This is for people who are looking for info on Sovereign Developers - Bangalore and are not member of https://groups.google.com/group/sunnati
The members of the above mentioned group are buyers in Unnathi Project.The draft agreement that was shared by the builder had raised lot of concern.Some points are:
If steel and cement price are raised above Rs. 36000/- per Mt ton (Current price Rs. 30000)and Rs. 240/- per 50Kg bag (current price Rs 190/-) then the buyers have to pay extra. These prices are for bulk buy. But lot of people indicated the Retail price is way too high and thus the current price could be closer to the higher limit
There is a dead Nala that passes from the project site. This will not be connected out side the project but will be used for Rain water harvesting. This Nala will be open. Which is unhealthy.
SBI had not approved the project yet. upon being asked the builder says it will be done in matter of few days. Already 50 days have passed.
The open area around the towers and terrace could be used by the builder and other apartment owner will have no right in it.
Undivided share of land seems to be low.
Another clause is that if you want to sell your flat, you will have to take consent of the developer. and if developer gives the consent to sell, then 5% of the sale proceeds has to be given to builder
Exact carpet area will not be mentioned in the agreement. Only % shall be mentioned.
Not to drape cloths in the balconies. Balconies should be allowed as people staying in flats would dry their washed cloths in Balconies.
No proper break up of charges is mentioned this will lead to buyers paying extra. But note that the builder is addressing some points (Might not be mentioned here.This is not a whole list of concerns. For that one has to go through various threads in the group.
Going through the posts, 1 week old would help.