SRS has come out with an offer of allotment of plots in Panchkulla. The allotment would be on draw basis. However, their scheme did not mention anything about the refund of earnest money and other deposits in case of being unsuccessful in the allotment. A clarification was sought from the company by email as reproduced below:
"Thanks for mailing the brochure. I have a clarification as below:
1. Since the allotment has been stated to be on draw basis, what is the refund of the money paid till the date of refund of money in case of unsuccessful allotment. What is the interest payable on the application fee and earnest money payment in case of unsuccessful allotment. "

Against a telephonic call from their executive, I requested the company to respond the email. However the company preferred to remain silent despite reminder. In view of their silence, the perspective buyers are requested to be careful and apply for the plot only after ascertaining the clarifications in writing to prevent themselves from possible financial losses. more  

View all 8 comments Below 8 comments
Dear Mr. Sandeep Bahri, Thanks for your keen interest and comments to the post. However, the isue brought out by me is a simple consumer issue and that is also more of awareness issue. It has nothing to do with politics like congress or BJP. Even if we assume political issue, still the company SRS is situated in Haryana, the land being sold is in Haryana and both State of Haryana and Central are being ruled by BJP. The scheme has also been announced during BJP rule. I still feel it is the issue which is a non-political and related to ignorance of perspective buyers. more  
Excellent info, iwish i had recvd some sane advise like this when we booked a flat with PAL Group. They have defrauded in the tune of hundreds of crore and there is no respite from anywhere. Most of these land mafias hav happened due to the lacking Congress govt and they hav just ruined the whole fabric of goverenance in our nation. I just pray we are in the right hands in this BJP govt only time will tell. more  
Valuable information ! more  
Thank you Virmani saheb. Absolutely awesome inputs.
Sometime ago in a financial programme on NDTV Profit (which had some very fine investment advice) the two presenters Manisha and Monika were of the opinion that it is better we buy a lottery ticket rather than invest all the upfront money in such schemes, as it is after all a lottery only. Avoid such issues. more  
Few things worth to be clarified before applying such offer:
1. allotment/draw date
2. what if allotment/draw is postponed for any reason.
3. Will the deposit be refunded for the applicant who are not offered allotment after draw.
4. By when the deposit will be refunded.
5. what if the deposit is not refunded within the time.
6. What are the payment option post allotment is offered.
7. Penalties/Interest charge for delayed payment.
8. What if applicant is not able to make the payment after allotment due to financial losses or death.

Thanks
Satya more  
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