Unwarranted fees are imposed on the buyer under the label of pre-possession charges…

Unwarranted fees are imposed on the buyer under the label of pre-possession charges.

In Delhi NCR, and likely in all metropolitan areas, middle-class individuals often find themselves limited to private builder flats. This is largely due to the scarcity of government authority flats, which are either few in number or very limited. People turn to private builders not just for affordability, but also for the range of offers, amenities, and security features. However, there are numerous tactics employed by builders that can ensnare buyers. After purchasing a property, buyers may be promised various benefits, only to find that when they seek follow-up, the sales staff deflect responsibility, stating that the CRM team will handle everything. In turn, the CRM team may claim that the sales representative made misleading promises, insisting that buyers adhere to the established rules and payment requirements. Therefore, it’s crucial to approach this situation with a clear understanding of the following key points:

1-Sales

2-Payment

3-Pre possession or some hidden charges

4-Possession

5-Key delivery (The time till that you will lose faith in your home)

Sales Team:

1-The sales team will reach out to your leads with the primary goal of converting them into site visits.

2 – You have two options: either conduct a site visit or overlook it. We assume you’ll opt for the site visit, which will kickstart the presentation. You’ll be shown various amenities like a swimming pool, children’s garden, clubhouse, infinity pools, and a park etc. Finally, when your eyes are full of dreams and you are tired of watching all the amenities, they show you the flat, for actually, what did you visit for? You might find yourself exhausted from assessing the quality of the flat, which isn’t suitable for everyone; some individuals can successfully navigate out of this situation. Let’s focus on the majority.

3 – Next, they will provide the pricing details, assuring you that everything is included upon possession. You will only need to pay for a year’s maintenance charge and the registry fee as mandated by the government. They will entice you with the best rates available when you come prepared with a booking cheque, offering additional discounts.

4 – They will persistently approach you with reduced per-square-foot rates. Eventually, it may fit your budget, leading to the day when you’ll visit with your booking cheque, benefiting from further discounts to secure the property.

Payment –

1 – You will then have time to apply for a loan, either independently or through the builder. The bank will typically cover 80% of the cost, with you responsible for the remaining 20%. This is part of the builder-buyer agreement payment plans, which can be structured as either 40:30:30 or 60:40.

2 – Processing the loan can take anywhere from 45 to 90 days if your property isn’t registered with a bank. Hope The loan process is done and you have made payment.

3 – They will ask for payment at various stages of the transaction. you will disbursed the payment either on time or with you 2-3 days delay by assuring yourself, by visiting the site that the work is completed or not.

4 – Ultimately, when they request the final payment, we believe this occurs at the possession letter stage, but they will provide you with a “Fit-out letter” instead. Mainly fit-out letter you will receive through a registry or by courier.

5- From this stage now the role of the CRM team will start. They will convince you that this is a possession demand and ask your bank to pay the rest of the amount.

6-Now you will pay 100% amount to the builder and it seems that now you will get the flat keys as promised by the Sales and CRM team. But new trap is going to start.

Pre possession:

1-Now the trap starts again, you will ask them for a key or flat handover then they will give a list of the names of pre-possession charges i.e. approx 2lakh to 4 lakh.

2-All those Charges are already covered in your per sq. ft. rate i.e. EEC & FFC, IDC & EDC etc. But they force you to pay and they add one line that everyone is paying. And you never prove that you already paid this charges because name ware different and every one is not advocate or aware of this thing.

3-One more interesting fee is the interest fee I.e charged to you for late payment of demands. In that loan documentation delay is also covered whether that was the fault of the builder or bank you need to pay late payment interest charges it is approx 8% to 10% as per the builder’s greed.
4-Like a normal buyer, you need to pay that also because your EMI is going on RERA and consumer court waiting period, rent etc this life pressure and mental harassment.
5-According to me, you are also new to the metropolitan city your link and approval will also not work here.

Possession and Key delivery : ( Considering you paid pre-possession charges )

After they looted you now the team will change, those CRM teams who are calling you for money, will just provide an NOC letter on their letterhead and ask you to visit the property if the property and head office of a builder are in a different place.

At that time there was no one there to whom you would ask for key, civil person said I’m not responsible and the CRM person said sir please go and visit and meet some person.

Now circle will start again.

for further information, you need to stay with our next blog because still the person hasn’t received the key and waiting for that Lord Voldemort of Harry Potter. This means they key with that person whose name was not taken in the builder’s office.