Highland Garden-Thane(Siddhi Group) - Indian Real Estate Forum

shubhushu · 19-05-10

We have booked 2-BHK flat in Highland Garden Thane.The project is still not under-construction,but construction will start soon,
Problem is that we cant do the stamp duty+ragistration for property up to 2-3 months, and builder is demanding 15% amount within 15 days from booking,even the bank will not approve home loan,as stamp duty is still pending.

please join this thread and provide me more info about this developers and also what can we do to handle such situation,
Does anybody own flat from this group.

Thanks

chikkoo · 19-05-10

Hi.. Shubhashu,

First welcome to IREF, I don't know anything about this builder and group. But they have a Website for this project and it is recommending some banks, did you see that?

http://www.highlandgardens.co.in/bank-loan.html

Quote:

Originally Posted by shubhushu

We have booked 2-BHK flat in Highland Garden Thane.The project is still not under-construction,but construction will start soon,
Problem is that we cant do the stamp duty+ragistration for property up to 2-3 months, and builder is demanding 15% amount within 15 days from booking,even the bank will not approve home loan,as stamp duty is still pending.

please join this thread and provide me more info about this developers and also what can we do to handle such situation,
Does anybody own flat from this group.

Thanks

catchnitin · 20-05-10

Do you know how much psf they are asking now? And what plans do they offer, their website has crappy pictures without the square footage.

Quote:

Originally Posted by shubhushu

We have booked 2-BHK flat in Highland Garden Thane.The project is still not under-construction,but construction will start soon,
Problem is that we cant do the stamp duty+ragistration for property up to 2-3 months, and builder is demanding 15% amount within 15 days from booking,even the bank will not approve home loan,as stamp duty is still pending.

please join this thread and provide me more info about this developers and also what can we do to handle such situation,
Does anybody own flat from this group.

Thanks

shubhushu · 20-05-10

We finalize the deal on 4698 Rs/sqft.It was Exhibition offer.curreltly it is 4851/sqft.
2- Bhk,3-Bhk options are there ,Area for 2-Bhk options are availble from 914 sq-ft onwards.

Siddhi group also has there some completed projects Highland Residancy,and few more.

Hope This will help u.

tubaibabu · 21-05-10

Don't pay 15% and take refund of booking amount. You are not going get the flat in next 5 years time.

jacobsassoon · 21-05-10

If I may ask what is the source of your comment or do you just not like the way it sounds?
Please refrain from passing such loose comments as someones hard earned money has been put into the flat.
Being a buyer myself in the project, I can tell you that registration took the normal amount of time it usually takes and so far the progress although abit behind schedule is happenning on site none the less and am still expecting to receive possession within the stipulated period as told to me by the builder which is acceptable to me as of now.
Also since they have a huge landbank in the area and Gardens is just one of the first projects being made there and also a newly launched Highland Crest right next to it, they would try not to delay their deliveries so as to not harm their reputation and future launches.
I think Shubhushu should take their doubts to the builder and negotiate with him as they seem to be reasonable enough. Do let me know how it goes.
All the Best!

shubhushu · 21-05-10

Exactly,the same thoughts came in to my mind when read the tubaibabu--- reply.suggestions and opinions are always welcome.
but Unfortunately In India ""zero refund"" policy apply everywhere.I dont want to loose my money and even I know I will not get single peny back.

will try to negoitiate my level best,lets see.

shubhushu · 21-05-10

jacobsasson,from your last reply it seems u are also the buyer Highland garden.please let me suggest how can I deal with the builder about this initial 15% amount.

Thanks

shubhushu · 23-05-10

Has anybody paid 15% amount to the builder?I have been asked by builder to pay 15% amount. has anyone else received the communication from the builder. Please reply.

