We have booked 2-BHK flat in Highland Garden Thane.The project is still not under-construction,but construction will start soon,
Problem is that we cant do the stamp duty+ragistration for property up to 2-3 months, and builder is demanding 15% amount within 15 days from booking,even the bank will not approve home loan,as stamp duty is still pending.

please join this thread and provide me more info about this developers and also what can we do to handle such situation,
Does anybody own flat from this group.



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  • Hi.. Shubhashu,

    First welcome to IREF, I don't know anything about this builder and group. But they have a Website for this project and it is recommending some banks, did you see that?

    http://www.highlandgardens.co.in/bank-loan.html


    Originally Posted by shubhushu
    We have booked 2-BHK flat in Highland Garden Thane.The project is still not under-construction,but construction will start soon,
    Problem is that we cant do the stamp duty+ragistration for property up to 2-3 months, and builder is demanding 15% amount within 15 days from booking,even the bank will not approve home loan,as stamp duty is still pending.

    please join this thread and provide me more info about this developers and also what can we do to handle such situation,
    Does anybody own flat from this group.



    Thanks
    CommentQuote
  • Do you know how much psf they are asking now? And what plans do they offer, their website has crappy pictures without the square footage.

    Originally Posted by shubhushu
    We have booked 2-BHK flat in Highland Garden Thane.The project is still not under-construction,but construction will start soon,
    Problem is that we cant do the stamp duty+ragistration for property up to 2-3 months, and builder is demanding 15% amount within 15 days from booking,even the bank will not approve home loan,as stamp duty is still pending.

    please join this thread and provide me more info about this developers and also what can we do to handle such situation,
    Does anybody own flat from this group.



    Thanks
    CommentQuote
  • We finalize the deal on 4698 Rs/sqft.It was Exhibition offer.curreltly it is 4851/sqft.
    2- Bhk,3-Bhk options are there ,Area for 2-Bhk options are availble from 914 sq-ft onwards.

    Siddhi group also has there some completed projects Highland Residancy,and few more.

    Hope This will help u.
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  • Don't pay 15% and take refund of booking amount. You are not going get the flat in next 5 years time.
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  • If I may ask what is the source of your comment or do you just not like the way it sounds?
    Please refrain from passing such loose comments as someones hard earned money has been put into the flat.
    Being a buyer myself in the project, I can tell you that registration took the normal amount of time it usually takes and so far the progress although abit behind schedule is happenning on site none the less and am still expecting to receive possession within the stipulated period as told to me by the builder which is acceptable to me as of now.
    Also since they have a huge landbank in the area and Gardens is just one of the first projects being made there and also a newly launched Highland Crest right next to it, they would try not to delay their deliveries so as to not harm their reputation and future launches.
    I think Shubhushu should take their doubts to the builder and negotiate with him as they seem to be reasonable enough. Do let me know how it goes.
    All the Best!
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  • Exactly,the same thoughts came in to my mind when read the tubaibabu--- reply.suggestions and opinions are always welcome.
    but Unfortunately In India ""zero refund"" policy apply everywhere.I dont want to loose my money and even I know I will not get single peny back.

    will try to negoitiate my level best,lets see.
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  • jacobsasson,from your last reply it seems u are also the buyer Highland garden.please let me suggest how can I deal with the builder about this initial 15% amount.

    Thanks
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  • Has anybody paid 15% amount to the builder?I have been asked by builder to pay 15% amount. has anyone else received the communication from the builder. Please reply.

    Thanks
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  • My take on this is from a lay man's perspective this does seem to be a tricky issue. Usually disbursements on an under construction project are based on the progress of work so if you are saying there has no work been done that is what sounds fishy and 15% is not a small amount for middle class buyers like us. I have the foll suggestion- Do check if any financial institution has approved this property. In this case they usually do all the pre work which shd be done by the buyer. If yes then its ok if not then also just ask 2-3 financial institutions and gauge their reputation and you may know the real picture. Also under normal circumstances since the rates are always rising builders do give back the token amount not because they are honest but because they can sell the same deal at a higher price to another buyer. You are doing the right thing by asking as many people as possible and not falling into a deeper pit by paying the builder just because he has asked for the money.
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  • My advice to SHUBHUSHU was on the basis of common sence. Presently the total amount of loan taken the Builder from Bank/ FI is Rs.90,000 Crs. So builders are there to con inocent people by putting unjustified demand like this. Once they get the money they will use it for some other purpose and in absence of any document the buyer will be helpless to take any action. Also to be noted the whole system in india is against rights of the RE buyers.
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  • Highland garden got the approval from SBI.Also the builder is giving more financial options like HDFC,IDBI,AXIS BANK,ICICI.

    As I told earlier they already had there few past projects and also some future one -which they will launch soon.

    only the reason to worry is""possession"",This is not our Investment home,so we are expecting the possession within period.

    once will release our amount ,we will have to follow up the developer.

    Is there any other way...or each newly launched property (whose work yet to start) buying people have to deal with the same situation?
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  • My good wishes with you for timely possession of your flat. How ever in my view the RE price is going to crash in near future.
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  • Unfortunately for you not many people relevant for you are reading your post or rather replying to your post.

    Just to add some suggestion, as you have said that SBI has approved the project, then why don't you approach them and get further details. I guess its safe to assume that even loans would be available soon. It may also be worthwhile to check with some other HFC's, who may be in process of reviewing this project.

    Further more instead of you getting into some kind of argument with the builder, regarding new rates applying etc (the kind of stuff, these builders are famous for) is it not possible for you to negotiate with the builder, just so that you buy more time till you check with some other sources?
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  • The project is approved by most banks as stated on their website and they can even arrange for a representative to contact you if required. Hence, I dont understand why you are unable to obtain your loan.
    As for the 15% I know its steep but I think all builders tend to ask for a fixed amount up front after booking after which it is plinth based payment. Yes these problems are faced by most who purchase under construction properties.
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  • Hey shubhushu... Was interested in knowing how did things conclude with you?? Lemme know
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