Folks!!! people have started receiving Buyer's Agreement. You can use this place to discuss the agreement. Jot down any ideas, issues you want to share or highlight related to the agreement.
Meanwhile, do not shy away to add any updates you have on the project.
Monday, September 1, 2008
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30 comments:
The construction period of three years will be from date of agreement or buyers agreement?
36 months of construction period will start from the day the Buyer's agreement gets executed both by DLF and the Buyer.
How long does it take to get buyers agreement after initial booking. We have just booked an independent floor last month.
I have booked in Feb'08 and got the buyers agreement in Sept'08.They generally delay buyers agreement by 6-7 months. They will take approx 30% of the total cost before buyers agreement.
Yes, the construction period of three years will be from date of agreement or buyers agreement.
So far they haven't sent me the buyers agreement and I yet to pay the september installment.
Not sure what is the current market situation with DLF there due to recent US turmoil.
I have asked my friend to check and he mentioned there is no sign of construction at site and when I called DLF they don't have any good information to share yet :( .
So far we are just parking our money with DLF and not sure they are doing with millions of rupees?
I have received Buyer agreement for Sec 86, However there are may worrying clause and agreement is very heavily tilter in favor of DLF and a completely one sided document.
For example for your delay you pay interest of 18%, while if DLF does not deliver they (that too if they waist so) to pay you only 6% interest (off course after 180 days of your request!!!)
I wonder why they made such big document.
They should have just added one clause that
"DLF may do what ever it wants and buyer has no option to accept that and do not expect anything. All on mercy of DLF"
What you guys think about it? Is all builder agreement same like this? Or DLF is special case? The document takes about future PLC charges while they have no where defined what “Preferred Location” is? Anywhere in document?
The date of agreement is left blank (after you sign and return DLF may put any suitable date!!)
As far as I can see there is no option (if you refuse to sign than you lose 5Lacs!). What do you guys think? Is there any option? To challenge such one sided agreement?
Well, all agreemnets looks like single sided never in favour of consumer.
However what ever they write there is just to scare you...if in case anyone has to take legal action against them due to bad services ... govt. rules will apply. i.e. Consumer court.
So do not worry about those term and conditions.
Blank agreement date is a serious issue which you should be worried about....did you asked them why it is blank ? & what they replied?
Don't sing unless they put the agreement date.
got my buyers agreement for sector 86 apartment, last week.
I visited DLF office and gave them the signed copies of buyer agreement. They mentioned that I will be receiving the signed copy within a week. I also inquired on any update on construction.....they mentioned that excavation has started in sec 90 and we can visit the site...however I have seen the road...its in a bad shape and you can't take your car in there.
I am sorry i said road......its not even a road rather a kuccha road going through villages
Has anybody received fully executed Agreement from DLF?
Yes, I guess couple of applicants have received it. For me they have said that I will get in 1 week time.
What do you mean by "fully executed Agreement" ?
Fully executed means - signed by all the parties.
BTW, have you availed loan? In case yes, then I believe the original agreement will be sent directly to your bank.
An article from ET
Delayed home deliveries likely as realtors move to time-linked plans
Construction-Linked Payments Make Way For New Mode
Sanjeev Choudhary NEW DELHI
SEVERAL property firms, including DLF and Unitech, are increasingly doing away with ‘construction-linked’ payment plans and instead introducing ‘time-linked’ payment plans for home buyers. By doing so, buyers become prone to higher risk of late delivery of homes, besides facing an indirect increase in the cost of owning a home.
In a construction-linked plan, a developer gets payment based on certain construction milestones, and is thereby forced to ensure progress in the project. Under time-linked plan, a developer gets assured money from a home buyer in instalments but is under no obligation to use that money in the same project to deliver homes in time.
It’s been a usual business practice for developers to divert sales proceeds from one project to another. During the real estate boom of the past five years, builders expanded massively by routinely using the proceeds of one project to purchase land elsewhere.
Times have changed with the global financial crisis and realty firms are now facing major cash crunch, which is likely to worsen. Therefore, if they were to divert funds from one project to another now, there is a likelihood that some projects may get stuck mid-way, leaving home buyers high and dry.
Much of the new launches by DLF and Unitech this year have not offered construction-linked payment plans.
