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Gurgaon Suggestions for 2 BHK in 35L

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Gurgaon Suggestions for 2 BHK in 35L

Last updated: July 18 2019
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  • Re : Gurgaon Suggestions for 2 BHK in 35L

    Affordable housing done by builders will again be similar fate of collecting money and non-delivery. This would be similar to other ongoing projects.

    People are linking affordable to ready-to-move.

    In my view, the builders will again take the money, which in this case is affordable, and not deliver for years.

    But i welcome such schemes, may be the money collected through affordable housing will bring some liquidity to these cash strapped builders. Kisika toh project shayad ye log pura karenge.

    All the best

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    • Re : Gurgaon Suggestions for 2 BHK in 35L

      Originally posted by gupshup View Post
      Affordable housing done by builders will again be similar fate of collecting money and non-delivery. This would be similar to other ongoing projects.

      People are linking affordable to ready-to-move.

      In my view, the builders will again take the money, which in this case is affordable, and not deliver for years.

      But i welcome such schemes, may be the money collected through affordable housing will bring some liquidity to these cash strapped builders. Kisika toh project shayad ye log pura karenge.

      All the best
      Anyway, the efforts are very good by haryana Govt. in launching the scheme and using public-private partnership for affordable housing in the good locations of GGN. Only thing is that the process should be executed smoothly by builders/ TCPD starting from fair draw of flats and to the completion the project. We hope that all goes well but not like NoidaExtension. We hope that these flats will have more quality then DDA / Greater Noida authority or any govt. flats. Best of luck.

      Comment


      • Re : Gurgaon Suggestions for 2 BHK in 35L

        bank guarantee on affordable housing scheme projects

        as per one of the site promoting these affordable housing scheme dharohar.in has one post about efforts by Haryana government to mitigate risks towards delayed construction , they refer to the below clause in affordable housing policy of HUDA

        Bank Guarantee mitigates the Risk

        Simple and Smart! It has asked the affordable housing project developer to furnish a Performance Bank Guarantee.
        Check and Mate.
        Refer clause 7. (i) of Government of Haryana’s Affordable Housing Policy 2013,
        “As a matter of security against any possible delinquencies in completion of the project, the coloniser shall be required to furnish bank guarantee against the total realisation from the project at the rate of 15% for areas falling in the Development Plans of Gurgaon, Faridabad, Panchkula, Panchkula Extn and Pinjore-Kalka and at the rate of 10% for rest of the towns to be furnished within 90 days of the date of commencement of the project. The bank guarantee shall be proportionately released against block-wise occupation certificate obtained by the licencee. However 10% of the total bank guarantee submitted shall be retained to be released at the end of 5 years maintenance period”
        source: Delay Compensation for Affordable Housing Projects in Gurgaon Haryana
        My request to senior members on the forums, to assess how effective the bank guarantee be against delays, does this put buyers in any better position compared to buying in normal projects where builder provides very less delay penalty and enjoy funds from housing projects to elsewhere as cheap finance thus cause huge delays to housing projects

        or this is just marketing gimmick to promote the affordable housing projects?
        Last edited March 17 2015, 03:48 AM.

        Comment


        • Re : Gurgaon Suggestions for 2 BHK in 35L

          Originally posted by Bharat777 View Post
          Thanks a lot, simpleton123, where did you get this info, is there a site where also the end date is specified?

          I made an application in Signature's Andour Heights, Sector 71, a week back
          Hi Bharat, how did you submit the application, online or offline? If their online application with online payment can be trusted with timely refund in case of non allotment in the draw, or there are going to be hiccups, what do you think?

          Comment


          • Re : Gurgaon Suggestions for 2 BHK in 35L

            Originally posted by chan222 View Post
            as per one of the site promoting these affordable housing scheme dharohar.in has one post about efforts by Haryana government to mitigate risks towards delayed construction , they refer to the below clause in affordable housing policy of HUDA

