I had applied for the flat in BPTP Park floors Sector 76 faridabad in Aug 2008.

I applied the flat and paid the basic amount of Rs. 4 lack but after that did not make any payment because I wanted to take loan and when approached LIC and HDFC bank for loan they said that the project is still not approved and the disbursement will not happen. The project was not approved for loan from bank till march 2011 but BPTP was continuously Sending the demand letter stating that any delayed payment would be charged with the interest of 18% .

I did not make any payment after the initial amount of Rs. 4 lack because the project did not have the loan disbursement approval and did not wanted to block my cash hard earned money any more.
Now when I approached bank , they are ready for the sanction and disbursement of the loan as the project is approved.
BPTP is charging 18% interest from the customers who have not given the sanction letter from the bank even though the disbursement did not happen for anyone and the sanction letter provided by anyone in 2008 or 2009 does not have any validity now as it is expired and they have to get the sanction letter again.



In short our points of contention are the following:
1. How can they charge the interest when they only recieved the approval for this project in March 2011.

2. Can they demand the construction linked payment untill they deliver the project as promised ie. on the 60mtr approach road as they are completely taking their customers for a big ride by delivering a project without any proper link to the project site.

3. Can they charge interest for the period when the project was not approved.

4. Can they charge interest from a customer who did not gave the sanction letter from bank and not charge the interest from the customer who gave the sanction letter ( Although none of the customer made the payment because the bank did not release the payment).

5. They are threatening to cancell the booking without refunding the payment of Rs 4.5 lakhs which we had initally made at the time of booking if we do not make the complete payment of Rs 15 lakhs + the interest amount of Rs 4.5 lakhs additionally ( 18% per annum from Aug 2008) by the 13th of June.

6. The total amount of the apartment at the time of booking was Rs 20 lakhs. We visited the site and found that untill now there is no sign of the approach road and also only the structure has been laid so far ( only the brick work) and they have already demanded an amount of Rs 24 lakhs inclusive of the interest charges failing which they claim they will cancell our apartment with no refund.

7. Can we ask them for a refund of our 4.5 lakhs along with an accrued interest as they have not only delayed the project, sold without any sanctioned approvals but are also suggesting to now handover the project in 6-9 months without any proper connecting road. Therefore they are totally cheating their customers.

Looking for the advice for further action and information.

Regards,
Surabhi Nayyar
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  • thing are happening that's why u are getting some premium as u know that the overall market in delhi ncr is now in mood of mandi
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  • Originally Posted by yogesh98712
    thing are happening that's why u are getting some premium as u know that the overall market in delhi ncr is now in mood of mandi


    True..
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  • Very bright future of this project...good location good connectivity good design
    Apparment ka maza in floor so i recommend you waot for 1year that will give u desent return
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  • Originally Posted by universal
    Thanks Yogesh, appreciate your inputs. I think I can hold for few months. Haven't been onsite so not much aware of ground realities in terms or road infra etc.

    let's hope this turns out to be good...



    Very bright future of this project...good location good connectivity good design
    Apparment ka maza in floor so i recommend you wait for 1year that will give u desent return
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  • Originally Posted by vijaymk
    Very bright future of this project...good location good connectivity good design
    Apparment ka maza in floor so i recommend you wait for 1year that will give u desent return


    Thanks Vijay, what made me anxious that not many people are talking about this project. I guess it's a hidden gem ;)
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  • to all concerned, people who are looking for returns well all properties give returns and this one will too, but the most returns are from areas which have IT or Money Generating opts e.g. Gurgaon cost is much higher than Noida, so if anyone wants for personal use this is a great place but someone wanting to make quick bucks there are better places where they surely will get more than double what they will get at Faridabad - compare the last 2-3 year returns with Noida xway, new Gurgaon etc and you will know what I mean
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  • Originally Posted by jthakar
    to all concerned, people who are looking for returns well all properties give returns and this one will too, but the most returns are from areas which have IT or Money Generating opts e.g. Gurgaon cost is much higher than Noida, so if anyone wants for personal use this is a great place but someone wanting to make quick bucks there are better places where they surely will get more than double what they will get at Faridabad - compare the last 2-3 year returns with Noida xway, new Gurgaon etc and you will know what I mean


    Bhai quick bucks is vanishing from Xway and Gurgaon too as no new launches are happening and in most of the projects, payment of over 50% is made which makes resale at such high rates difficult as it requires lots of money upfront. Quick money is not possible even in Noida or Gurgaon right now. :) :)
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  • Agree but this near near to possession so better invest here for both end use as well high return ..
    Invest 10 rs and earn 100rs rather invest 100 rs and earn 150 rs so understand money ka funda
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  • I meant areas with limited supply and good job/work offerings always rise fast and high and are always in demand, case in point Gurgaon vs Noida - in fact indirapuram, Noida are far closer to delhi than Gurgaon but still command half the rates, another zone is greater Noida with SEZs and ITZ coming will surely beat these in the long rung considering the infrastructure and employment options
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  • Originally Posted by jthakar
    I meant areas with limited supply and good job/work offerings always rise fast and high and are always in demand, case in point Gurgaon vs Noida - in fact indirapuram, Noida are far closer to delhi than Gurgaon but still command half the rates, another zone is greater Noida with SEZs and ITZ coming will surely beat these in the long rung considering the infrastructure and employment options


    Sir, Gurgaon is undoubtedly the absolute king. We have been hearing SEZs etc etc in Greater Noida for long. When are they coming?
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  • Originally Posted by vijaymk
    Agree but this near near to possession so better invest here for both end use as well high return ..
    Invest 10 rs and earn 100rs rather invest 100 rs and earn 150 rs so understand money ka funda


    Tell me the name of any project which is nearing possession in any NCR area where I can put Rs. 50 lakhs and as per your calculations will get Rs. 5 crores. Trust me you write that on a stamp paper and I will give you 2.5 crores out of the same for free but if it does not, then you will pay me from your pocket. :bab (59)::bab (59):
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  • Originally Posted by miketest
    Tell me the name of any project which is nearing possession in any NCR area where I can put Rs. 50 lakhs and as per your calculations will get Rs. 5 crores. Trust me you write that on a stamp paper and I will give you 2.5 crores out of the same for free but if it does not, then you will pay me from your pocket. :bab (59)::bab (59):

    I know some place ;) and have hinted many times on the forum

    rohit
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  • Originally Posted by "rohit_warren

    I know some place ;) and have hinted many times on the forum

    rohit


    Are bhai then tell me. I hope its not bihar.
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  • Originally Posted by miketest
    Are bhai then tell me. I hope its not bihar.

    its open secret for last 3 years - the biggies are buying like crazy in najafgarh zone , karnal bypass and bawana area.

    I know this because my boss bought a big chunk in bawana and you know who else were there -- damaad ji, purvankara, and few builders from south.

    abhi asli drama baaki hai real estate market ncr ka - err delhi ka - bas tamasha dekho

    rohit
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  • Originally Posted by "rohit_warren

    its open secret for last 3 years - the biggies are buying like crazy in najafgarh zone , karnal bypass and bawana area.

    I know this because my boss bought a big chunk in bawana and you know who else were there -- damaad ji, purvankara, and few builders from south.

    abhi asli drama baaki hai real estate market ncr ka - err delhi ka - bas tamasha dekho

    rohit


    Yaar i tried the land pooling but could not form a proper group and many people advised against it as the value may go to 0 if the land comes in the way of road or other developmental activities.

    What do you suggest i do?
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