Question about Octa Crest-Kandivali - Page 13 - Indian Real Estate Forum

tush_c · 04-07-10

You absolutely right Jay..I am getting doubtful about Lokhandwala now.. I have been chasing Mr Kazi since last 6 months and eveytime he used to say that registration would happen in next month...When I asked him to give me copy of CC and IOD papers last weekend, he told me that they can't provide those to every individual (Not sure to how many people have already seen those) and it will be part of agreement...This is really not done...I think we should meet next weekend...and all of us should go together and chase these guys and get more clarifications...what say? I am ok for Saturday or Sunday both...

jaykamdar · 04-07-10

yep tush,

The sales team's attitude has been pretty ridiculous. Unfortunately I am london based but my father in law is visiting them today to give a bollocking. If you know more flat owners do get in touch and visit MR KAzi and panchal and really raise voices today , sundays generally a good day to find them.

Whatever the situation they should be honest on whats going on.

catchnitin · 19-07-10

Guys,

Anyone have any latest info? builder is lush with money

Quote:

Originally Posted by jaykamdar

yep tush,

The sales team's attitude has been pretty ridiculous. Unfortunately I am london based but my father in law is visiting them today to give a bollocking. If you know more flat owners do get in touch and visit MR KAzi and panchal and really raise voices today , sundays generally a good day to find them.

Whatever the situation they should be honest on whats going on.

jaykamdar · 26-07-10

Payments begin !

Got a call from the builder , asked to pay the following after signing a copy of the agreement.

1.) 1,20,375 for a vat liability a/c in the name of lokhandwala nesting pvt ltd.

2.) 30,000 : Payorder in the name of Jt sub registrar (registration fees)

3) 3500/- cash for lawyer fees (Mr Patil) .

I have signed my bit, now pritam is supposed to sign the builders details regarding the work before submitting the final copy at the registrars office. Note mine is for a 3bhk.

Will have to pay stamp duty of Rs 5,84,700 /- on registration completion and agreement submission at Bor-Goregaon office.

Does anyone have any info on stampduty and 1%vat on the basic flat cost, does it have to be paid even before work begins. ??

samohit · 14-10-10

I have received demand letter, which states that out of 10% paid so far during booking in 2009, about 5% is kept as Stamp duty advance since Sept 2009.

1. How can a builder keep this money free of cost for over a year and then threaten us with interest payments?

2. In none of the documents builder has mentioned when is the completion date? as per MOFA, builder is supposed to complete project in 2 years from taking money, in the agreement he mentions Dec 2013, that's over 4 years

3. In the demand letter, no information given about the stage of completion!

4. Although we all agree to slab wise payments, you will see that all slabs are completed within half of the construction period and we pay over 80-85 percent of construction cost. For next half period of about 2 years your funds are not earning anything!
Even if prices escalate 100% which seldom happens 40% is fair if we consider last 7-8 years, your net notional return is 25 pc in 3 years (1 year less since initially payment is less and after deducting expenses and ST capital gain tax), so what is the big deal? its average of about 10% per year, if prices fall then even less.
The idea of above is 2 parts, one that slab wise payment should be replaced with equal payments in stages to completion time, provided builder keeps pace of work. so when 5 months left for possession then 90% payment should be made and similarly lower down.
The second part is not to agree to builders whims and fancy assuming that rates have gone up and one will be at a loss builder is always benefiting whether rates go up or not. rates going up is a consolation only.

5. With situation today its best to buy a ready flat, which give you returns as rentals or save your existing rentals. people staying on rents and booking under constructions fats have even lesser return.

6. Also we should not agree to the service tax payments to builder until the matter is cleared. builder cannot collect money and keep it with him.

7. Also payment for parking space should be done at the end, not included in slab payment.

8. We have to also try to maximise our profits/moneys worth, and therefore we must not agree to building completion time of Dec 2013. If you sign the agreement blindly then this will happen. the agreement must be amended to show completion (from when builder will pay interest of 9% as per sec 8 of MOFA act.) to Dec 2012. this still is over 3 years since booking.

9. Having gone through various posts, I see that people are very happy with rate increase. this rate increase is the minimum required so that an under construction property gives you more than FD returns.

10. Even if its a purchase for self use, there is no immense benefit unless flat appreciates 100% with respect to buying ready house. You have to agree to all of builders whims and fancy and do not even know how the final product will be?

regards to all

vishalrpanchal · 20-10-10

Hi, very nice post.

We all Octracest members discuss various topics on our orkut community, so it will be great if u post this same post on orkut.

here is the link.

http://www.orkut.co.in/Main#Community?cmm=95703553

See u there...

Vishal Panchal.

Quote:

Originally Posted by samohit

I have received demand letter, which states that out of 10% paid so far during booking in 2009, about 5% is kept as Stamp duty advance since Sept 2009.

1. How can a builder keep this money free of cost for over a year and then threaten us with interest payments?

2. In none of the documents builder has mentioned when is the completion date? as per MOFA, builder is supposed to complete project in 2 years from taking money, in the agreement he mentions Dec 2013, that's over 4 years

3. In the demand letter, no information given about the stage of completion!

4. Although we all agree to slab wise payments, you will see that all slabs are completed within half of the construction period and we pay over 80-85 percent of construction cost. For next half period of about 2 years your funds are not earning anything!
Even if prices escalate 100% which seldom happens 40% is fair if we consider last 7-8 years, your net notional return is 25 pc in 3 years (1 year less since initially payment is less and after deducting expenses and ST capital gain tax), so what is the big deal? its average of about 10% per year, if prices fall then even less.
The idea of above is 2 parts, one that slab wise payment should be replaced with equal payments in stages to completion time, provided builder keeps pace of work. so when 5 months left for possession then 90% payment should be made and similarly lower down.
The second part is not to agree to builders whims and fancy assuming that rates have gone up and one will be at a loss builder is always benefiting whether rates go up or not. rates going up is a consolation only.

