Ambrosia by ASquare , SBI loan approval concern!! Hi All, First , i am not sure if this thread is posted in the right sub-group or folder. I had a concern & any sort of input will be helpful. I have booked a flat in Ambrosia by ASqaure Properties & had opted for a bank loan from SBI. Seems like the SBI did not approve the project as a whole & they are trying for getting the loan approved individually. I got a call from a manager @ ASqaure & he asked me to opt for another bank as it seems the loan may not get approved. :drowning Anyone else in the same sitiuation, who is still waiting on the SBI approval from Ambrosia. Whats been communicated to you? What are you planning to do? What are the option I have? If i have to opt for another bank for home loan, which is the best one I can go with? Awaiting your response. Thanks, Athi
Re: Ambrosia by ASquare , SBI loan approval concern!! Why do you think SBI is not approving? If one nationalised bank approves, usually others too will approve it. Are there any plan deviations or other problems?
Re: Ambrosia by ASquare , SBI loan approval concern!! Athi, A request first. please contain the posts to the same thread discussing the project. Coming to the loan approval i discussed this point in that particular thread. somebanks are hesitant while approving loans when the land is in parts and is not a single entity. in the sense suppose the project is on 50acres. 25 acres belongs a, 25 to b, and Builder buys both, as two parts and starts a project. he does not show it as a single piece of land. (I think there is some formality for this and the builder has to inject more cash). the flats on the area a get a uds of A. and the flats on b get uds of B. each is registered separately and the plans of these blocks say A,B,C... are all done separately. the builder may say tomorrow you get better water, because of being registered as 2 entities and all facilities are more..(?). Coming to the nationalised banks, the legal panel of these banks housing is very strict and do not approve the loan in cases like this. unless the builder gives them a noc from the approving authority like cmda that this is a whole project are something. I personally have faced this, with a nationalised bank, and i could not get the noc, my bank really made me go :rant:rant:spin. I then got the loan from LIC. So, it is all about how clear you are and how clear the builder of your project puts things on the table.
Re: Ambrosia by ASquare , SBI loan approval concern!! I was told by SBI staff that there are gross Plan deviations in Ambrosia. The FSI is more than the allowed 1.5 and hence, the Ambrosia Project has been rejected :eek by SBI for plan violations. FSI Violation is a serious matter in Chennai, I understand. It could even lead to demolition of buildings. The Promoters did not get a single approval for the entire project but got 3 separate approvals. Why ? Are some of the blocks unapproved ? If so which ones ? Can anyone investigate the matter and let me know what is wrong with Ambrosia ? If SBI does not approve, then something is definitely wrong in the Ambrosia project. :confused2:
Re: Ambrosia by ASquare , SBI loan approval concern!! Hi All I thought of booking in Ambrosia and then saw this thread - and am now confused and shocked can anyone please guide me those who have already booked - what do you feel after reading this threat like post?! :shock:
Re: Ambrosia - A Square Properties Lots of things doesn't looks right with the projects of "A-Square Properties/AMAR PRAKASH DEVELOPERS". But i am more concerned about the Plan approval. The Approved plan for construction has deviations with the plan what they show in their brochures. They say its "normal deviation". How much time will it take for the govt officials to give a better term as "violation" for the so called "normal deviation". Im thinking hard of canceling my booking.
Re: Ambrosia - A Square Properties guys, SBi has not approved some of the projects for the reasons Shanthi stated. It is your sole decision whether to go for the project or not. I along with some of the other owners had a lot of issues and troubled ourselves with lot of confusions and running around to find the facts like water supply, RO plant, STP, etc.. But now those of who had applied for loans in HDFC, LIC have got approvals and have gone ahead with registration. The more risk you try to find, the more you will see in any new project, be it, A Square or DLF or Hiran.. If I had invested the same amount in DLF in 2008, I would still not be able to occupy the flat until Dec 2011. Every project comes with its own challenges. if you say, for DLF you can wait - No, I want to move into my own house as promised by the builder so that I can stop paying exhorbitant rents in the city. The approved plan, if you see, will deviate to a certain extent from the plan in the brochure.. but if you see the percentage of deviation, it will still be within the allowed deviation limit - that may be what they are calling 'normal deviation'. Here I am talking about the floor plan of the house only.. not the entire project. We were also worried abt this deviation and talked to some friends who bought flat/ construced houses and they say this is normal devitaion. I forgot the % of deviation allowed.. but when we calculated, the deviation showed in Ambrosia floor plan was within that limit. You can check with your known sources. So validate and see how much of risk you are prepared to take.. Ofcourse, we checked with legal advisors and as per their advice, looks like there is no violation in this project that will snatch our flat or put us in trouble as such. Instead of saying lot of things are not right with the builder/ construction, have you tried to meet the MDs and probed more to get your questions clarified? BTW, one month back we too wanted to cancel our booking but when we met the MDs and had a serious discussion, we were ok with it.. not that they convinced us.. but we as first time buyes didnt know a lot of facts and were panicking for every little thing that was told to us.. When we (some of the buyers) did that, we got clearer response and clarity on many questions than speaking to the marketing guys on phone. Pls feel free to ask any specific queries you have on Ambrosia.. as a buyer I will try to give you the info that I know.
Re: Ambrosia - A Square Properties thanks Arthi/Shanthi i am still naive when it comes to such things and would want your help. I am now revisiting my thoughts on booking - enquired and found around 16 flats are only left looks like i wont have much time to think through! is there any link/help for what i should do for buying a flat - esp at ambrosia from scratch? cookbook kind which I can refer to
Re: Ambrosia - A Square Properties Hi All, I am planning to buy a flat @ Ambrosia. But am little confused with the water system there.. They explained me that they dont have any borewell in the site and we depend only on the lorries to bring water from outside. Added, water for cooking and drinking will be given after RO. I am little scared to know this as we really depend only on lorries for the water? is anyone have idea wen this will come under corporation so we can rely on metro water? Did i understand anything wrongly...? Pls help me out.
Re: Ambrosia - A Square Properties Arthi/Shanthi, Pls help me out with my doubts since only few flats left now...
