Nitesh Estates — Twisting the 20% down payment and no Pre-EMI scheme

Address:

Bangalore, Karnataka

Nitesh Estates like any other builders is offering the scheme of 20% down payment and no pre-EMI till possession. This is not a scheme but it should be made regular for all the constructions in India. With this they enter into a tri-party agreement with the bank and the pre-emi is paid by the builder till possession. All customers - There is a catch here. Try telling the builder that instead of possession it needs to be till you obtain an OC ( occupation certificate). They will immediately disagree. Reason - 1. There is a huge difference between Possession and occupation. You cannot occupy the flat by just taking the possession without taking the OC from the govt. If there is any case going on for that property, the OC will be delayed till the case is closed and legally you cannot occupy the flat till such time 2. So till such time you need to pay the pre-EMi and not the builder. Also the price is escalated in such a way that the pre-emi paid by the builder till possession is compensated with the escalated proce which you would not know. 3.What they say - The Format of the agreement is already designed like that for all the customers and cannot be changed. LOL As if they have signed a nuclear agreement pact with US. Suggestion for consumers - Do not go for buying an apartment with this agreement till possession. If all the consumers stress for OC as the completion point and not Possession then all the builders will fall in line. Its our duty to safeguard our interest. Good Luck !