Does any one have an idea of this new 'Corporate Agreement' they created?
Q: I have a flat in Tierra cluster. Recently, my 'Customer Executive' contacted me saying that they have entered into corporate agreements with banks such as SBI, HDFC and others and convinced the banks to release payments. Even though they have permissions only till 4-5 floors, they are demanding money from people who have booked on higher floor. I wonder how they can do this? How can banks, sanction loans in the first place when they knew that permissions were not complete? And how can they disburse money through some private agreements? This seems to me like banks and the builder are in cahoots and we, ordinary flat owners will be skimmed. Does anyone have a different view? What can be done in this situation?
why on earth should you disburse and pay interest to the bank when they dont even have the permissions to construct. You should plainly refuse payment/disbursement and we should form a group and fight out the illegal penalty for any delayed payment. They cannot demand (leave alone charge interest for delayed payment) for something that they dont have permissions for.
1) This agreement mentioned by Mr Sameer is only with HDFC-SBI and no other banks have agreed to do disbursement without the requisite permission for the booked floors. Our builder is hence suggesting us to change our loan to one of these banks. In this tri-party agreement, the Bank is taking surety from both the sides. 2)Also,as reported in DNA of 13 Jan12,under the new DCR norms some builders would have to take fresh IOD/CC in which no free FSI will be granted. This means builders will hv 2 pay for this short fall in FSI to complete the entire building as planned.It remains to be seen how builders make good this extra FSI-by paying or by curtailing some of the floors !! It can become a complex issue.Tushar Vora-9323807531
Lodha is giving a guarantee to HDFC that they are progressing with construction without permission and in case of any issue they will return the money to hdfc. The problem is that hdfc wants a counter guarantee from us which says that we are aware of this and are shifting the onus to us. also says irrespective of status of permissions or completion we will have to continue paying the EMI's. this is all very strange! Lodha is most welcome to give hdfc a guarantee and hdfc is most welcome to start funding without permission. But how can they pass on the risk to us? does anyone have any advise on this point. am also asking hdfc to clarify. rgds, samir
just refuse payment/disbursement... like i have done .... dont pay them till they show you the clearances .... it would be foolish to pay EMIs and not be sure if the flat would ever be build ..... let the own contribution amount be your only risk
No request the builder to sign a reciprocal agreement with you for repaying the interest that you pay to the bank, and also 18% from the date of booking if the flat is not delivered/ delayed.