Stuck on payment plan for 3BHK, is CLP really worth it?
Budget finalised, loan pre-approved – now stuck on which payment plan to pick for a 3BHK in Noida Extension. Currently in a 2BHK in Sector 137, thinking of upgrading to Ultra Home Construction in Sector 12. Builders push CLP (Construction Linked Plan) like it's the only option, but honestly, isn't it just a way for them to fund their project with *our* money? You pay as they build, but what if construction delays? EMI toh chalu ho jaati hai. Okay, I'll say what no one says: a larger upfront down payment or even a subvention scheme (if you can find one that's not shady) feels less risky. You have more leverage, right? Is the "flexibility" of CLP really worth the uncertainty and potential double burden of EMI and rent? Seems like a trap sometimes. Disagree? Tell me why.
Comments
It's a tough call, honestly. Both CLP and subvention have pros and cons. The key is due diligence on the builder's reputation and financial stability. If Ultra Home Construction has a strong RERA track record and good reviews for previous projects, CLP might be manageable. But if there's even a hint of delay, it's better to explore alternatives or negotiate harder for a better payment schedule. What did you finally decide to do?
The current market conditions in Noida Extension are a bit tricky. Prices have seen some appreciation, but inventory is also high. For a 3BHK in Sector 12, Ultra Home is quoting around 4500-5000 per sqft, which is on the higher side considering some projects near Alpha I Greater Noida or Alistonia Estate are offering similar configurations for less, or are closer to completion. I'd suggest cross-checking with a few other developers in the vicinity. Don't rush into CLP just because it's the 'standard' offering. The double burden is real and can really drain your savings.
Haan, 4500 toh thoda zyada lag raha hai. Alpha I ke paas toh 4000-4200 mein bhi mil jaate hain, thoda research aur karo.
4500-5000 per sqft is quite high for Sector 12, I agree. Aajkal Noida Extension mein kya rate chal raha hai per sqft for ready-to-move ya near possession properties?
Sahi kaha, Noida Extension mein inventory bahut hai. Price negotiation ka scope bhi hona chahiye.
While I understand the frustration with CLP, subvention schemes also have their own set of risks, believe me. Many of them are tied to specific banks or NBFCs that might have hidden clauses or higher interest rates post the subvention period. Plus, if the builder goes bankrupt or the project stalls, the bank still expects you to pay the EMI, regardless of what the builder promised. You really need to scrutinize the fine print of any subvention scheme. Have you checked Ultra Home Construction's RERA compliance and past project delivery timelines thoroughly?
You've hit the nail on the head. Ultra Home Construction ka track record bhi utna khaas nahi hai, especially in newer sectors. My cousin booked with them in a different project, not in Sector 12, but near Ajayabpur, and faced massive delays. They initially promised possession in 2021, abhi tak sirf structure bana hai. CLP mein sabse bada dar yahi hota hai, builder ka interest aligned nahi rehta. Unko toh paisa milta rehta hai, chahe project kitna bhi late ho. Hum middle-class log hi fas jaate hain.
Exactly! Aur jab aap complain karte ho toh customer service wale bas ghumate rehte hain. Maine bhi ek builder ke saath experience kiya hai, they just don't care once they have your money. Even if you try to get some data, they give vague answers. It's so frustrating to deal with these delays, especially when you're paying rent.
Oh no, Ajayabpur mein bhi same haal? Mera ek dost bhi soch raha tha wahan. Toh unko possession mila kya abhi tak?
Totally agree with your point, bhai! CLP feels like a massive risk, especially with the way builders drag their feet these days. My friend booked a flat near Alpha II Greater Noida two years ago on CLP, and the project is still stuck at 70%. He's paying EMI and rent, it's a double whammy. You're right, it's our money funding their project. Better to go for something that's already near completion or ready to move, even if it means a slightly higher upfront cost. Leverage is key.