Pre-EMI offer and Title deed of Land of Prajay Megapolis

Q: Hi, I would like to book a flat in Prajay Megapolis.

Need the following clarifications.
Did anyone purchased flat in Megapolis with Pre-EMI Scheme? If so, please let me know whether Prajay is paying EMI directly to Bank? What is the payment schedule for Pre-EMI offer? Is there any Tripartite agreement with Banker? Appreciate if the details are provided by a flat owner who purchased flat in Megapolis under pre-EMI scheme.

I understand that the project is being constructed in the site with GPA title and the site is not registered in the name of Prajay. Will there be any chance of getting into Legal issues as Prajay is not the registered owner of the site?
Thanks in advance.

Prospectbuyer, Hyderabad

4th August 2013

Legal in Prajay Megapolis, Hafeezpet, Hyderabad

title deed

pre-emi

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Replies (6)

Hi, Did you get 100% reimbursement on Pre-EMI you paid? OR, Are they deducting any amount as tax from that amount?

Prasad, Pune

29th August 2013

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I booked a flat with Prajay early this year under the pre-EMI scheme. They reimburse you the interest. No direct agreement with the bank

Atul Maheswari,

29th August 2013

Comment

Current base rate is 3330. Negotiate further to 3200 to get comparable benefit with Pre EMI scheme. Phase-1 completion date they informed me is Dec 2014.

Prasad, Pune

28th August 2013

Comment

Hi Prasad,thank you for your input. I too am planning to buy a flat in Phase II of Prajay Megapolis. Do you think it would be better if i went with the discount of 3231 sqft rather than go with the Pre-Emi offer?

Also, what about builder reputation? I mean i heard they planned on completing Phase I in 2013 December but it is still going on. Do you think i should focus elsewhere for buying an apartment?

Buddhajyoti Choudhury,

14th August 2013

Comment

I have purchased flat at Prajay Megapolis. Initially it looks very simple from the sales person discussion but it is bit complicated when you face the reality:
This is how Pre-EMI scheme works:
1.You have to Pay the Pre-EMI to bank first.
2.Submit the PreEMI details from the bank, your bank statment of PreEMI deduction and PAN copy to builder.
3.Builder then deduct 10% as TDS and refund the 90% of PreEMI to your account.

Hope this information helps to you.

Prasad, Pune

12th August 2013

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