Been 3 months & I havent recieved allotment letter from Green World Airoli

Q: Hi, i had shown interest in Airoli Green World project for this i had been to their office and spoke to Akshar's marketing executive. As per his words had paid some amt to book the flat and he gave me written on a chit. 2 weeks back i paid to him a Cheque to get the allotment letter.. However they havent yet processed the cheque and giving some or the other reasons. Need a help as to why they are taking so long to process it. Is my money safe? What should i do in this current situation.

Arshi, Mumbai

13th June 2014

Builder Review in Navi Mumbai

legal documents

buying properties in mumbai

allotment letter

akshar green world

residential projects in airoli

flats for sale in airoli

akshar developers

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Replies (4)

Allotment letter is vital in availing loan from the bank, as the letter mentions the amount of money which you have to pay to the builder/housing society, so that remaining amount can be financed by the bank. On the basis of this letter, generally the bank finances the remaining amount.

Ashish Sharma, Mumbai

22nd January 2015

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If you are booking an under-construction property, you are required to receive an allotment letter from the builder. This letter includes all the details regarding the flat, the payment options and any extra charges that you may have to pay in case of maintenance or additional facilities. It also includes construction schedule, house plans, delivery date and builders liability in case of late completion or problems after possession. Generally, it is issued to you upon payment of the 15% of the property value to the developer.

Ashish Sharma, Mumbai

22nd January 2015

Comment

Hi,

This is common practice followed by Indiabulls executive. Even i had met their Sr. VP, but it was waste of time. I have also faced similar issue.
Buyers, be aware of Indiabulls. Take allotment in writting before handing over cheques for booking.
If they get buyer who is ready to pay higher amount, they will cancel the promised allotment.

Ashfaque,

24th November 2014

Comment

Hi,
Allotment is a sufficient permit for getting the benefits, even if the taxpayer has not paid all installments due under the said scheme. The provisions of the section are a beneficial provision for promoting the construction of residential house. Thus, the date of issue of an allotment letter gives a right to the taxpayer (Intended buyer) to obtain conveyance on the said flat so that it becomes an asset within the purview of the Income-tax Act.

So, my advise to you to contact a good lawyer and take their advise on it......

Vineet Tendulkar, Mumbai

16th June 2014

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