Samir Chadha, Apartment Resident
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Does any one have an idea of this new 'Corporate Agreement' they created?
Q: I have a flat in Tierra cluster. Recently, my 'Customer Executive' contacted me saying that they have entered into corporate agreements with banks such as SBI, HDFC and others and convinced the banks to release payments. Even though they have permissions only till 4-5 floors, they are demanding money from people who have booked on higher floor. I wonder how they can do this? How can banks, sanction loans in the first place when they knew that permissions were not complete? And how can they disburse money through some private agreements? This seems to me like banks and the builder are in cahoots and we, ordinary flat owners will be skimmed. Does anyone have a different view? What can be done in this situation?

My replies to this discussion
Lodha is giving a guarantee to HDFC that they are progressing with construction without permission and in case of any issue they will return the money to hdfc. The problem is that hdfc wants a counter guarantee from us which says that we are aware of this and are shifting the onus to us. also says irrespective of status of permissions or completion we will have to continue paying the EMI's. this is all very strange! Lodha is most welcome to give hdfc a guarantee and hdfc is most welcome to start funding without permission. But how can they pass on the risk to us? does anyone have any advise on this point. am also asking hdfc to clarify. rgds, samirLodha is giving a guarantee to HDFC that they are progressing with construction without permission and in case of any issue they will return the money to hdfc. The problem is that hdfc wants a counter guarantee from us which says that we are aware of this and are shifting the onus to us. also says irrespective of status of permissions or completion we will have to continue paying the EMI's. this is all very strange! Lodha is most welcome to give hdfc a guarantee and hdfc is most welcome to start funding without permission. But how can they pass on the risk to us? does anyone have any advise on this point. am also asking hdfc to clarify. rgds, samir
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