How come lodha charges the entire amount in the first 6 months when delivery is 3 yrs away

Neeraj Gandhi,

11th August 2014

Builder Review in Lodha Belmondo, Mumbai-Pune Expressway, Pune

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Replies (8)

Hello Sir,
i have booked a 3BHK in Lodha Belmondo Pune thru an investor instead of Builder. i have few queries regarding this as i am a first time buyer.
1. is it a good idea to get a newly construct flat thru investor?
2. What documents i need to check before giving any token amount?
3. Should i take help of any Advocate?
4. what should be the payment process
5. How Bank loan works ?

sanjana sanjana,

1st December 2017

Comment

Hi friends!!!
Is the project Lodha Belmondo running on time ? Their possession is due in December this year. What are the chances? Will they deliver it on time? I have heard lot's of bad comment of this project like there is a condition in their contract that they are not liable for any delays and will not pay any penalties if the project is delayed for reasons out of their control. Secondly, they will not allow you sell the property to a 3rd party unless you registered the property or sell it back to them at 75% of the base cost you paid.

Shobha Bharadwaj, Mumbai

27th July 2016

Comment

Hello Sobha!!!
I can only advice you that whether it is a big or small builder doesn't matter. Don't go by builder's reputation, reputation work sometimes, go by legal paper work, previous history if any and location. Location play major role in real estate. Reasonably good infra makes your life comfortable to great extent. Go in for Ready-to- move or resales. Here, you can see what you will buy. You can do all due diligence, cross checks all the legal papersand be satisfied that it meets legal and your personal criteria. I have been watching how buyers suffer delays, changed plans, missing amenities, land disputes and so many issues. Buyers remain disunited even after moving into flats and do not want to face up to builder.

Vaibhav Mulay, Mumbai

27th July 2016

Unless you are extremely rich Lodha doesn't bother once you sign the contract. If you really want to buy Lodha, then buy something which is ready to occupy. What you heard is right. If they are promising any furniture or items like AC etc, have it in writing about the brand and the warranty information. It is hard to sell the property later.

Chris, Hyderabad

27th July 2016

The slab structure is flawed. They once charged me for 3 slabs for the project in one payment demand which is about 35lakhs. Their contract says you have to pay on initiation of the work but not completion. So be careful about the terminology used. There is a condition in their contract that they are not liable for any delays and will not pay any penalties if the project is delayed for reasons out of their control. Reasons out of control could be as simple as unavailability of workers. But you already paid for the start of work. This has happened to me hence the warning.

Chris, Hyderabad

13th May 2016

Comment

I own one of the Lodha properties and after dealing with them for 5 years from the start to the delivery, I can tell you that you are locked once you book the property. Most of their properties have negative gearing and a very bad investment. You will also be forced to be at their mercy and unless you are willing to go to court and mostly you will loose and end up locked in the contract. I been through all the stages and apart from their base costs, be prepared for another 20% in taxes and fees which are not disclosed to you at the time of booking. They will not allow you sell the property to a 3rd party unless you registered the property or sell it back to them at 75% of the base cost you paid. Unless you have surplus cash Lodha is not for you. If you would prefer life, buy a property from them which is ready for registration and do not advise you to go for something under construction. They charged me 80% of the money and delivered the flat after 3years.

Chris, Hyderabad

13th May 2016

Comment

Hi,
I am planning to buy a 2BHk flats. What is the current price/ sq-ft. How is the builder? What is the current status of this project?

Sneha Ambedkar, Pune

8th September 2014

Comment

HI,
Lodha Belmondo is one of the super luxury residential project by Lodha Group. The apartments are located at the heart of the city Pune. The project offers well designed Studio, 2/3/4BHK apartments at very competitive and affordable prices. Studio Apartments in 684 sq-ft, 2BHK from 1300-1700 sq-ft, 3BHK from 2000-2300/sq-ft and 4BHK from 2700-5800 sq-ft. It will cost around Rs. 57 lacs to 6.5 Cr.

Lodha Group was established in 1980 in Mumbai's and premier real estate developer. The Group is currently developing in excess of 35 million sq.ft. of prime real estate, with over 30 projects in and around Mumbai, from Napean Sea Road to Dombivali.The Group has further extended its promise of luxury living with successful projects in Hyderabad and Pune.

Aarti Bal Pathak, Pune

8th September 2014

Hi,
Any idea what the going rate here is now? Is it a good buy? Have heard that it is a great investment for the mid term around 4-6 years it will give very good returns on investment?

Saurav Mishra, Pune

26th August 2014

Comment

HiSaurav,
The overall returns (loss) for investors are around (minus 3.5%) in the negative for this project. It would be even worse after 4-6 years. perhaps around minus 12% (loss). compared to FD returns after taxes. Please do your calculations independently and verivify all the legal; documents and environment clearance, connectivity and location as well before entering into any project.

Sneha Ambedkar, Pune

26th August 2014

@ Neeraj,
Before you pay any money to a builder, get copies of the following documents:-
A) It is important to have your agreement scrutinized by a lawyer or a knowledgeable person, so that the builder does not include clauses that are to his advantage and your disadvantage.

Things to watch out for: 1) The agreement must not contain any illegal clauses, 2) No hidden cost, 3) It must not curtail your legal right as a consumer with illegal clause, 4) It should mention the actual measurable dimensions of the flat, 5) The dimensions and specifications of the entire building its compound and all amenities must be mentioned.

B) Copies of the builders proposals and plans, and all permissions and certificates from the licensing authority and municipal corporation.

Rohit Marathi, Pune

12th August 2014

Comment

Thanx Rohit. They are only asking for 20% and then the registration needs to be done. So i have an agreement but the formal agreement will be available after the registration

Neeraj Gandhi,

12th August 2014

Hello Sir,
Even i have booked a 2BHK flat of 1326 sq-ft and i have to pay only Rs. 54000 and rest of the amount in slap wise. If you get information from reliable sources than it is wrong they have a payment plan and you have to pay accordingly. Nobody can ask you to pay the entire amount within 6 months and payment plan is also mentioned in your agreement.

Secondly if you bought that flat through loan, in that case you will have to pay through EMI. Then how it could be possible to pay the entire amount within six months.

Saurav Mishra, Pune

12th August 2014

Comment