I am looking to book a 3bhk with a reputed business group in North Kolkata. While this is their first project in North Kolkata, they have several existing projects in the city and the greater Kolkata area.
However, the builder has informed me that the project doesn't have bank approvals yet. They anticipate getting through bank approvals in 30-60 days.
As a novice to Kolkata real estate scene, I wanted to get views on whether this is a common practice and people feel comfortable putting money down for booking a flat and waiting to get bank approvals. Obviously, without bank approvals, my paper work for the bank loan will not move.
Thanks in advance for your advice.
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  • Originally Posted by deyj007
    As a novice to Kolkata real estate scene, I wanted to get views on whether this is a common practice and people feel comfortable putting money down for booking a flat and waiting to get bank approvals. Obviously, without bank approvals, my paper work for the bank loan will not move.


    This is common trap laid by the builders for the buyers. They don't take the clearances and fool people. Ask him to show the papers of all necessary approvals required and take copies of those. Show the same to some property lawyer. This is much better than checking out in IREF. But the best option is if there is a slightest chance for you to wait for another 30-60 days do so and then go for booking.
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  • Thanks. I have decided to wait.
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  • Originally Posted by deyj007
    Thanks. I have decided to wait.


    Good decision.. if you would have shared developer info, then maybe forum members could b more helpful..
    This is a common way to get funding to buy land and get initial govt approvals etc..
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