I have paid advance in 2006 for Sobha Moonstone with a promise from builder that permissions would come in 2 to 3 months. At last permission has come in the month of Feb 2008. At the time of sale agreement down payment of 25% is made.
Even after one year construction has not started. There is no communication from the builder. Whenever you reach CRM they say "Construction will start very soon". Huge amount of Pre EMI money is lost in this game. Construction is delayed by at least 2 years as of today. Risks with this builder:1)
Construction agreement is one sided. One particular clause which says "If you modify the apartment builder is not liable for any penality charges for delay". Technically the project can be delayed for ever but till if you changed your flooring from Vetrified tiles to granite Sobha is never liable for any payments.2) Lack of communication:
Once booking amount is paid they will never contact you again. You are at their mercy3) Escalation Mechanism: They dont understand nor respect any escalations. 4) Penality clauses: On cancellation of either parties fault you will lose 25% during booking time and 5% on total construction cost of the apartment (Not on the money you paid so far, total construction cost)5)
For any reason if they are unable to build only option is to move to some other apartment, you will never get back money. You can join https://groups.google.com/group/sobha-moonstone google groups.