Hi – need an advice from all senior folks on the below mentioned points...

· I have already paid the booking amount i.e. 10% of the total cost. However, the builder is asking me to pay the second instalment before time to sign a BBA. Is there a mandate that the buyer needs to pay x% amount before signing a BBA?
· Builder hasn’t even released the flat layout. Is it ok to Sign a BBA without looking at the layout.
· What are the key things I should keep in mind before signing a BBA?

Your comments on the above mentioned points would be much appreciated.

Regards,
Varun
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  • Folks –

    I really appreciate all your comments and help.
    Honestly, I appreciate your views as you are honestly conveying what you think about the project.
    I shall keep all inputs in mind before taking a final call. I guess if it is going to cost almost 10% or more to exit then I might as well stay with it for longer.

    About Dwarka E-way; I am sure it’s going to pick up very soon and it has good proximity to Palam Vihar. I have stayed in palam vihar for almost 3 years and I know surroundings will pick up for sure.
    Even w/o the express way; the place has a lot of potential and upcoming expressway will add much more value to it. The only point of concern is earth infra as a builder.
    Location for Earth is mouth watering but the builder is not customer centric and of course a unorganised considering they don’t even have their layouts ready.

    PS Stpdcomonman :- Thanks a ton for the input on BBA & your experience with Earth Towne. It was really helpful.

    PS Prem:- Thanks for the word of composure. I have recently invested in the project 3600(1900Sq. F). Would appreciate some more input from you on the following.
    · I believe the time to pay the next instalment is 45 days from the date of purchase; Do you believe the layout will be released by then?
    · Any idea about when are they planning to start construction?
    · I like your point about not paying the next instalment w/o looking at the layouts but do we have a choice. I mean what if layout are not out till next 45 days?

    Thanks & Regards,
    Varun
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  • This & many similar posts confirm to many people spreading wrong information on Earth. If one chooses to ignore them for some self conceited interests, cannot help it . If discussing facts & checking & pointing out the wrong information being spread is hatred, cannot help it .

    Now, PremPP Jee don't start off that stpdcomonman & many other guys saying & supporting the correct facts on Chintels & Earth r ID's created by me . LOL:bab (45): .

    Originally Posted by stpdcomonman
    Varun,

    Manoj has given you correct and unbiased feedback. Well, I am not an expert in RE but have gained some experience ever since I booked flat in Earth Infra's Earth Towne in July'10. Eventually, I had to seek refund of my money after around one year.

    As far as my experience is concerned, it is a common practice amng many builders to accept 10% as booking amount and then sign BBA and then raise demand for further installments. Though payment plan may mention a specific period but builders do not go strictly by it before signing BBA. Almost all builders in CLP mention next payment of 10% within 30 or 45 days. But they do not demand next installment untill BBA is executed.

    No bank will disburse the loan untill unless BBA is executed. Booking application form is mere formality where everything is provisional. BBA includes the approved site map, specifications of the flat, and other important clauses such as project completion date, penalty, Earnest Money, Unit plan, whether project is escalation free or not.

    Reputation of builder is something that we must consider before booking a flat.

    When I was about to book my first ever flat last year 2010. I considered everything like loading, facilities, price but I failed to consider one important fact i.e. reputation of builder. I made mistake by booking flat in Earth Towne coz they later on changed size of the unit by 100 sf, loading increased, site map was changed, so I lost the good location of my flat.

    I had paid 10% for Earth Towne and then they started demanding next installment even before entering into BBA and even before their map was approved. I got home loan sanctioned twice and on both occasions loan period(6 months after revalidation) lapsed because Earth did not provide necessary document. Later on, their entire site map was changed and they increased 100 sf area by providing only one additional balcony. Finally I took my money back. I really had harrowing time with Earth.

    I would advice you not to pay next installment without entering into BBA.


    Check following things.

    (1) Whether project is escalation free or not.
    (2) Earnest money (in Earth Towne, they have referred 20% as earnest money that will be forfeited in case of serious default on the part of allottee)
    (3) Make things clear by taking their commitments in writing.

    I hope I have been able to provide you some help.
    CommentQuote
  • Manojjee,

    You cannot hang a person like this the way you did for chintels.You dig out an old news on soloman in drug trade and labelled him drug mafia & smuggler.Do you know that a drug mafia or a smuggler can open a compnay ,tie up with international names and do business in this open manner with due consent from MCA.It was only your hatred .

    As for earth do you know a single complaint or FIR against Erath by any of the investor.Do you know personally anyone whose moey has been diped by Earth.Then why spreading lies and ahtred .

    Counter these facts, please.

    Varun

    The builder has an obligation towards its customer to show hin the layout and all other details as may be needed bya customer before signing BBA.This is mandatory.I have spoken to their GM and the layout plan is being finalised and shall be available shortly.Pass me on your email ID and I shall send it you as soon as available .

