Quote:
Originally Posted by HaiderAli
Hello all,
Thank you all for your replies.. So, the conclusion is that the developer will eat your money and consider it as damages and sell the property to someone else? Anyways, how much time will the developer waits, normally, after the installment due date before taking any serious steps?
And mpat, everyone is asking for the money upfront without any contract or anything - So, how can one check the contract?
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If you demand , they will send you DRAFT contract.which mentions everything. I did the same and I adviced the same to some of my friends and eventually they got draft contract for study before they paid anything upfront.One of the developer he mentioned that 30% of the amount will be deducted towards the damage to the developer in order for you to not been able to pay in time.
Generally developers wait for 2-3 months after the time of installements passed , before they take any action.
One more thing , just to point it out to you. In my contract it was mentioned that they will charge interest on the late payment of installements , so I rang up them and ask if they keep this term in the contract, I will not buy since I dont want to involve myself in teh interest game, so they said this is just a clause and we never charged interest to anyone and for around 2 months we dont mind u delaying the payments. and after that My payments are generally delayed by 2 months and more also.
That is the reason I adviced you to talk directly to teh developer, you can get more and more favor from teh developer than what an agent can get for you.