Lodha Group — cancel booking with lodha, dombivali, mumbai

Saragadam Krishna

Address:

Dombivili (East), Mumbai, Mumbai City, Maharashtra

I booked flat with Lodha on 16-Jul-2019. Unit details Downtown Casa Urbano K 0006 and CRN : 1293982. Booking amount I paid Rs 2, 89, 618

Issue 1: I booked property under the scheme 95:5. 95%% of property value will be funded y bank and first 12 EMIs banker will bear that. But later Lodha said due to RBI regulations, scheme was stopped and banker can't pay the first 12 months EMI. So Lodha came up with scheme to ensure customer avail the offer. They came up with scheme that Lodha will first 10 months EMI for 90% value of the property.In this case putting 5% interest amount on customer?And Lodha executive firmly told reply will be same if raise the query customer care again.

Issue2: During booking I was told that I no need to pay for first 12 EMIs. But now Lodha executive says only first 10 months will be paid. The used worse logic 12 months from date of booking and first 2 months goes in loan processing, next 10 months only will be paid. But sales team didn't tell me this logic. They showed a calculation on paper that first 12 months Banker will be paying that and I getting benefit of 12 EMIs amount. In this case again I am losing 2 months EMI amount.

They also told me to go with same banker which Lodha suggests to avail the offer. I followed the instructions. After couple of chases they sent Bank agent to me to start with loan process.There was delay from Lodha in replies and raised concerns on 26th Juy'19 with sales person. No proper reply. After that lot of discussion between me and Lodha. After certain frustration level, when I said to Cancel the booking, they are telling it is not possible. I gave me options as
- I have to bear the EMI cost
- Lodha wont pay for all the commited EMIs
- Cancellation is not possible

Could you please help me to cancel this booking and get my money back or else ensure Lodha pay me first 12 months EMI for 95% value of the property

As I am out of India plz contact me on [protected]@gmail.com

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Lodha Group customer support has been notified about the posted complaint.

Sep 30, 2019

Updated by Saragadam Krishna Today got a call from Lodha and they replied me as below

s discussed, We would like inform you that once the Application Forms are signed while booking of the unit, it binds the parties to abide by the terms & conditions of the Application Form as it casts obligation on both the parties in abiding by the terms of the contract.

Please note that the company has incurred substantial cost in processing your booking and has lost the opportunity to sell the unit to other prospect buyer due to your commitment. Further the terms & condition of the application are executed with mutual consent of the parties privy to contract and hence we urge you to comply and abide by the terms and conditions and not try to divulge out of your contractual obligation.

As per the policy 10% of consideration value gets forfeited since you have paid less the 10% the entire amount gets forfeited.

Request you to reconsider the same and let us know how can we help you to continue with the unit.

Sep 30, 2019

Updated by Saragadam Krishna But I am not dropping this due to my personal commitments, this decision is purely failure of Lodha commitment. I am least bothered with Lodha subvention scheme, as end user I am believe in figure. With Lodha subvention scheme nearly Rs 1.30Lakhs going extra from my pocket. I am not happy with this.Though initially I said no, later I came with below proposals to solve this issue.

- As initially I was told 12 EMIs, but later Lodha told only 10EMIs PDC provided. As the issue with 2 EMIs, I asked Lodha to bear 1EMI and I will bear one.
- Downgrade to 1 BHK with same 10EMIs offer with no property transfer charges
- Cancel the booking

But Lodha said no to all my proposals and asking me to reconsider as per their conditions only. This is unfair.

Please make a note I didn't raise this lately with Lodha. I raised this on 26th July'19 the moment I heard about withdrawn of 12 months EMI offer .Then I was told by sale executive "Lodha currently working on this to solve this as many bookings were done on this offer only". Lodha came to me few weeks later with this subvention scheme, but I realized with this offer I need to bear extra amount. Immediately informed the same with Lodha and asked to cancel if Lodha failed fulfill its commitments given to me during booking.