For instance, DLF’s ‘New Town Heights’ and ‘Express Greens’ projects in Gurgaon and Unitech’s ‘Uniworld City’ and ‘Unitech Verve’ in greater Noida do not offer construction-linked payment plan, although they give time-linked plan option.
When contacted by ET, DLF and Unitech declined to comment on why they have replaced the option of construction-linked plan with a time-linked payment plan.
DLF spokesperson, however, said timelinked plan is “not a new introduction” for the company. Many other developers are offering time-linked as well as constructionlinked plans.
Traditionally, home buyers have had the choice of either paying the full amount upfront or going in for construction-linked plan. Buyers can avail of a discount — usually up to 10% — in case of upfront payment, while construction-linked plan gives them a sense of security that the homes they have booked is actually getting built as they pay. But time-linked plan offers neither.
While some developers, including DLF and Unitech, have started offering penalty in case of late delivery, many others do not offer any such reimbursement. The penalty itself is generally Rs 5-7 per sq ft per month to the home buyer.
“The penalty amount is far too less compared to the rentals one pays for the same kind of accommodation,” says Raheja Developers chairman Navin Raheja.
Thus, a late delivery imposes additional cost on a home buyer in the form of rentals for the period one has to extend staying in a rented accommodation.
Does anybody knows when is the construction going to start?
DLF planning to cut the flats rate down in new town heights in the view of recent decrease in concrete & prices ?
Also in the current real estate market situation the price quoted ealier now should be reduced ?
what is your view friends....we need take this further, I am wordering if we keeps giving money to them for nothing!
We should get the same discounts as the new buyers. How can we put the pressure on the company?
Everyone, This is really a high time, rate are going down then we should pay more? We all should get unite and discuss this more seriously.
DLF know all of us but we don't know each other, lets come together!
Would like to request all of you to join the Orkut group :
http://www.orkut.com/Main#Community.aspx?cmm=50945428
This we can decide together our plan of action
All prices including cement,steel and other raw material are coming down. In an agreement DLF mentions to charge higher prices if these commodity prices go up but what happens in this scenario. Will we get some refund?
I bought a townhouse in sector 86 but have not received any agreement from DLF. Although they keep sending the payment reminders right on time. What can we do to pull out from the project? to have them lower prices? Any other suggestions?
Thanks
KP Singh of DLF has mentioned (in an article cited on the gurgaonscoop.com website) that the construction cost will be lower going forward as the prices of steel, land etc. have fallen with global recession.
P. Chidambaram has also been quoted (I don't recall the website for that one) as expecting the builders to pass on the construction cost savings to the consumers.
Try talking to your contact at the builder and see what he/she says. Our contact said that the construction has already started in sector-86 and there are no discounts going forward.
Many builders allow you to take money back. It is kind of good for them as they have been able to earn some interest that they do not return. If you want to opt out you might discuss it with them.
Has anybody received back the signed and dated Buyers Agreement from DLF ?
yes, for my sector 86 flat, 3weeks back...
DLF informed me that they would be starting Excavation in Sector 86 site from Mid December. Has anyone visited the site and know the actual construction status?
Please join :
http://www.orkut.com/Main#Community.aspx?cmm=50945428
What are our options as DLF is not commenting on the price cut issue & whether it affects New Town Heights or Not ?
Dear All,
Kindly be informed that around 60 investors of DLF New Town Heights project have combined together to form a group on Yahoo Groups . the link of the same is as below:
http://in.groups.yahoo.com/group/Newtownheights/
We are planning to meet DLF on 21st February with our agreed demands. Anyone interested can join the group and join us for the meeting.
Regards
Deepak Seru
Dear Deepak,
Please indicate the time & venue where to meet the DLF on 21st feb.
Regards
hi guys - I had purchased a flat in sector-91 in dlf new town heights. However, I have not received the executed apartment buyers agreement till date. Any idea if anyone has received these agreements. Also, there are so rumors of the construction work having stopped at all the 3 sites- Sector86, Sector90 and Sector91. Has anyone confirmed anything with DLF?
I feel the construction of the New town hosing society will definately get delay.
I feel in this financial crisis where builders are finding it difficult to borrow fund at low rate . Option of interest free fund for three years and paying paying penalty at Rs 5/ per sq ft is a better option for them.
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