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Octacrest by Lokhandwala Constructions in Kandivali, Mumbai

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Octacrest by Lokhandwala Constructions in Kandivali, Mumbai

Last updated: October 12 2016
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  • Re : Octacrest by Lokhandwala Constructions in Kandivali, Mumbai

    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. ??

    Comment


    • Re : Octacrest by Lokhandwala Constructions in Kandivali, Mumbai

      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

      Comment


      • Re : Octacrest by Lokhandwala Constructions in Kandivali, Mumbai

        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.

        Originally posted by samohit View Post
        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

        Comment


        • Re : Octacrest by Lokhandwala Constructions in Kandivali, Mumbai

          Fitout started?

          Hello guys,
          When are they going to complete the project?

          Comment


          • Re : Octacrest by Lokhandwala Constructions in Kandivali, Mumbai

            Y is this forum quite? Guys as possession is nearing ,(A TO D wing by august end and rest by october end), we need to speak more. Whats happening to extra space we have got on ground? net cricket and half basketball court i heard last.In club house, parking, green cover and other aminities i thing work is very slow. We need to come together.

            Comment


            • Re : Octacrest by Lokhandwala Constructions in Kandivali, Mumbai

              hi vishal

              I am writing this to you as i found yyou are regular on your replies....
              can u help me wid info on possesion of octacrest. I have flat in E wing got my soft possesion but no stay yet. Every time I get reply from sales office OC aya nai hai. I heard from Sales office some people have started forcefully living in their flat as they dont want to pay rent outside anymore and not ready to wait for stay posesion and builder is allowing this. this is absolutely illegal to move in flats without OC and I am unable to understand how come builder is encouraging such thing. If you have any news on this please reply

              Pratiksha

              Comment


              • Re : Octacrest by Lokhandwala Constructions in Kandivali, Mumbai

                Hi i am also from E wing . We are on whats app group. Would u like to join? What is ur flat no? Pl send me personal message & i will direct u to grp admin. You have to provide proof of ur purchade.

                Comment


                • Re : Octacrest by Lokhandwala Constructions in Kandivali, Mumbai

                  Hi...My flat no is xxxx. Me and my husband Jayesh Awaze both are owners of this flat. My husband is abroad now and will be back in a week. What kind of proof do I need to show. How should I send you my personal number. Do I need to post my number here.

                  Thank you for your reply.
                  Pratiksha
                  Last edited by MANOJa; October 13 2015, 06:51 PM. Reason: Do not post personal information, such as full names, email addresses, numbers, or home/business name/addresses on the forum.

                  Comment


                  • Re : Octacrest by Lokhandwala Constructions in Kandivali, Mumbai

                    Pratiksha, i wanted to send u mobile no of admin but i can not send u private message. You have set ur settings as not to receive personal message. Pl change ur setting & let me know. Pl note i can not give admin no on this open forum.

                    Comment


                    • Re : Octacrest by Lokhandwala Constructions in Kandivali, Mumbai

                      Hi...

                      You current count of Posts is 6 the moment it goes to 10 or beyond your PM function would be activated automatically.

                      Try posting 4 more comments on this forum to send / receive PM

                      Comment

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