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>> Sandeep Gupta (GPL) and I spent about 90 mins yesterday (19th july) at his office and he actually opened up this blog from his "favourites links" :) and we went thru each of the clauses I listed below. In the next couple of days I will update the blog with things I found out in our discussion. Thanks
Here are some things that stick out to me in the flat buyer agreement and may mean significant additional payment...
Clause 4(a) - Electricity charges - Deposit for bulk electricity and there is no mention of how much KVA will be allocated to each flat
Clause 5 - Aren't luxurious apartments expected to come with fire-fighting facility - I haven't seen these being mentioned in many other Flat buyer agreements?
Clause 6 - I am not sure I understand it this means payment for purchase and installation of genset for power backup too... eden heights was always promoted as a apartment that will come with 24x7 100% power backup.
Clause 7 - LPG - while this is good to have and I think I did hear mention of this at the time of registration.
Clause 10 - 20% is the earnest money??? WOW this is a lot!!
Clause 13 (a) - "Flat allotee may obtain finance from any financial institution..." there doesn't seem to be many options - considering that none of the pvt sector banks are funding this project yet
Clause 19 (a) - 3.5 years form the date of commencement of construction of the tower - THIS IS CRAZY...I cant imagine any tower construction begining by Jan 09 - add 3.5 yrs to that 2013 looks like the best case scenario for possession. Whereas we all have been told 3 years since the time of registration or booking i.e NOV 2007..
Clause 20 - Buyer compensation Rs 2 psqft - is perhaps the lowest any builder offered- consider thiis we will be entitled to Rs 2psqft in 2013 i.e Rs 4000 per month as compensation for delay - imagine the rent you will be paying in 2013 if you are paying 15000 today?
pls feel free to add other things you observed...
7 comments:
Thanks for this updation vik,
No. of things are totally in favour of the builder, mainly the clause of 3.5 years for possession, as at the time of Booking it was very clearly stated
that the project duration is 3 years, and we can expect it by Dec-2010.
Now as per there clause the possession is 3.5 years after the commencement of the concerned tower, so it means we totaly shooting our feet by signing this agreement, which means they can even delay the commencement for 1-2 years also as we dont have any legal point to object this. Other thing what does they mean by commencement, This last installment that we paid on excavation, was not the commencement of our respectve towers, or they have taken it in a general way for all the towers.
Atlast i would like to know, if you have any idea abt, whether end-users are easily accepting these Terms and Conditions???.....As what i'm seeing by sitting abroad that i dont have much options to resist except accepting this agreement.....
Maninder
We shall strongly object to it and shall nominate few of us (enlightened future neighbors ) to represent to GPL and get them agree to market practices.
Hi Neighbors (future),
Many thanks.
Has anybody signed the "flat buyer’s agreement" and paid third installment?
Please confirm.
Thanks.
I went to GPL office on July 5th and signed the buyer agreement. I didn't have time to go thru the entire agreement however I gave them 3rd installment of close to 8 L. I did take a site tour and it appears it will take some time for them to finish the excavation on ground. I could guess by the end of this year. Sample flat progress is Turtleing and may be ready by the end of Sept or early Oct. The Sohna road extension where GPL is building flat has potentila to grow as big big projects are coming from DLF and UniTech. 90 Meter road is planned to be constructed by L & T and I suspect it will take around 2 years to be visible. I have seen Unitech has put their boundry wall to start soft launch in Sector 71 which is across the 90 Meter road. Overall I liked the project and location. Let's see what we get at the end of the project.
check out the more refreshing website of GPL... The web content team seems to have done a good job...
www.gplinfrastructure.com
Its good now, But i think they should give provide some music on intro page and upload some site/sample flat photographs also.
One more thing i would like to ask, this Flat buyer agreement, Do we need to go to there office to sign it, or they are sending it via post on our given addresses....
Maninder
Hi
I am yet to receive my Flat buyer agreement. Just wanted to check, are we accepting all these clauses or there is any change expected. As Amitabh sagar said, are we representing our case to GPL to consider these changes. Thanks
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