MANJUNATHA M
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Are Apartment with set back deviations safe for investment? how much value of apartment is should you give in cash payment.
Q: I have shortlisted an apartment; builder has taken setback deviation; as per approved BBMP plan he has to leave ~3.17M front, ~2.5M side/back instead builder left has left only 4 feet on all side, such that apartment balcony projection is matched to road edge. and also there are deviations form sanctioned plan in total area of individual apartment . Are these a major problem, can I finalize the apartment? Builders quotes more than 90% apartments are like this only so no problem. Builder told he'll get project approval letter form LIC, if LIC is approving the project, is my investment/purchase safe. The apartment is half constructed n builder says Dec 2012 as completion date,also Builder is asking for upfront 50% i.e 15 lac(10 cash+5 cheque) and remaining at the time of registration. Is it safe to give that much cash to builder based on agreement.

Latest Answer: I have visited a property and I think this project also in the similar lines. Very less set back has been kept and there is one other floor is under construction which builder is saying it is not on sale now. I think it is unapproved one. (G+3 is approved and 4th one is not approved I guess) However LIC, Indian Bank, Corp Bank, AXIS bank are providing loan for this property for houses in G+3

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