Hi All,

Can anyone please help me find out if there are any negative sides (cons) of making the down payment for a property via RTGS? I mean will the payment via RTGS be considered paid in black ? (apologies if its a dumb question however I am not too sure)

I had paid the down payment via check however mine is an old checkbook which is NON - CTS. The builder's bank only accepts CTS checks hence I am planning to do the payment via RTGS.

Please help.

Thanks
Read more
Reply
13 Replies
Sort by :Filter by :
  • payments made through RTGS are legal.
    I have done all my payments through RTGS only, after making the payment i will email the builder that payment is done.



    Originally Posted by nitzzm
    Hi All,

    Can anyone please help me find out if there are any negative sides (cons) of making the down payment for a property via RTGS? I mean will the payment via RTGS be considered paid in black ? (apologies if its a dumb question however I am not too sure)

    I had paid the down payment via check however mine is an old checkbook which is NON - CTS. The builder's bank only accepts CTS checks hence I am planning to do the payment via RTGS.

    Please help.

    Thanks
    CommentQuote
  • Are non CTS cheques valid anymore? And RTGS/NEFT etc are white payments, not black.
    CommentQuote
  • Thanks chirag999 and TheTruth.

    I believe non CTS cheques are still valid even thought their clearing happens thrice a week (Mon, Wed and Fri) and that will reduce to twice a week later in the year. Even thoguh from my experience, it seems not all the banks are clearing them.

    Thanks
    CommentQuote
  • Any kind of payment that can be tracked is legal eg. cheque, DD, NEFT, RTGS.
    CommentQuote
  • RTGS payments are absolutely legal and trackable.
    CommentQuote
  • I had a doubt regarding the completeion term used by builders !! Work till 8th floor is over kindly make the payment (corresponding %).
    When he says 8th floor work is complete what all things are suppose to be completed ??? and what all things should we check before making the payment.
    Architecture completion certificate is one of them I guess.
    CommentQuote
  • "Architecture completion certificate is one of them I guess.""
    You will be bound to go as per architects certificate.
    Agreement of sale will generally have some such clause binding you to pay slab wise/cpmpletionwise as per architects certificate.
    CommentQuote
  • Originally Posted by vaibav123
    "Architecture completion certificate is one of them I guess.""
    You will be bound to go as per architects certificate.
    Agreement of sale will generally have some such clause binding you to pay slab wise/cpmpletionwise as per architects certificate.

    So if the certificates says its completed we cant do any check ??
    CommentQuote
  • "So if the certificates says its completed we cant do any check ??""
    For practical purposes it will be difficult to challenge an architects certificate.
    CommentQuote
  • You can check, but as Vaibhav said, it will be hard to challenge the architect. I doubt whether any architect will do such chindhi giri, though.
    CommentQuote
  • The Truth,
    Builder holds many aces,it is not easy to tackle him.He has a full fledged legal team to defend his position and a single buyer really cannot tackle him legally,especially given our legal processes.
    CommentQuote
  • Architects certificate

    Originally Posted by vaibav123
    "So if the certificates says its completed we cant do any check ??""
    For practical purposes it will be difficult to challenge an architects certificate.

    One more doubt:
    out of 12 floors in Feb I was given a completion certificate for 9th floor and today I received a completion certificate for All Floor Brickwork and All Slabs R.C.C completed.
    So should I ask for a seperate certificate for 10th 11th 12th floor or all get covered when they say ALL floor Brick work completed ??

    As per them 97% is completed now.
    CommentQuote
  • All =all. No need for separate certificates.
    CommentQuote