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Thanks for your reply. I got my agreement also and there are a couple of points atleast slightly different from what we discussed during booking. Just want to confirm if you are in the same lines.
1. While booking they said the handover date of the flat is June 05,2015 but the amenities will take a little more time(6 months more). But officially in the agreement they have quoted flat handover date of Dec 31, 2016 in the agreement. When I questioned, they said they will mention only the date when the community will be in full swing with all amenities. They have put a monthly late commitment of Rs. 8500 per month but we can claim it only if the flat is delayed beyond 2016 Dec (4 years from now.. wow!). This is not a deal breaker for me but was a little unpleasant to find a date more than 1 year of what they commited in person as a word of mouth! apparently they said they will finish much earlier than that since it is a bigger loss for them to keep delaying the project. Judging that is beyond me :) Also I inquired around and found that all/most big community projects work this way!!
Can you confirm what is the handover date promised in your agreement? I am sure it should be same but want to confirm.
2. Is there any mention of UDS share in the agreement. I was told 29.8% but didn't see it anywhere. Only the flat area is mentioned. Can you please check and confirm?
I am also most probably going with SBI. I inquired both HDFC and SBI.
Less interest rate as of now.
10% for 30 Lakhs, 10.15% for >30Lakhs
Processing fee: Rs. 3500
Processing is not extremely efficient according to a few people and they are a little stringent on the doc verification, loan amount etc.. Customer service is not too great considering it is a nationalized bank.
My First loan was with SBI and I didnt have any issues. But I was abroad at that time and most paper work was handled by my parents who don't focus much on customer service :)
Extremely fast loan approval, less stringent and also liberal on loan amount.
Slightly Higher interest rate / processing fee.
10.25 for 30 L, 10.5 for > 30L
processing fee: close to 12K
Have received very good comments from people I know on customer service. tyey give you a separate login to track payment etc..
If you are here or have trustable people who can move paper work for you, then you can definitely go with SBI.
Congratulations once again and best of luck on your new home.
OTHER PROSPECTIVE BUYERS / EXISTING BUYERS reading this thread, Please share your experiences , tips , any other happenings around that would be of interest to this project. It is good to form a E-COMMUNITY and start being a family before the actual community kicks in a few years!
- Times has an ad today,on 1st page full page in property section.
26L onwards. It might be for the 690sqft apt. Does look interesting indeed.CommentQuote0Flag
- Hi Bala
Happy New Year to you and your family! And Congratulations for your New house.
My Parents/In-Laws are moving the process there in Chennai. I was informed that we havent got the agreement yet. You got your agreeement as soon as you booked or it took time? I am aware that the project completion date would be 2016. And yes, they informed the same to me (would end by 2015). Its not a deal breaker for me too. I will confirm whats there in mine once I got the agreement.
And I heard HDFC is good too but their interest calculation is different and would cost you a bit more (I was checking with my Parents - as both are from Bank background). If you are planning to add additinal amount to EMI whenever its possible its best to have a loan plan which has offset loan account or Overdraft loan account. One advantage in Max Gain is that you can drop additionla amount apart form EMI in the OD account and thus reducing the number of EMIs (Till here it would be same as other loans. But the nice part is you can take back the additional amount in OD account and use it for someother purpose (buying car, or interior decoration etc). And since you are storing it on the housing loan sub account, the interest for it is 10.25% which is really more than a fixed deposit or if you borrow loan for anyother purpose. Guess HDFC should also be having such plan.
Agree. We should start an ECommunity and thus we all can share our thoughts/plan/happenings about the project and about 'soon'-to-be our colony!CommentQuote0Flag
- Happy New Year to all!!
@nbalan: Thanks for your inputs.
I got my agreement 4 business days after booking but you need to follow up though. I am sure SBI would need the signed agreement copy to proceed with loan sanctioning.
I decided to proceed with SBI too. A little strict on their policies though but experts say their way of sanctioning gives a good grip for the buyer andthe seller. If you didn't know you need to complete the UDS registration for them to release any loan at all. I initially planned to do the UDS registration in March but since I want to choose SBI, I might have to do it in Jan itself. Downside is I am giving 60% of the payment in Jan itself while I owe only 40% by Jan. A little more interest I might need to pay but their processing fee and low interest will compensate or rather benefit me in long run.. In your case, since it is Tower1 you should already owe 60% as the construction for tower1 is in progress.
