Possession of the Apartments for sale Bangalore property can take its personal toll

Possession of the Apartments for sale Bangalore property can take its personal toll

Apartments for sale Bangalore

where construction is far from complete within the stipulated time period specified by the developer in the buyer's agreement, or worse, where construction doesn't commence till much later.

Such unprecedented delays in getting possession of the Apartments for sale Bangalore property can take its personal toll.

Down payment plan The down payment plan (DPP) requires buyers to pay between 90-95 per cent of the property's purchase price at the time of booking / within a short period after booking.

As per this plan, 10 per cent to 15 per cent of the purchase price constitutes the booking advance (also commonly termed as `earnest money') and thereafter, up to 80-90 per cent of the balance amount is paid within the next few days of the booking.

The remaining 5-10 per cent balance amount along with other charges, if any, is payable at the time of taking over possession. What often attracts buyers to DPP is the lure of receiving a 10-12 per cent discount on the purchase price.

Owning a home is a dream most of us cherish and undoubtedly, one that warrants careful planning. We take many factors into con- sideration when zeroing in on a property proximity to our workplace, amenities on offer in the locality, state of infra- structure in the surrounding areas, and area under green cover. An additional factor that must figure towards the top of our checklist, but often goes amiss, is choosing a payment plan that is in line with our ability to pay and risk exposure while booking a property proposed to be con- structed. At present, down payment plan, time-linked payment plan and construction-linked payment plan are the prevalent forms of payment plans being offered by developers at the time of booking. Each payment plan has its own set of advantages and disadvantages.

Sometimes a developer may be open to negotiation for higher discounts. However, DPP comes with the highest risk exposure to buyers as project abandonment and cancellations are harsh realities in India's highly unregulated real estate sector. If the completion and delivery of a property is delayed/post- poned, buyers find them- selves in the difficult position of being unable to withdraw from the project due to contractual clauses. If the property being purchased has been financed, payment of interest to the bank becomes an added liability for a buyer. Those having limited financial resources then find themselves unable to invest or buy property in an alter- native project.

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