They dare not to because all the project activities will be monitored continuously by Bank, RERA, MHADA, BMC and other Government Authorities related to the project.
You will get best modern and latest amenities, but it is also necessary to maintain the basic bracket cost of construction as higher amenities will incur high project expenses leading to burden of excess loan amount on society.
No it will not stop any funds if the project gets delayed, instead it will help in error solving.
No, bank will not cease the possession of new flats for existing members of the society Rather bank will take initiatives to sell the additional area/flats and recover the balance loan and interest amount.
They dare not to because all the project activities will be monitored continuously by Bank, RERA, MHADA, BMC and other Government Authorities related to the project.
You will get best modern and latest amenities, but it is also necessary to maintain the basic bracket cost of construction as higher amenities will incur high project expenses leading to burden of excess loan amount on society.
No it will not stop any funds if the project gets delayed, instead it will help in error solving.
No, bank will not cease the possession of new flats for existing members of the society Rather bank will take initiatives to sell the additional area/flats and recover the balance loan and interest amount.
Bank will use society land/plot as collateral/mortgage for loan so individual society members do not have to pay any loan installments to the bank during or after the completion of project. This accounting and closure of loan will be managed by PMC in co-ordination with Bank and the society.
In consultation with Society, PMC will select various professional consultants for their role in the project. Appointment letters will be issued by Society to all consultants.
As per the schedule submitted, the bank will transfer the rent to your bank accounts every month without fail…so no dependency on developer’s financial cash flow now !!
You the members of the society !! Who else .. You will be guided by various professional PMC who in turn will bring Architect, RCC Consultant, Construction Contractor and other consultants on board as needed.