Hi Sir,
Maxworth Realty India Ltd. has launched its project Max Orchards Phase-3 in IVC Road, Devanahalli, Bangalore. They provide EMI facility for 3 years after paying a booking amount of 50,000 INR. The concern is that the land is not converted and is still as a farm land. The company claims that they will get the land BIAAPA approved and registered within 1.5 years i.e, once 50% of EMI is paid. Even if 50% of the total amount is paid instantly, they do not get the site registered because the BIAAPA approval takes so long time.
Maxworth Realty is allegedly a reputed company. Since I am amateur in real-estate, request you to assist me by suggesting whether it is a good idea to buy a plot in this project. Below are the pros and cons in my opinion.
Pros:
- Price per sq.ft is far less than BIAAPA approved plots in that area
- 36 affordable EMI facility
Cons:
- Customers will have to risk their EMIs till registration. Though the company provides receipts for each EMIs, it does not provide any legal agreement in letter-head or bond paper, claiming that it is their legal team's decision.
- Layout plan is ready, but sites are not divided. Customers will have to select the site based only on layout plan.
Regards,
Propseeker
