Is the payment plan asked by builder is justified ??
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February 11 2011 , 04:41 PM
Join Date: Dec 2010
Originally Posted by
in Most of the cases NA allowed to pay land payment installment up to 2020 and also there shall be moratorium of 24 months from date of allotment and only interest 11% accrued during this period is payable half yearly. The next actual installment starts from after 2 year only.Builder get enough time to pay back to NA.By this time builder must be taken 80-90%payment from flat buyers.Actually why builder should wait for until 2010 to complete land payment since they anyhow taken money from buyers....this really debatable.The same case in Greater noida also....
dear dhanam, completely in agreement with you. there is no logic for developer to take home all the cash after completing the project say in three to four yrs and keep making payment to NA thereafter.
we buyers in such case will just keep praying that our developer remains solvent at all times and doesnt misappropriate our hard earned money so that he keeps paying NA in time and our property remains with us.
few people have commented that by installement cost of housing has gone down and we should appreciate the scheme. i agree if the payments to NA would have been linked to construction and thereby sale by builder but not beyond. if project life had been ten yrs it can be understood for ten yr payment but why ten yr if project can or if gets completed in lesser period. lease deed by NA could have provided for ten yr payment with clause linking to registrations. so in the event sale registrations happen in 5 yrs all lease premium is paid in 5 yrs or if in 3 yrs then in 3 yrs. in such case it cant be against the interest of developer because he in such case will anyways be making payment out of collections and not its own source and at the same time buyer can have sound sleep that he wont be evicted out of his/her house suddently because developer has not paid installement due to NA in 2018 while he/she as buyer has made all payment in 2013.
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