Q:Hi all,I got a call from the landowners. they are qoting prices for a 2 BHK around 34 Lacs + reg, which is lesser than the builders price. Is there any risk on buying a property from Landowners share?
Latest Answer: There is no risk in buying property from landowner's share but few things you should keep in mind these are: 1) sign only tri-party agreement, 2) payments terms & cost heads should be clearly mentioned, as a buyer, you should take over balance payment from landowner to builder, never pay upfront money to landowner e.g. 80% paid at the time of signing agreement and 20% will be paid at the time of registration.
Latest Answer: They have Issue of providing Flat Quotation/Cost Break up letter head for applying bank loan:
After blocking they will not give Cost break up letter head for loan, with a reason why they should give if nothing got credited to them. After Agreement only they will be giving document. But I was applying loan separately then they preferred Andhra Bank.
For my independent loan application soon after blocking it was not got supported by required bank formalities. I don't wanted to go for first Agreement, then bank loan, then bank will surprise me with any lesser than expected amount, since I am at the bottle neck.
No good formality requirement addressal. By phones/mails people will not understand and resolve, what is needed. Need to visit their main office only.
Other than this, the project and amenities are in good stage, price cheaper comparatively. Maintenance cost of Rs. 3/- and 3 year's maintenance looks on the higher side.