I came to know that there are a couple of people in my work place also have booked here. Let me try to drag them to this forum so that we can have inputs from many dimensions.
- @nbalan: Any updates on getting your agreement? How is it looking?CommentQuote0Flag
- No Bala. There were some delays due to documentation. I will get an update tomorrow. I will keep you posted. But they said sales deed (I am assuming you will get agreement with the sales deed??)CommentQuote0Flag
- Hi nbalan,
I got my Buyers and sellers agreement ahead.. We need the sale deed for UDS registration purpose.
- Hi Friends,
I booked a flat in Tower 7 of Golden Opulence last year (May 2012). I got a pre-launch offer at Rs.3699 per Sq.ft.
All the documents were neat, paid 60% of the payment by June 2012. They said that possession of the flat will be by Dec 2014, but later, in the agreement the handover date was 31st Dec 2015. I enquired regarding the same, they said it wont take that long, they will handover the flat earlier than the handover date. They have also mentioned a compensation of Rs. 5500 per month beyond Dec 2015, if there is a delay*. (*conditions apply - a list of exemptions)
I'm not opting for home loans - so I may not be in a position to suggest or help anyone. But I'm aware that, banks are slashing their lending rates, as "The Reserve Bank of India" has reduced its key interest rate to 7.75 per cent from 8 per cent.
I will update the happenings around this project with you guys sooner. Let us make this thread active.CommentQuote0Flag
- Hi hsenag,
Thanks for your post and valuable suggestions.
Can you confirm if the delivery date on agreement is Dec 2015 or Dec 2016? I booked in Dec 2012(Tower 6) and that time they told possession of flat is June 2015 and amenities can be as delayed as Dec 2015 but on papers(in agreement) they are commiting for only Dec 2016. So I was surprised to see a Dec 2015 date.
I will check and confirm. But, I'm pretty much sure of what I said.
May be the possessions for each tower differs too.CommentQuote0Flag
- Hey Guys, Did you know??!
The Work to construct interchange on the 400 Ft. Outer Ring Road at Nazarathpet began recently. This interchange will give ease access to GST road at vandalur, OMR through vandalur-kelambakkam road and ECR through Kelambakkam - Kovalam road. It also give access to NH 205 at Nemilicherry, GNT Road at Nallur and TPP road at Minjur.
Attached here is the proposed interchange at Nazarathpet, which is 2.5 kms towards Sriperumbudur from our Golden Opulence project.CommentQuote1Flag
- Hi Hsenag,
Thanks for the info. This will sure ease the connectivity to important outskirts. I think this connectivity projects are necessary to better connect the new proposed Greenfield airport in sriperambadur.
There were some talks about new malls, rail connectivity etc.. any idea on those proposals?
- @Kbbala – I have checked the agreement, it is clear that the handover date of the flat is on or before 31st Dec 2015.
Have you checked the golden homes website regarding progress??!
Check the below link. They have uploaded few photos.
Luxury Apartments with Victorian styled Clubhouse and Swimming Pool in ChennaiCommentQuote0Flag
- Regarding Rail network:
According to sources, Poonamallee can expect monorails in less than 2 years. The project was expected to take off by Jan 2013, but delayed by a few more months. The delay is due to some tender issues like categorization of monorail – whether it falls under Tram Act or Railway Act.
Out of 3 corridors planned, 2 are from Poonamallee:
1. Poonamallee to Kathipara Junction. (16 kms)
2. Poonamallee to Vadapalani. (18 kms)
Nearby mono rail station for Golden Opulence would be:
1. Poonamallee station – 1.5 kms (Approx.)
2. Kumananchavadi station – 2.7 kms (Approx.)
Attached here is the proposed layout of the Chennai monorail project.CommentQuote0Flag
- Metro rail:
Wiki says, Metro rail phase 2 is planned from Poonamallee to Mylapore Via Vadapalani.
If it is so, Mono and Metro Phase 2 are clashing in Poonamallee - Vadapalani route;
there is no official concrete evidence on Metro Phase 2.CommentQuote1Flag