    As regards 2nd point, construction as you know can start after zonal plan is approved which normally atkes 3-6 months , so my guess is not before diwali.
    As regards your 3rd point,Yes customer has a choice of not signing BBA unless all the palns and terms are claer to him.We as a group can make sure on this.

    BTW I am invested in this as an investor beacuse of its prime location and hope to make a quiick money in a year
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  • Hi Prem - Thanks.. have sent a PM.

    Regards,
    Varun
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  • I have stated facts on Chintels with valid links . If u feel that Indian Courts & American Justice system were looking to prosecute them because of some personal grudges, cannot help yr. thinking . If u choose to ignore, all the information with links, cannot do anything about it . I am nobody to hang Chintels or anybody else, but closing yr. eyes to facts & also misrepresenting facts for some ulterior motives is wrong .


    On Earth, see a few posts before . stpdcomonman was an investor with Earth & he has answered to, what u r seeking . There r many more Earth investors in the forum with similar issues & feedback on this Builder . If u choose to ignore all of them, cannot help it .

    Please believe, what u feel like, if by saying it is my hatred & u feel comfortable, have a good time . But facts remain facts, u or nobody else can change them .

    As, i said before, I have nothing against this builder & the D e way . Open yr. eyes to many posts of mine on this . I am quoting one of them ( i see no point in quoting it here . U see only, what suits u, but still )-





    MY POST

    Originally Posted by MANOJa
    I am not denying the D e way work has started . All these esteemed members cannot be lying .

    But, is -

    a) The d e way litigation free now

    b) What about the stretch under litigation ?

    c) When would the D e way become inhabitable ? No body answers that ?

    d ) What about the fraudulent Builders on the D e way, many of whom may run away or simply close shop ?

    e ) Why nobody of the D e way supporters has said even one word against the lies being spread by the brokers in the forum on the width of the D e way ?

    f ) When would the D e wy get complete . Anybody has any clarity on that ?

    This comparison between NPR & others is just another means to get more murgas for the NPR, by showing the moon to the investors . Comparing NPR with other areas is baseless & useless . How can u right now compare a thing which is not existing & is only in paper, with physically existing things .


    .......& i agree, projects sell on their merits .




    AmitMM's reply


    Originally Posted by AmitMM
    your questions are all very valid... i doubt anybody can answer these with certainity seeing the current scenario...

    there is no clarity on these... you know how litigations work in our country..
    so the time for execution of dway has a lot of uncertainity...

    yes contrary to some members i have read your posts and as i make of them you dont oppose the dway.. you are just cautious about the uncertainities and not happy with current builders which is a fair stand..




    Originally Posted by PremPP
    Manojjee,

    You cannot hang a person like this the way you did for chintels.You dig out an old news on soloman in drug trade and labelled him drug mafia & smuggler.Do you know that a drug mafia or a smuggler can open a compnay ,tie up with international names and do business in this open manner with due consent from MCA.It was only your hatred .

    As for earth do you know a single complaint or FIR against Erath by any of the investor.Do you know personally anyone whose moey has been diped by Earth.Then why spreading lies and ahtred .

    Counter these facts, please.

    Varun

    The builder has an obligation towards its customer to show hin the layout and all other details as may be needed bya customer before signing BBA.This is mandatory.I have spoken to their GM and the layout plan is being finalised and shall be available shortly.Pass me on your email ID and I shall send it you as soon as available .

    As regards 2nd point, construction as you know can start after zonal plan is approved which normally atkes 3-6 months , so my guess is not before diwali.
    As regards your 3rd point,Yes customer has a choice of not signing BBA unless all the palns and terms are claer to him.We as a group can make sure on this.

    BTW I am invested in this as an investor beacuse of its prime location and hope to make a quiick money in a year
    CommentQuote
  • Originally Posted by MANOJa
    I have stated facts on Chintels with valid links . If u feel that Indian Courts & American Justice system were looking to prosecute them because of some personal grudges, cannot help yr. thinking . If u choose to ignore, all the information with links, cannot do anything about it . I am nobody to hang Chintels or anybody else, but closing yr. eyes to facts & also misrepresenting facts for some ulterior motives is wrong .


    On Earth, see a few posts before . stpdcomonman was an investor with Earth & he has answered to, what u r seeking . There r many more Earth investors in the forum with similar issues & feedback on this Builder . If u choose to ignore all of them, cannot help it .

    Please believe, what u feel like, if by saying it is my hatred & u feel comfortable, have a good time . But facts remain facts, u or nobody else can change them .

    As, i said before, I have nothing against this builder & the D e way . Open yr. eyes to many posts of mine on this . I am quoting one of them ( i see no point in quoting it here . U see only, what suits u, but still )-





    MY POST





    AmitMM's reply

    Manoj ji,
    I am about to enter into ATS, but seller is telling BBA is still not ready and may take 2-3 days . I checked with CRM of the Developer also , he also confirmed that , it was delayed because of signature verification and will be executed soon . Seller is pressing for early ATS. Dont know what to do ??? . Your advise will really help me. Thanks in advance .
    CommentQuote