Well, here are the details. The project actually started off as Ansal's Aquapolis. There are several towers, most of which are being developed by Ansal. A couple of towers, however, were being developed by Ansals and Lakshya jointly. I have invested in one of these towers. The agreement was made when this was the arrangement and my bank loan was approved without any hassle.
Also, I had paid 25% of the amount at the beginning. After the loan was approved, I was expecting the next instalment order to come, but they did not send any such demand letter for 4-5 months. Bank loans, I believe, remain valid for just 3 months after which you have to apply to them for approval once again.Well, here are the details. The project actually started off as Ansal's Aquapolis. There are several towers, most of which are being developed by Ansal. A couple of towers, however, were being developed by Ansals and Lakshya jointly. I have invested in one of these towers. The agreement was made when this was the arrangement and my bank loan was approved without any hassle.
Also, I had paid 25% of the amount at the beginning. After the loan was approved, I was expecting the next instalment order to come, but they did not send any such demand letter for 4-5 months. Bank loans, I believe, remain valid for just 3 months after which you have to apply to them for approval once again.
So after 5 months when the demand letter arrived, i sent it to bank, and they re-initiated the process of approval. In the end they informed me that all was fine on my end, but in this time period it seems that Lakshya has taken over the full ownership of these towers. It's a case of FSI transfer. And the bank now needs the letters from board of directors and the official FSI transfer documents to go ahead with the loan.
They said its not a problem, they just need the letters. I asked the builders and they also say that's not a problem and they will provide the letters. However, it is expected to take a month since the letters are still with the court and will take some time.
In the meanwhile, they have promised no instalment will be demanded and no late payment or any other charges will be levied. Also they promised that construction is on full swing. I will personally verify that once i am back in Delhi at the end of this month.So after 5 months when the demand letter arrived, i sent it to bank, and they re-initiated the process of approval. In the end they informed me that all was fine on my end, but in this time period it seems that Lakshya has taken over the full ownership of these towers. It's a case of FSI transfer. And the bank now needs the letters from board of directors and the official FSI transfer documents to go ahead with the loan.
They said its not a problem, they just need the letters. I asked the builders and they also say that's not a problem and they will provide the letters. However, it is expected to take a month since the letters are still with the court and will take some time.
In the meanwhile, they have promised no instalment will be demanded and no late payment or any other charges will be levied. Also they promised that construction is on full swing. I will personally verify that once i am back in Delhi at the end of this month.
Update: All issues seem to hav been sorted out now. I got my loan approved from SBI yesterday and the latest demand paid out successfully. Work seems set to resume in a week's time. Possession date tentatively March 2016.Update: All issues seem to hav been sorted out now. I got my loan approved from SBI yesterday and the latest demand paid out successfully. Work seems set to resume in a week's time. Possession date tentatively March 2016.
It has been a year since I paid the registration fee and since then not a single letter of demand for installment has come from them. Upon enquiry, they keep saying that two banks (SBI and ICICI) have approved the project and they are waiting for the confirmation letter from them which should come in 10-15 days. I am waiting for this 10-15 day period to end since the last 5-6 months. The construction site wears a deserted look. They are saying that all the laborers have left (which is bound to happen since they had no money to them). The project will go ahead only after they start receiving installment money, which has not been happening for the last 1 year. In retrospect, seems like a HUGE mistake going with Lakshya. Should have opted for the Ansal's flats in the same township, which were costlier, but at least they are being developed in time.It has been a year since I paid the registration fee and since then not a single letter of demand for installment has come from them. Upon enquiry, they keep saying that two banks (SBI and ICICI) have approved the project and they are waiting for the confirmation letter from them which should come in 10-15 days. I am waiting for this 10-15 day period to end since the last 5-6 months. The construction site wears a deserted look. They are saying that all the laborers have left (which is bound to happen since they had no money to them). The project will go ahead only after they start receiving installment money, which has not been happening for the last 1 year. In retrospect, seems like a HUGE mistake going with Lakshya. Should have opted for the Ansal's flats in the same township, which were costlier, but at least they are being developed in time.
