ETA Star-The Garden-Bangalore. Pls Read.....
If you have booked a flat in ETA Star-The Garden–Bangalore.
The Sales & Construction contract is 1 sided favoring ETA, Details Below.
1) The payment Schedule is no way related to the construction progress.
2) Are you aware that ETA is charging 15% p.a. for any delayed payments( even if you are delayed your payment by 1 day)
3) The Project is delayed for One year now, ETA would compensate you @ Rs.3 per Sq.ft, while the person who has booked the flat would have to pay 10%-12% p.a. to the Banks as Pre-EMI interest. (Only Interest)
Case Study: The contract is unfair and 1 sided while we pay the bank 10 -12% pa as interest only (pre-emi) ETA’s compensation for project delay is @ Rs.3 per sq. ft . If you have paid ETA Star 47 Lakhs, so your pre-emi only interest works out to 40,000/-pm @ a rate of 10 % while we would received only (1869*3= 5607) net loss pm =Rs.34,393/- per month, is this fair ?
Bank Interest on 47 Lakhs :
Construction Period (as per payment schedule): Interest-Feb-06 to Sep-08 - Rs.7,58,369/-
Project Delay by ETA : Sep 08 to Aug 09 -Rs.4,70,882/-
What is your view ??? Pls write.......
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