I have got the next demand letter to pay the 12th slab payment. I have already paid 85% of the project cost. I am in a d

REAH MENEZES, Apartment Resident, Mumbai

14th August 2014

Residential Project Review in PRA The Lake District Phase I, Kondhwa, Pune

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HI,
The project is being developed on total land area of 110 acres. The proposed project is located on Pune
-Saswad road at a distance of 18 kms from Pune airport, 14kms from Pune railway station and 12kms from Hinjewadi area (IT hub). The entire project is to be completed in four phases, Phase I has been successfully
completed and Phase II has been recently launched by the company. Thereafter, the remaining phases would be executed.

Deepti Baragur, Pune

8th September 2014

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Hey Deepti,
What is the current residential property rate is going on in the locality as well as in The Lake District Ph-1? Which local body and financial institutions have approved this project?

Wasim Mohammad, Pune

8th September 2014

Hello Washim,
The Lake District Ph-1 by PRA Realty India Pvt Ltd is a PMC approved project and all the legal approvals in place. As HDFC Bank, LIC Housing Finance Ltd, State Bank of India, ICICI Bank are the leading home loan provider.

The current residential property rate in the locality is between Rs. 4200-4600/sq-ft

Suraj Kalled, Pune

8th September 2014

Hi,
Once you pay the total amount, this is where the actual problem starts.
Your flat work will not be completed – brick work, painting, fittings, wood work etc. Since the builder has mentioned 36months, he will take his own sweet time to finish it.

After Sale Deed registration, the builder will ask you to move into flat without Occupancy Certificate. Once you complete interiors and move into your flat, you will start noticing problems like temporary electricity connection, leaking taps, patches in painting, Lift will not be working continuously, Incomplete parking lot, Drainage problems etc.

Sneha Ambedkar, Pune

27th August 2014

Comment

Yes, you are right Sneha,
The bank will release 80% money just for slabs only, as per the payment schedule. Banks also know that OC and Khata will create legal problems for them, they also would like to release all the money just after the slab work is completed.

Suraj Kalled, Pune

27th August 2014

Since, the project is ready to move and builder has got the occupancy certificate. Then you have to pay the rest of the amount. It is better ask some owner of the apartment whether they have got possession or not. If they have got possession then only you have to pay the rest of the amount.

Suraj Kalled, Pune

19th August 2014

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