Hi Kuldeep... I am not really sure what's going on at the moment... The FSI transfer has been approved (I confirmed that via some internal sources some time back). I am not sure what the issue with the banks is at the moment. They said work will resume by August end, so let's see. Have you also invested in Lakshya?Hi Kuldeep... I am not really sure what's going on at the moment... The FSI transfer has been approved (I confirmed that via some internal sources some time back). I am not sure what the issue with the banks is at the moment. They said work will resume by August end, so let's see. Have you also invested in Lakshya?
Yes, its still the same... no progress whatsoever. Extremely frustrating.Yes, its still the same... no progress whatsoever. Extremely frustrating.
Every time I ask them they say everything is in order and that constructions will beging in the next 45-60 days... Almost 2 years have gone in this fashion. I wonder if it makes more sense to ask the money back and invest in something that's ready to move or on the verge of completion.Every time I ask them they say everything is in order and that constructions will beging in the next 45-60 days... Almost 2 years have gone in this fashion. I wonder if it makes more sense to ask the money back and invest in something that's ready to move or on the verge of completion.
Not sure if you are actually trying to make a selling here Mr. Manoj, but the construction is NOT going on. I visited the place again last week, and there is NO activity here. The guys, as usual, have set up a new deadline citing diwali and chhath celebrations due to which labor is not available. The only positive development in the last couple of years that has taken place is that they have at least initiated the loan processing formalities.Not sure if you are actually trying to make a selling here Mr. Manoj, but the construction is NOT going on. I visited the place again last week, and there is NO activity here. The guys, as usual, have set up a new deadline citing diwali and chhath celebrations due to which labor is not available. The only positive development in the last couple of years that has taken place is that they have at least initiated the loan processing formalities.
Mr. Manoj, it's not a matter of 15-20 months.. please stop spreading misinformation.. the construction has NOT BEEN GOING ON FOR THE PAST SEVERAL MONTHS. And this project is not by Ansal, we are discussing the "LAKSHYA AQUAPOLIS" here and I believe Ansal has transferred the FSI to Lakshya.Mr. Manoj, it's not a matter of 15-20 months.. please stop spreading misinformation.. the construction has NOT BEEN GOING ON FOR THE PAST SEVERAL MONTHS. And this project is not by Ansal, we are discussing the "LAKSHYA AQUAPOLIS" here and I believe Ansal has transferred the FSI to Lakshya.
Hi Kuldeep, received a mail from them about 10 days back saying the papers have been finalized and asking us to submit relevant docs for processing the loan. They are getting it done from SBI, thankfully. The mail also mentioned that construction is on "full swing" but i visited the place and couldn't find any "swing" at least until the last week...Hi Kuldeep, received a mail from them about 10 days back saying the papers have been finalized and asking us to submit relevant docs for processing the loan. They are getting it done from SBI, thankfully. The mail also mentioned that construction is on "full swing" but i visited the place and couldn't find any "swing" at least until the last week...
Hi Kuldeep, no progress yet. The construction is on a complete standstill. I keep visiting them, but the same response that it will resume in 15-20 days and never happens. It's the same with almost any builder in the whole of NCR. Frustrating.Hi Kuldeep, no progress yet. The construction is on a complete standstill. I keep visiting them, but the same response that it will resume in 15-20 days and never happens. It's the same with almost any builder in the whole of NCR. Frustrating.
Update: It appears that the pending issues have been resolved. SBI has approved the project and the loan process has started. I submitted the loan documents today. The construction might resume post Diwali. Will post any further update soon.Update: It appears that the pending issues have been resolved. SBI has approved the project and the loan process has started. I submitted the loan documents today. The construction might resume post Diwali. Will post any further update soon.