            Bank Guarantee mitigates the Risk

            Simple and Smart! It has asked the affordable housing project developer to furnish a Performance Bank Guarantee.
            Check and Mate.
            Refer clause 7. (i) of Government of Haryana’s Affordable Housing Policy 2013,
            “As a matter of security against any possible delinquencies in completion of the project, the coloniser shall be required to furnish bank guarantee against the total realisation from the project at the rate of 15% for areas falling in the Development Plans of Gurgaon, Faridabad, Panchkula, Panchkula Extn and Pinjore-Kalka and at the rate of 10% for rest of the towns to be furnished within 90 days of the date of commencement of the project. The bank guarantee shall be proportionately released against block-wise occupation certificate obtained by the licencee. However 10% of the total bank guarantee submitted shall be retained to be released at the end of 5 years maintenance period”
            source: Delay Compensation for Affordable Housing Projects in Gurgaon Haryana
            My request to senior members on the forums, to assess how effective the bank guarantee be against delays, does this put buyers in any better position compared to buying in normal projects where builder provides very less delay penalty and enjoy funds from housing projects to elsewhere as cheap finance thus cause huge delays to housing projects

            or this is just marketing gimmick to promote the affordable housing projects?
            As i understand from this clause, bank guarantee is of 15% of total realization. That means that government would have the option to cash the bank guarantee and possibly return that money to you. Please realize that legal stay etc. can be done on bank guarantee.

            The scenario is this - Builder takes 95% payment upto the construction phase and stops. Government en-cashes the bank guarantee of 15% and returns you. Your 80% money is still stuck.

            Of course builder would be pressurized to deliver etc. But i don't think BG is a deterrent. The only thing it assures to an extent is that builders with reasonable capital and less loans would come into play.

            But be prepared for delays. I would be pleasantly surprised if any of this is delivered on time. Plus additional non sale lock in period. This is going to be a long haul for investor.

            May be for an end user this may turn out to be ok means of finding a sweet home.

            I am no expert but heavily bearing the brunt of delays, hence my opinion is colored and frustrated. I suspect everything that is promised and is under construction.

            Comment


            • Re : Gurgaon Suggestions for 2 BHK in 35L

              Gupshup ji, all RE investors/end users are in same boat and bearing burnt of delays, I am hoping for sytematic prevention of builders unethical practices of diverting funds from projects and stallings execution as they treat buyers money as cheap finance

              Comment


              • Re : Gurgaon Suggestions for 2 BHK in 35L

                Originally posted by gupshup View Post
                As i understand from this clause, bank guarantee is of 15% of total realization. That means that government would have the option to cash the bank guarantee and possibly return that money to you. Please realize that legal stay etc. can be done on bank guarantee.

                The scenario is this - Builder takes 95% payment upto the construction phase and stops. Government en-cashes the bank guarantee of 15% and returns you. Your 80% money is still stuck.

                Of course builder would be pressurized to deliver etc. But i don't think BG is a deterrent. The only thing it assures to an extent is that builders with reasonable capital and less loans would come into play.

                But be prepared for delays. I would be pleasantly surprised if any of this is delivered on time. Plus additional non sale lock in period. This is going to be a long haul for investor.

                May be for an end user this may turn out to be ok means of finding a sweet home.

                I am no expert but heavily bearing the brunt of delays, hence my opinion is colored and frustrated. I suspect everything that is promised and is under construction.
                Here I think builder acquired the land directly from farmer and obtained licence from TCPD, haryana. For licence it is heard that the builder deposits/ give fee around 20 to 30 crore for a project and further 15% bank guarantee is there. It is also learnt that applicants / allottees premium is deposited in escrow account such that the amount will only used for the project. Moreover haryana Affordable Housing Policy (HAHP) is subset of Haryana housing policy (HHP), what ever is not covered in the HAHP is covered in the HHP.

                Comment


                • Re : Gurgaon Suggestions for 2 BHK in 35L

                  Arree bhaiyo kisi ne Vardhman green court me apply kiya hai kya?

                  How many application they have received.

                  Comment


                  • Re : Gurgaon Suggestions for 2 BHK in 35L

                    Affordable Housing in Gurgaon

                    Hi,

                    Pleased know about your interest on affordable property. I think you can get some very good property within the price range you have asked. I am also looking for the same and searching it online. Few days back I read few articles on a website which has provided clear views of affordable housing. You can also refer to:

                    propertyclubindia.com/Pareena developers is planning to launch Affordable Housing project in Sector 99A Gurgaon

                    propertyclubindia.com/Ramada Group Affordable Housing in Sector 102, Dwarka Expressway

                    Comment


                    • Re : Gurgaon Suggestions for 2 BHK in 35L

                      Signature global solera draw on 30th march

                      Comment

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