141,503+ Members
   Get Started   Latest Posts Search Today's Posts Mark Forums Read
IREF® Real Estate in India - Property Discussion
IREF® - Indian Real Estate Forum > Real Estate in India > Real Estate Gurgaon > Importance of Demand Letter
Reply
 
LinkBack Thread Tools Search this Thread
Old January 12 2011, 07:11 PM   #1
Senior Member
 
Join Date: Oct 2010
Location: Gr Noida
Posts: 572
Likes Received: 34
Likes Given: 26
Smile 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.

 
Old January 12 2011, 07:47 PM   #2
 
 
MANOJa's Avatar
 
Join Date: Jul 2010
Posts: 38,862
Likes Received: 3773
Likes Given: 1178
My Mood: Sick
Default

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 .
 
Old January 12 2011, 09:34 PM   #3
Senior Member
 
Join Date: Oct 2010
Location: Gr Noida
Posts: 572
Likes Received: 34
Likes Given: 26
Default

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.
 
Old January 12 2011, 09:36 PM   #4
 
 
MANOJa's Avatar
 
Join Date: Jul 2010
Posts: 38,862
Likes Received: 3773
Likes Given: 1178
My Mood: Sick
Default

No, that would be entirely wrong, unless u have hordes of money stacked & it is rotting .
 
Old January 13 2011, 09:08 AM   #5
Veteran Member
 
Memnon's Avatar
 
Join Date: Jul 2010
Location: Gurgaon
Posts: 1,655
Likes Received: 126
Likes Given: 0
My Mood: Drunk
Default

Quote:
Originally Posted by saihtul View Post
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...
 
Old January 13 2011, 09:13 AM   #6
Senior Member
 
Join Date: Oct 2010
Location: Gr Noida
Posts: 572
Likes Received: 34
Likes Given: 26
Default

Thanks Tinesha...

I understood your point here now !
 
Old January 13 2011, 09:13 AM   #7
Veteran Member
 
Join Date: Jul 2010
Posts: 2,091
Likes Received: 289
Likes Given: 48
My Mood: Cheerful
Default

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 View Post
We should not pay anything without demand letter but we should follow with builder as sometimes courier / post are missing...
 
Old January 13 2011, 09:25 AM   #8
 
 
MANOJa's Avatar
 
Join Date: Jul 2010
Posts: 38,862
Likes Received: 3773
Likes Given: 1178
My Mood: Sick
Default

As tinesha said, keeping in touch with the builder will help .
 
Reply
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Join IREF Now!    
Related Threads
Demand letter after no dues certificate from builder
Demand letter of Golf Village at Yamuna Expressway
builder demand letter
Got next demand letter for amrapali silicon city
New demand letter from Jaypee


Tags
demand, importance, letter
".Gurgaon.", ".Haryana."India