The construction seems to have been halted at the moment (although the developers claim that it's on full swing). Will be going there this weekend to confirm it. There is some concern regarding their approvals from GDA. My bank, which had earlier approved my loan has now put it on hold because of some FSI transfer issues.

In order to re-approve the loan my bank needs some additional papers. Here is a copy of the letter I received from my bank:

As discussed in above project it seems like a case of FSI selling, following documents are required to recognize and approve units sold
by lakshay infra –

1. Agreements between lakshay infra & Ansals and Lakshay infra and land owners(if any). GPA, board resolution etc.
2. Board resolution of authorized signatory and KYC docs.
3. Inventory details.


The developer is saying the papers are still with the GDA as they are deciding on some aspects of the plans. I hope all's resolved soon. Anyone who is invested in this property and is facing issues, let's connect. My number - 8447892002

Also, since I am new to buying property, could someone suggest the course of action? Or, anything that I might be overlooking, or if there is any detail on this project?

Thanks and regards,
Chandan
Read more
Reply
9 Replies
Sort by :Filter by :
  • Does the bank have a tie-up with the builder? If yes then ask those SOB to contact builder directly to get all this shit from them directly, project approvals etc are the things they need to check before even considering the loan application. You should be contacted for repayment eligibility only. My POV.
    CommentQuote
  • Thanks for replying.

    Well, no, the bank (DHFL) is not affiliated with these guys. The loan was approved in the first instance without any issues. But then, there was a delay of 4 months in which no further instalment order was sent from the builders.

    As a result, my loan application had to be re-evaluated (i guess it expires after 3 months if you don't send them a instalment letter). It is then that they mentioned that the FSI transfer has taken place.

    I spoke to the builders today and they promised that the letters/documents will be available in 1 month. In the meanwhile, no fines or late payment charges will be levied on any instalment order that arrives in this period. The guys at the bank have also asked me to wait until the docs are available. They will keep my application on hold until then (although they have said all is clear from my end and they are just waiting for the docs).

    I just hope this settles soon. Just don;t want to get into too many hassles to sort it out that's all. I happen to know some people who in turn happen to know the builders personally, so if there's any problem I am sure I can get them to settle this for me.

    Another reason to get on this forum is to be in touch with other consumers who have invested in the property, so we can keep a tag on the development and make sure that the promises are delivered in time.

    Thanks,
    Chandan

    Originally Posted by KaamDev
    Does the bank have a tie-up with the builder? If yes then ask those SOB to contact builder directly to get all this shit from them directly, project approvals etc are the things they need to check before even considering the loan application. You should be contacted for repayment eligibility only. My POV.
    CommentQuote
  • Hmm, no one else who has also invested in Lakshya Aquapolis?
    CommentQuote
  • Hey Guy's, please keep posted about this thread, do you have any update about the construction? I just tried to open the lakshyarealinfra.com and it's say's site under construction.


    Please keep posted..
    CommentQuote
  • Well, I visited the site sometime back.. the construction is on. Also spoke to a few people related to the project, and the quality seems to be good so far.

    Regarding the FSI transfer papers, I haven't received it yet, although they said a week back that all is clear and I should be receiving the papers soon.
    CommentQuote
  • Site suspended for Lakshya realinfra

    Hi All,

    I have also invested in Lakshya Aquapolis, Today when i tried to visit their site, it's showing that the site has been suspended.

    Account Suspended

    I have not been able to find any infomation about this builder or their projects from any site.All material has been removed.

    If anyone has more information.Please share.
    CommentQuote
  • The site may be down due to some server issues. This is a common thing with property websites which are created hastily for temporary use. Anyways, this is the update so far:

    The construction is ON at a decent pace. Spoke to the head architect in personal capacity who says that the project is on track (in terms of time) for the most part, but a few months delay is to be expected (as is the case with any other developer). The quality of the construction seems to be spot on.

    I visited the site last week and the towers are currently in their 3-5th level stage as of now.

    That said, following the FSI transfer, the developers are still in discussion with the finance houses to get them to approve the financing. Which means, if you are looking to get your loan approved (like me), you still need to wait out until the approval comes along. Apparently, SBI, LIC and HDFC have approved/will approve shortly, following which the loan application might be submitted. I am given to believe the final approval may come in 15-20 days.

    I am not sure, but this might be a good thing as it shortens the amount of time between when you start paying your EMIs and the property handover.

    Let's hear from other members who have invested/planning to invest here.
    CommentQuote
  • Update

    Update:

    OK, It has now been more than an year since I paid the registration fee and since then not a single letter of demand for instalment has come from them. Upon enquiry, they keep saying that two banks (SBI and ICICI) have approved the project and they are waiting for the confirmation letter from them which should come in 10-15 days. I have been waiting for this 10-15 day period to end since the last 5-6 months. The construction site now wears a deserted look. They are saying that all the labourers have left (which is bound to happen since they have no money inflow). The project will get back on tack only after they start receiving instalment money, which has not been happening for the last 1 year. In retrospect, seems like a HUGE mistake going with Lakshya. Should have opted for the Ansal's flats in the same township, which were costlier, but at least they are being developed in time.
    CommentQuote
  • Never, ever think of booking a flat with Lakshya Realinfra. These builders are the worst even by the standard of the modern day builders. I have had a terrible experience with them and can't even begin to explain the nightmare that these bilders are to deal with. And apparently, I am, not the only one. Another user has gone ahead and created an entire website out of his experience with these builders that I happened to chance upon while searching for Lakshya Realinfra Reviews on Google. Here's the website that comes up:

    http://lakshyarealinfrareview.com/

    You will be surprised to see the audacity of these builders in the series of email exchanges that has been posted online. I have had a similar experience with them and wish I had documented everything as well.
    CommentQuote