5. With situation today its best to buy a ready flat, which give you returns as rentals or save your existing rentals. people staying on rents and booking under constructions fats have even lesser return.

6. Also we should not agree to the service tax payments to builder until the matter is cleared. builder cannot collect money and keep it with him.

7. Also payment for parking space should be done at the end, not included in slab payment.

8. We have to also try to maximise our profits/moneys worth, and therefore we must not agree to building completion time of Dec 2013. If you sign the agreement blindly then this will happen. the agreement must be amended to show completion (from when builder will pay interest of 9% as per sec 8 of MOFA act.) to Dec 2012. this still is over 3 years since booking.

9. Having gone through various posts, I see that people are very happy with rate increase. this rate increase is the minimum required so that an under construction property gives you more than FD returns.

10. Even if its a purchase for self use, there is no immense benefit unless flat appreciates 100% with respect to buying ready house. You have to agree to all of builders whims and fancy and do not even know how the final product will be?

regards to all

26-07-10	#124
jaykamdar New Member Join Date: Feb 2010 Posts: 29 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts	Agreement Payments begin ! Got a call from the builder , asked to pay the following after signing a copy of the agreement. 1.) 1,20,375 for a vat liability a/c in the name of lokhandwala nesting pvt ltd. 2.) 30,000 : Payorder in the name of Jt sub registrar (registration fees) 3) 3500/- cash for lawyer fees (Mr Patil) . I have signed my bit, now pritam is supposed to sign the builders details regarding the work before submitting the final copy at the registrars office. Note mine is for a 3bhk. Will have to pay stamp duty of Rs 5,84,700 /- on registration completion and agreement submission at Bor-Goregaon office. Does anyone have any info on stampduty and 1%vat on the basic flat cost, does it have to be paid even before work begins. ??

14-10-10	#125
samohit New Member Join Date: Oct 2010 Posts: 1 Thanks: 0 Thanked 0 Times in 0 Posts	Stamp Duty in 1 year Advance????? I have received demand letter, which states that out of 10% paid so far during booking in 2009, about 5% is kept as Stamp duty advance since Sept 2009. 1. How can a builder keep this money free of cost for over a year and then threaten us with interest payments? 2. In none of the documents builder has mentioned when is the completion date? as per MOFA, builder is supposed to complete project in 2 years from taking money, in the agreement he mentions Dec 2013, that's over 4 years 3. In the demand letter, no information given about the stage of completion! 4. Although we all agree to slab wise payments, you will see that all slabs are completed within half of the construction period and we pay over 80-85 percent of construction cost. For next half period of about 2 years your funds are not earning anything! Even if prices escalate 100% which seldom happens 40% is fair if we consider last 7-8 years, your net notional return is 25 pc in 3 years (1 year less since initially payment is less and after deducting expenses and ST capital gain tax), so what is the big deal? its average of about 10% per year, if prices fall then even less. The idea of above is 2 parts, one that slab wise payment should be replaced with equal payments in stages to completion time, provided builder keeps pace of work. so when 5 months left for possession then 90% payment should be made and similarly lower down. The second part is not to agree to builders whims and fancy assuming that rates have gone up and one will be at a loss builder is always benefiting whether rates go up or not. rates going up is a consolation only. 5. With situation today its best to buy a ready flat, which give you returns as rentals or save your existing rentals. people staying on rents and booking under constructions fats have even lesser return. 6. Also we should not agree to the service tax payments to builder until the matter is cleared. builder cannot collect money and keep it with him. 7. Also payment for parking space should be done at the end, not included in slab payment. 8. We have to also try to maximise our profits/moneys worth, and therefore we must not agree to building completion time of Dec 2013. If you sign the agreement blindly then this will happen. the agreement must be amended to show completion (from when builder will pay interest of 9% as per sec 8 of MOFA act.) to Dec 2012. this still is over 3 years since booking. 9. Having gone through various posts, I see that people are very happy with rate increase. this rate increase is the minimum required so that an under construction property gives you more than FD returns. 10. Even if its a purchase for self use, there is no immense benefit unless flat appreciates 100% with respect to buying ready house. You have to agree to all of builders whims and fancy and do not even know how the final product will be? regards to all

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04-07-10	#121
tush_c New Member Join Date: Apr 2010 Posts: 4 Thanks: 0 Thanked 0 Times in 0 Posts	You absolutely right Jay..I am getting doubtful about Lokhandwala now.. I have been chasing Mr Kazi since last 6 months and eveytime he used to say that registration would happen in next month...When I asked him to give me copy of CC and IOD papers last weekend, he told me that they can't provide those to every individual (Not sure to how many people have already seen those) and it will be part of agreement...This is really not done...I think we should meet next weekend...and all of us should go together and chase these guys and get more clarifications...what say? I am ok for Saturday or Sunday both...

04-07-10	#122
jaykamdar New Member Join Date: Feb 2010 Posts: 29 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts	yep tush, The sales team's attitude has been pretty ridiculous. Unfortunately I am london based but my father in law is visiting them today to give a bollocking. If you know more flat owners do get in touch and visit MR KAzi and panchal and really raise voices today , sundays generally a good day to find them. Whatever the situation they should be honest on whats going on.