Reg launch and payment schedule

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Reg launch and payment schedule

Post  nishabhishek on Mon Feb 27, 2012 7:37 pm



Hi all,

We spoke to the executive from Prestige regarding launch and as to what happens to the first payment schedule of April 10 th , if project approval is taking time. As per her in case the approval is not in place they will not wait for it and will go ahead with the construction but will demand payments from us only post project approved by govt and banks.

Also the allotment letter will be sent in a few days time and the project final details like finalized layout plans , drawings etc will be sent post March 15th. Anybody else got similar news.

Regards

Nisha

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delay of approvals!!!

Post  jayesh on Tue Feb 28, 2012 1:47 pm

if approvals is delayed and then how you can apply for a loan.???

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delay of approvals!!!

Post  nishabhishek on Tue Feb 28, 2012 8:58 pm



hi Jayesh,

They dint say that approval will be delayed... just were replying to our query as to what if the same is delayed.

you need not wait for the project to get approved to apply for loan... you can go for pre approved loan, stating property not yet identified and basis your eligibility bank will sanction the loan and post project approval the loan will be disbursed. This is waht I have done, i have already applied for pre approved loan. Once applied the loan is pre approved it is valid between 2 months to 6 months depending on the bank.



jayesh wrote:if approvals is delayed and then how you can apply for a loan.???

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Re: Reg launch and payment schedule

Post  househunter on Wed Feb 29, 2012 4:33 pm

We have also booked a 3bhk in PSC. We have not applied for a loan till now. Do you think we must start off with the process. We were waiting for the approvals to come through for applying for a loan. Any other news from the builder ?? Do any of you have any information on the "blue huts " which are there at the back of the property ? Are they temporary settlements ? Do you think they will move away in 3 yrs time by the time the apartment is complete ?

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Re: Reg launch and payment schedule

Post  Nandakumar on Thu Mar 01, 2012 1:20 am

Approvals are delayed from what was promised when booking.Last week I was told that we would get it by Mar 30th. And the legal documents are to be sent via post soon.

And regarding the settlements in the property zone, I was told when booking that the people living there were Prestige's workers working in CESSNA IT PARK .

Just being optimistic about their promises.

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Re: Reg launch and payment schedule

Post  remya_S on Fri Mar 02, 2012 11:45 am

Hi Nisha,

We got email from Prestige informing us that the courier with the receipt of the payment has been send along with the PDC forms.

Does it mean that even if we submit the PDC they will wait till the approvals come in and our loan is processed?



nishabhishek wrote:

Hi all,

We spoke to the executive from Prestige regarding launch and as to what happens to the first payment schedule of April 10 th , if project approval is taking time. As per her in case the approval is not in place they will not wait for it and will go ahead with the construction but will demand payments from us only post project approved by govt and banks.

Also the allotment letter will be sent in a few days time and the project final details like finalized layout plans , drawings etc will be sent post March 15th. Anybody else got similar news.

Regards

Nisha

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Documents from Prestige Silver Crest

Post  pgupta75 on Fri Mar 02, 2012 9:20 pm

I got allotment letter and receipt of payment made.

Prestige is asking for PDC and 0.1% of apt value for agreement. It looks ridiculous to me to pay them 12 PDC on the top of 15% cash payment we have already made that too when project is not even approved and NO work is expected to initiate for another couple of months or even more. I spoke to Prestige executive, their argument is 'as a part of process' they are taking PDCs from all owners and will return them once they get payment from Bank. I am failed to understand why should pay PDC, when we have already paid decent amount (15%) to show our commitments. We should pay any more amounts only after getting all the approvals and getting loan sanction from major banks.

0.1% for agreement – getting the agreement done is builder’s responsibility. Buyers’ responsibility is to pay registration expenses NOT agreement expenses.

Please come forward and build a strong group to avoid any exploitation from builder.

I request all owners to come together and oppose all unreasonable demands of builder. Can we meet some place and discuss all the points and take them forward to Prestige?


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Pre approved loan

Post  vikas on Sat Mar 03, 2012 12:08 pm

Hi Nisha,

Pre-approved seems to be good idea. Could you tell me which bank you have approached for the same?

Thanks
Vikas




nishabhishek wrote:

hi Jayesh,

They dint say that approval will be delayed... just were replying to our query as to what if the same is delayed.

you need not wait for the project to get approved to apply for loan... you can go for pre approved loan, stating property not yet identified and basis your eligibility bank will sanction the loan and post project approval the loan will be disbursed. This is waht I have done, i have already applied for pre approved loan. Once applied the loan is pre approved it is valid between 2 months to 6 months depending on the bank.



jayesh wrote:if approvals is delayed and then how you can apply for a loan.???

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Surprised at PDC

Post  vikas on Sat Mar 03, 2012 12:20 pm

Hi,

I am also surprised that Prestige is making PDC mandatory even if we go for house loan option. Also, Prestige executive stated that we could add "Not to be presented" clause on post-dated cheques if we go for house loan.

Also, 0.1% additional agreement charges should not be charged to the buyers.

Regards
Vikas


pgupta75 wrote:I got allotment letter and receipt of payment made.

