Has anybody an idea whether necessary approvals for this project are in place?
Universal has still not given buyer seller agreement. They say the necessary approvals are not in place as yet. If that is so nobody will be able to take a loan for the installment they have demanded.
Pl share if you are facing same dilemma...
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  • Hi Biyaniraj,

    what do u mean by "Once next 2 installement disbursed from bank"

    By 2 u mean : One we got in Aug 2011 and 2nd which we will get very soon by end of July or Start of Aug (as mentioned by u).
    Ryt ?

    Regards,
    Vikas
    Originally Posted by biyaniraj
    Hi Vikas ,
    Right now 2 BHK units are trading b/w 3500 to 3600 bsp. this will be going to touch to 4000 by end of July (Once next 2 installement disbursed from bank) - Post to that You will see the sharp rise in price as all projects in that sector are trading in resale around 4K and no 2BHK avaibility in that sector for Mapsko, Vatika and DLF - so chances for rasing 2BHK price via Universal is high.

    For fresh booking Universal charging 2BHK @5100 as BSP.

    Thanks
    rkb
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  • Originally Posted by vikas vatsa
    Hi Biyaniraj,

    what do u mean by "Once next 2 installement disbursed from bank"

    By 2 u mean : One we got in Aug 2011 and 2nd which we will get very soon by end of July or Start of Aug (as mentioned by u).
    Ryt ?

    Regards,
    Vikas



    Vikas,
    Thats correct !!! Also construction is getting started soon, once basement work got completed we all got the second one - you are right, some where around end of July or Aug.

    thnx
    rkb
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  • so it means..by august, universal will start the construction..at last some good news..if SBI is giving loans so there will be no issues with project constrction...best of luck to all firends who invested in this project ...!!
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  • Originally Posted by biyaniraj
    Hi Everyone !!!
    Okay, so we need to notice 2 point seriously. One is legal and other is ethical.

    Ethically the interest should not be charged by builder for in installment #2 from 5/17/2012 (the date project approved), irrespective of when the demand was raised.

    Legally - Universal issued a demand letter for installment #2 in Aug 2011 and had the initial escavation - now its up to the buyer/customer to arrange the funds or show a sanction letter from any of the bank if wanted to mortgage. See if this project was approved in Sep 2011 then we all were paying the interest to BANK - correct ? and the same interest is expected by Universal and If You havn;t submitted the funds for installement #2, so supposed to pay the interest till date as per yr sanction letter which shuld be closed to 10-11%. For rest who havn;t submitted the santion letter or not payed the installment #2 are supposed to pay at the rate of 24% and that is legal as per the buyer agreement. I might sound not good but this is the reality and we have to agreed on this. Again as per my earlier post its an idividual call to take ... How u want to go. We can request to Universal to waive of the /penalty but legally Builder is right as after that demand no further demand rasied (as no construction done post to that)

    I wish that this post will be helful ... Another update on Disbursment.

    Project is formally apporved in SBI and HDFC - Disbursment can be start from June onwards and we will have new demand / installement for next 10% in July end or Aug .

    Thanks
    rkb


    But i think the conditions laid down by the Builder are one sided:bab (3):. And as per the practice of the market i think the penal charges should be waived off.:D

    What step should be taken next or we should together approach the builder of the waiver and the cut off date of the deposit of the last demand!

    Group's View Solicited:-)
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  • Please include me as well.....Make a group, then we can negotiate....
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  • Yeah ..i think now we guys should unite ..as builder language is changed now ..as they have approvals now ..i called them as there is some delay in my loan process due to some personal reason , so now they are saying ..do it fast ..otherwise they will cancel my unit..i think they shoudl give atleast one month to submit the due installment ..as 2-3 weeks banks itself will take
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  • Any update on HDFC bank, if they have started the disbursment??

    Sbi has started disbursing the loan. I have no clue on the HDFC bank, my friend is still stuck with them, they are saying that it has not updated in their systems thus they cannot collect the documents for his home loan renewal letter.
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  • The minimum rate for 2BHK lower/middle unit is 3700.....
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  • What was the launch price?
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  • Project Approved in Master Data HDFC/SBI

    Greetings !!!!

