Tuesday, February 9, 2010

Interest Payment

Here is an email from friend of mine. I thought I can put up in blog here so everyone knows and can help in dealing with Parkstreet for him. I took out his ame and apartment number, etc.

I am XXXX,this is regarding my flat ABC-102 in Park
street.I have booked the flat as part of this group and registered
on DD-MM-YY.Now Park street is demanding me nearly 1 lakh rupees as
late fee(Interest charges) . They are calculating the interest charges by showing wrong status of
the flat.

I received a demand letter from Park street in July 2009 for 92%
amount.According to them 92% construction was completed at that
time.But 5th floor was in construction at that time where as my flat
is in 8th floor.

I did not understand, how 92% completed when 8 th floor was not at all

I sent the demand letter to banker(LIC) and asked them to dispatch the
After 15 days LIC has released only 40% money and said as per their
validation the flat was not completed 92% and
they can not release 92% money as park street mentioned in their
demand letter.

After that, Park street released 2 more demand letters and LIC
released the amount as per their validation.

Recently I received 4 th demand letter from Park street for remaing
balance and added nearly 1 lakh as an interest charges(calculated from
July to till date for the balance amount).

One interesting thing here is,Still the construction status is at 92%
even after 8 months.......but calculating interest charges from July..

I called finance dept of park street but they are not responding

Can any one help me how to resolve this issue.

Did you every received any letters like these? what have you done?
I think it is not fair on ParkStreet side to expect such money that too after such long period. Any suggestion will be useful.


Kamesh said...

Samething is happening to me... I got a demand letter asking me to pay interest of 26K for payment which i made in October 2009. My Bank delayed the process by 22 days. Park street only requested all buyers to take loan from HDFC....

Interesting part is they are demanding for interest after 4 months :-)

Datta said...

Hi Guys,

Finally did you paid Interest to Pride Purple? I have recently booked the flat and would like to have update as, I did my agreement 1 month after the booking.