Prestige is asking for PDC and 0.1% of apt value for agreement. It looks ridiculous to me to pay them 12 PDC on the top of 15% cash payment we have already made that too when project is not even approved and NO work is expected to initiate for another couple of months or even more. I spoke to Prestige executive, their argument is 'as a part of process' they are taking PDCs from all owners and will return them once they get payment from Bank. I am failed to understand why should pay PDC, when we have already paid decent amount (15%) to show our commitments. We should pay any more amounts only after getting all the approvals and getting loan sanction from major banks.

0.1% for agreement – getting the agreement done is builder’s responsibility. Buyers’ responsibility is to pay registration expenses NOT agreement expenses.

Please come forward and build a strong group to avoid any exploitation from builder.

I request all owners to come together and oppose all unreasonable demands of builder. Can we meet some place and discuss all the points and take them forward to Prestige?


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Surprised at PDC

Post  Rashmi on Sat Mar 03, 2012 8:40 pm

rashmi wrote:I also was asked the same and have presented the PDC cheques with the clause you mentioned below ("Not to be presented"), i wrote it on my own. So even though we have to go through the pain of actually issuing the cheques they are unusable. Also i don't think that this is an allotment letter yet. A formal allotment letter will only come once they have the 15% cleared and they receive the 12 cheques along with the DD that they have asked.

Question on DD - I am not sure if this amount that goes as part of agreement should be borne by Prestige or Customer. I already gave the draft as unaware of it and thought it was part of process, someone who knows the legality can confirm please? below looks like you folks think that it should be borne by prestige?

The thing that i find unreasonable is that they are still asking for first installment in April even though the project is not launched. They should be pushing it back as the launch is not done and have the first installment post the proper launch. Thoughts?


vikas wrote:Hi,

I am also surprised that Prestige is making PDC mandatory even if we go for house loan option. Also, Prestige executive stated that we could add "Not to be presented" clause on post-dated cheques if we go for house loan.

Also, 0.1% additional agreement charges should not be charged to the buyers.

Regards
Vikas


pgupta75 wrote:I got allotment letter and receipt of payment made.

Prestige is asking for PDC and 0.1% of apt value for agreement. It looks ridiculous to me to pay them 12 PDC on the top of 15% cash payment we have already made that too when project is not even approved and NO work is expected to initiate for another couple of months or even more. I spoke to Prestige executive, their argument is 'as a part of process' they are taking PDCs from all owners and will return them once they get payment from Bank. I am failed to understand why should pay PDC, when we have already paid decent amount (15%) to show our commitments. We should pay any more amounts only after getting all the approvals and getting loan sanction from major banks.

0.1% for agreement – getting the agreement done is builder’s responsibility. Buyers’ responsibility is to pay registration expenses NOT agreement expenses.

Please come forward and build a strong group to avoid any exploitation from builder.

I request all owners to come together and oppose all unreasonable demands of builder. Can we meet some place and discuss all the points and take them forward to Prestige?


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Re: Reg launch and payment schedule

Post  kcdnvn on Sun Mar 04, 2012 2:06 am

We were not told about the 0.1% agreement charges. They should have mentioned it from the start. Actually it was made clear that we will have to provide PDCs though.

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Hey Frns

Post  YashuRahul on Sun Mar 04, 2012 9:48 pm

I also got the intimation of allotment and the receipt and the payment schedule.
Payment schedule is ridiculous considering we are not at all made aware of the launch date till now!!!

But since we have bought the flat, we need to abide by their rules....Anyways they should not be using the PDCs without our consent...
So should not be a worrying factor....

As far as the 0.1% of apt value (For agreement) goes, it is a shocker.....what to do again....allz well that ends well...
hopefully the construction will start sooner and we can heave a sigh of relief!!!

Cheers,
Rahul


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Reg April 10th schedule

Post  nishabhishek on Mon Apr 02, 2012 12:41 pm




Hi Rashmi, Vikas , Rahul,

The prestige executive has confirmed to me that they will not be asking for the (4 lakh odd, 1st inst for 2 bhk) April 10th Payment as Project is not yet approved. I had called her up to check on this so that if the payment has to be made from my own money then i can arrange for the funds. The executive reassured that they are pushing the date to May 10th.

Anybody else got a similar confirmation.

@ Vikas: missed ur last question: I have got a Pre-approved loan from HDFC Ltd.

Regards

Nisha











Rashmi wrote:
rashmi wrote:I also was asked the same and have presented the PDC cheques with the clause you mentioned below ("Not to be presented"), i wrote it on my own. So even though we have to go through the pain of actually issuing the cheques they are unusable. Also i don't think that this is an allotment letter yet. A formal allotment letter will only come once they have the 15% cleared and they receive the 12 cheques along with the DD that they have asked.

Question on DD - I am not sure if this amount that goes as part of agreement should be borne by Prestige or Customer. I already gave the draft as unaware of it and thought it was part of process, someone who knows the legality can confirm please? below looks like you folks think that it should be borne by prestige?