Thanks

sreekys · 24-05-10

My take on this is from a lay man's perspective this does seem to be a tricky issue. Usually disbursements on an under construction project are based on the progress of work so if you are saying there has no work been done that is what sounds fishy and 15% is not a small amount for middle class buyers like us. I have the foll suggestion- Do check if any financial institution has approved this property. In this case they usually do all the pre work which shd be done by the buyer. If yes then its ok if not then also just ask 2-3 financial institutions and gauge their reputation and you may know the real picture. Also under normal circumstances since the rates are always rising builders do give back the token amount not because they are honest but because they can sell the same deal at a higher price to another buyer. You are doing the right thing by asking as many people as possible and not falling into a deeper pit by paying the builder just because he has asked for the money.

19-05-10	#1
shubhushu New Member Join Date: Apr 2010 Posts: 10 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 1	Highland Garden-Thane(Siddhi Group) We have booked 2-BHK flat in Highland Garden Thane.The project is still not under-construction,but construction will start soon, Problem is that we cant do the stamp duty+ragistration for property up to 2-3 months, and builder is demanding 15% amount within 15 days from booking,even the bank will not approve home loan,as stamp duty is still pending. please join this thread and provide me more info about this developers and also what can we do to handle such situation, Does anybody own flat from this group. Thanks

21-05-10	#7
shubhushu New Member Join Date: Apr 2010 Posts: 10 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 1	Exactly,the same thoughts came in to my mind when read the tubaibabu--- reply.suggestions and opinions are always welcome. but Unfortunately In India ""zero refund"" policy apply everywhere.I dont want to loose my money and even I know I will not get single peny back. will try to negoitiate my level best,lets see. Last edited by shubhushu; 21-05-10 at 05:40 PM.

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20-05-10	#4
shubhushu New Member Join Date: Apr 2010 Posts: 10 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 1	We finalize the deal on 4698 Rs/sqft.It was Exhibition offer.curreltly it is 4851/sqft. 2- Bhk,3-Bhk options are there ,Area for 2-Bhk options are availble from 914 sq-ft onwards. Siddhi group also has there some completed projects Highland Residancy,and few more. Hope This will help u.

21-05-10	#5
tubaibabu New Member Join Date: Jan 2010 Posts: 42 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 1	Don't pay 15% and take refund of booking amount. You are not going get the flat in next 5 years time.

21-05-10	#6
jacobsassoon New Member Join Date: Dec 2009 Posts: 36 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 1	If I may ask what is the source of your comment or do you just not like the way it sounds? Please refrain from passing such loose comments as someones hard earned money has been put into the flat. Being a buyer myself in the project, I can tell you that registration took the normal amount of time it usually takes and so far the progress although abit behind schedule is happenning on site none the less and am still expecting to receive possession within the stipulated period as told to me by the builder which is acceptable to me as of now. Also since they have a huge landbank in the area and Gardens is just one of the first projects being made there and also a newly launched Highland Crest right next to it, they would try not to delay their deliveries so as to not harm their reputation and future launches. I think Shubhushu should take their doubts to the builder and negotiate with him as they seem to be reasonable enough. Do let me know how it goes. All the Best!

23-05-10	#9
shubhushu New Member Join Date: Apr 2010 Posts: 10 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 1	Has anybody paid 15% amount to the builder?I have been asked by builder to pay 15% amount. has anyone else received the communication from the builder. Please reply. Thanks

24-05-10	#10
sreekys Member Join Date: Oct 2009 Posts: 199 My Mood: Thanks: 0 Thanked 4 Times in 3 Posts Rep Power: 1	My take on this is from a lay man's perspective this does seem to be a tricky issue. Usually disbursements on an under construction project are based on the progress of work so if you are saying there has no work been done that is what sounds fishy and 15% is not a small amount for middle class buyers like us. I have the foll suggestion- Do check if any financial institution has approved this property. In this case they usually do all the pre work which shd be done by the buyer. If yes then its ok if not then also just ask 2-3 financial institutions and gauge their reputation and you may know the real picture. Also under normal circumstances since the rates are always rising builders do give back the token amount not because they are honest but because they can sell the same deal at a higher price to another buyer. You are doing the right thing by asking as many people as possible and not falling into a deeper pit by paying the builder just because he has asked for the money.