    As mentioned in my last couple of threads, project is approved from HDFC and SBI and can be checked via calling helpdesk / call center.

    HDFC started the disbursment and couple of disbursment will be in this week only as per my talk with thr mgmt. Good news is that all towers and all floors are approved and getting finacned up to 80% of total cost.

    My file is in process, I got the TPA and P2M on last week from Universal and submitted to Bank(HDFC) by my bank executive today and hoping the disbursment in next 2-3 days (as mine case was pre-approval santion from bank)

    All ~ Universal sent 2 reminder letters to all and I hope everyone got that and if you havn;t started the loan process, pls do asap to avoid any further penalty and consequences.

    Thanks
    rkb
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  • hello raj
    what is P2M?
    have they (universal) asked to pay interest from august on this installment?
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  • one more thing , i am taking loan from SBI , they have given me only one copy of TPA, but universal asked for 3.
    can you tell procedure , it will be usefull for all, as per bank executive told me
    (1) I have given my documents with laon form filled to SBI, they have given me one set of TPA , in their format.
    (2) I need to take builder sign on it , for that i need loan sanction from bank first.
    (3) Then i need form 16 -A ( does anyone know abt this) and demand letter from builder , both of these i will give to SBI
    (4) Then there will be some documentation, and they will disburse loan.

    is this correct?
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  • Okay - So couple of things..

    TPA - This is Tripetette agreement b/w three parties (you, builder and bank) and in the format decided b/w builder and bank. Thr would be three sets of same copy on Rs 100 Stamp paper. One for builder, one for u and one for Bank.

    P2M - This Permission to Mortgage document and will be given by builder to you to acknowlege you and given a instruction to Bank to mortgage rest of yr amount or yr eligiblity for which u applied the loan.

    Apart from that i am not aware of Form 16-A which SBI is taking of - HDFC not asked me that doc.

    While submitting you needs to ensure following docs for disbursment ...

    1) TPA
    2) P2M
    3) Demand Letter
    4) Buyer Agreement
    5) Allotment Letter
    6) Payment reciepts for the payment done so far
    7) Your Sanction letter

    I hope this information will help or revert back to me if any one have any questions.
    One more thing .. Universal is not asking to pay any intrest with this demand, that will be asked by them (if applicable) at the time of possession only (as told by thr mgmt). They asked to me to get the amount disbursed only equivalent to installment amount only (some whre around 6 Lacs for my 2 BHK unit)

    thx
    rkb



    Originally Posted by Amit9981
    one more thing , i am taking loan from SBI , they have given me only one copy of TPA, but universal asked for 3.
    can you tell procedure , it will be usefull for all, as per bank executive told me
    (1) I have given my documents with laon form filled to SBI, they have given me one set of TPA , in their format.
    (2) I need to take builder sign on it , for that i need loan sanction from bank first.
    (3) Then i need form 16 -A ( does anyone know abt this) and demand letter from builder , both of these i will give to SBI
    (4) Then there will be some documentation, and they will disburse loan.

    is this correct?
    CommentQuote
  • Originally Posted by pschow
    But i think the conditions laid down by the Builder are one sided:bab (3):. And as per the practice of the market i think the penal charges should be waived off.:D

    What step should be taken next or we should together approach the builder of the waiver and the cut off date of the deposit of the last demand!

    Group's View Solicited:-)


    Guys
    I request you all to form a group and then only we can talk to the Builder otherwise it wont benefit any one of us!

    So please join the Universal Aura Buyers on the google group to further discuss the matter and find suitable time with the builder:-)
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  • I applied for membership of this group but its still not approved. Its been a month already. There is group on facebook too http://www./groups/178392058954471/

    Yahoo groups are better than google groups I think features wise.


    Originally Posted by pschow
    Guys
    I request you all to form a group and then only we can talk to the Builder otherwise it wont benefit any one of us!

    So please join the Universal Aura Buyers on the google group to further discuss the matter and find suitable time with the builder:-)
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