Q:
Hi, I am facing problem with PRajay Mega Polis venture in Hyderabad. When I paid advance of 1 Lakh in April 2011, they told that my tower #8 will start in June and will complete by 2.5 years. They did not give me any agreement till date despite of various reminders from me. Finally when I approached the ED Sumith Sen he told that tower #8 will not start until next 6 to 8 months and the completion will be in next 3 to 4 years. When I asked for my money refund he said the company will deduct 40 to 50 thousand. This is really unfair and I want to proceed legally on this. I also have captured the video clips of my discussion with them. If any others who suffer with the same issue can you pls email me to vkbandaru@yahoo.com email ID?
Don't Buy any properties there!!!!!!!!!! I booked a 2BHK flat there 5 months back in Tower 18 (Near MMTS hitech city) and paid approx. 15% in 2 months.. Today i went to Corporate office Jubilee hills for agreement but they said all tower in row e.g 15/16/17 & 18 are converting to 3 BHK & you need to book another available flat.. I was socked as such information they did not share to me & my all plan messed.
Now I have cancel the booking and but they are saying money will refund in 30days without any interest. Let us see.
Another model house? I dont see any construction activity happening at the area designated for the construction of tower 4. Can you please explain as to where is the new model house?
Q:
Hi, I would like to book a flat in Prajay Megapolis.
Need the following clarifications.
Did anyone purchased flat in Megapolis with Pre-EMI Scheme? If so, please let me know whether Prajay is paying EMI directly to Bank? What is the payment schedule for Pre-EMI offer? Is there any Tripartite agreement with Banker? Appreciate if the details are provided by a flat owner who purchased flat in Megapolis under pre-EMI scheme.
I understand that the project is being constructed in the site with GPA title and the site is not registered in the name of Prajay. Will there be any chance of getting into Legal issues as Prajay is not the registered owner of the site?
Thanks in advance.
I booked a flat with Prajay early this year under the pre-EMI scheme. They reimburse you the interest. No direct agreement with the bankI booked a flat with Prajay early this year under the pre-EMI scheme. They reimburse you the interest. No direct agreement with the bank
My comments to replies
I have purchased flat at Prajay Megapolis. Initially it looks very simple from the sales person discussion but it is bit complicated when you face the reality:
This is how Pre-EMI scheme works:
1.You have to Pay the Pre-EMI to bank first.
2.Submit the PreEMI details from the bank, your bank statment of PreEMI deduction and PAN copy to builder.
3.Builder then deduct 10% as TDS and refund the 90% of PreEMI to your account.
Hope this information helps to you.
Can you claim refund of the TDS from the income tax authorities? I think you can, but I am not sure
29th August 2013
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