The thing that i find unreasonable is that they are still asking for first installment in April even though the project is not launched. They should be pushing it back as the launch is not done and have the first installment post the proper launch. Thoughts?


vikas wrote:Hi,

I am also surprised that Prestige is making PDC mandatory even if we go for house loan option. Also, Prestige executive stated that we could add "Not to be presented" clause on post-dated cheques if we go for house loan.

Also, 0.1% additional agreement charges should not be charged to the buyers.

Regards
Vikas


pgupta75 wrote:I got allotment letter and receipt of payment made.

Prestige is asking for PDC and 0.1% of apt value for agreement. It looks ridiculous to me to pay them 12 PDC on the top of 15% cash payment we have already made that too when project is not even approved and NO work is expected to initiate for another couple of months or even more. I spoke to Prestige executive, their argument is 'as a part of process' they are taking PDCs from all owners and will return them once they get payment from Bank. I am failed to understand why should pay PDC, when we have already paid decent amount (15%) to show our commitments. We should pay any more amounts only after getting all the approvals and getting loan sanction from major banks.

0.1% for agreement – getting the agreement done is builder’s responsibility. Buyers’ responsibility is to pay registration expenses NOT agreement expenses.

Please come forward and build a strong group to avoid any exploitation from builder.

I request all owners to come together and oppose all unreasonable demands of builder. Can we meet some place and discuss all the points and take them forward to Prestige?


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Regarding April 10 Schedule and Approvals

Post  nareshd on Mon Apr 02, 2012 2:52 pm

Hi Nisha,

thanks for the update, did sales executive informed about what approvals they(builder) are waiting for ?
And now looks like date of launch will be moved somewhere around last of this month as they are pushing date for next payment to 10 May?

Thanks
Naresh

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Re: Reg launch and payment schedule

Post  gaurav on Mon Apr 02, 2012 4:37 pm

Hi All,

I have not paid my balance of 15 Lacs as well as the PDC yet.
Has anybody paid and given the cheques to Prestige? I am still waiting for the confirmation around litigaton from them.

Thanks
Gaurav

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Regarding April 10 Schedule and Approvals

Post  nishabhishek on Mon Apr 02, 2012 11:21 pm

Hi Naresh,

From my discussion what i could gather was that no issues are pending and that the approval should come anytime soon... i presume by "approval" they mean govt approval/BBMP approval...

I feel if the approvals do not come by April 10th then the payment date of May 10th also looks difficult as there are many individuals who are waiting for legal papers to apply for bank loan and few of them are planning to apply from govt banks like SBI where the loan sanction approval itself takes more than a month.... so after receiving approvals a month at least may be needed for loan sanction/disbursment.

Regards

Nisha




nareshd wrote:Hi Nisha,

thanks for the update, did sales executive informed about what approvals they(builder) are waiting for ?
And now looks like date of launch will be moved somewhere around last of this month as they are pushing date for next payment to 10 May?

Thanks
Naresh


Last edited by nishabhishek on Tue Apr 03, 2012 12:20 am; edited 1 time in total

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reg paymnets

Post  nishabhishek on Mon Apr 02, 2012 11:24 pm



Hi Gaurav,

I had paid my 15% in the initial period itself, and also gave the PDC and DD as requested ... hence i got my flat allotment letter confirmation last week .

Regards

Nisha



gaurav wrote:Hi All,

I have not paid my balance of 15 Lacs as well as the PDC yet.
Has anybody paid and given the cheques to Prestige? I am still waiting for the confirmation around litigaton from them.

Thanks
Gaurav

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Re: Reg launch and payment schedule

Post  gaurav on Wed Apr 04, 2012 2:18 pm

Thanks Nisha.
Has anybody else paid the balance 15% as well as the PDCs?

Regards
Gaurav

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Re: Reg launch and payment schedule

Post  kcdnvn on Thu Apr 05, 2012 3:42 am

We are planning to pay off the balance of 15%. This because when we checked with Komal via email she mentioned that the balance 15% needs to be cleared. The PDCs can be on hold until approvals come in.

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any update on litigation

Post  nareshd on Thu Apr 05, 2012 2:03 pm

Hell All,
just wondering if anybody got any information about the litigation?

sorry, I would have tried to find the details myself but right now I am not in India and it is hard to get any info through phone.

Thanks
Naresh

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Approvals Delay

Post  jayesh on Thu Apr 05, 2012 11:33 pm

Hi,

I have send couple of emails to understand the issue on Delay of approvals to executive but no reply....Finally today replied "Sorry for the inconvenience..Approvals will take 1.5 months more or even more"...they dont have any idea..How long will GOVT will take approval...
This is really ridiculous...
If Prestige is doing like this then people will lose the faith on builders...
It is really worrying....I think everyone have to raise the concerns..People please wake up and raise your voice....
I think they should pay interest on 15% amount we paid to them.
I think we should gather and meet on this ASAP...

Does any one got any reply from the Prestige on this?

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Approvals Delay

Post  nareshd on Sun Apr 08, 2012 5:07 pm

Hi All,
I was speaking to one sales rep and got the similar info what Jayesh has mentioned.
As per sales rep by Mid of May the approvals should come through.
Then the will start the doing the agreements, i guess that should be different than the allotment letters what people have got so far.

anyone has any other info.

Thanks
Naresh

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