schedule even though there is no demand letter from the builder.

Thanks.

We should not pay anything without demand letter but we should follow with builder as sometimes courier / post are missing...

saihtul · 13-01-11

Thanks Tinesha...

I understood your point here now !

AmitMM · 13-01-11

my suggestion pay the time bound installments( first 2/3) as per schedule ( builder usually delay demand for these and still charge interest) and balance as tinisha suggsted on demand by builder....

Quote:

Originally Posted by tinesha

We should not pay anything without demand letter but we should follow with builder as sometimes courier / post are missing...

**MANOJa** · 13-01-11

As tinesha said, keeping in touch with the builder will help .

12-01-11	#1
saihtul Member Join Date: Oct 2010 Location: Gr Noida Posts: 486 Likes Received: 15 Likes Given: 20	Importance of Demand Letter Hi, As per normal terms - 10% on booking 10% within 60 days 10% within 90 days...so on.. My question is... should we make payment on receipt of demand letter only or on as per own following the schedule... Say, if demand letter does not come on or before 90th day..should we proactively make payment or wait for demand letter. Thanks.

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12-01-11	#2
MANOJa Senior Moderator Join Date: Jul 2010 Location: Right Behind You Posts: 27,925 Likes Received: 2699 Likes Given: 989 My Mood:	Many Developers do not stick to the timeline of demanding payments, as per schedule & some deliberately delay sending Demand letters, so as to claim interest on delayed payment . So, it is a Catch 22 situation . So, join in forums like this & project specific groups on the web, where u will keep on getting updated information .

13-01-11	#6
saihtul Member Join Date: Oct 2010 Location: Gr Noida Posts: 486 Likes Received: 15 Likes Given: 20	Thanks Tinesha... I understood your point here now !