Balanced construction linked plan
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Builders all over India makes a construction linked payment plan CLP that is part of agreement. As per CLP normally builder charges 30-40% of total cost at the stage of foundation and 90% of total cost on laying of top floor of building structure. This leads to milking of buyers as cost incurred is 60-65% till structure and balance 30% is diverted. Now with 10% of money to come and 30% to incur builder looses his interest in project.
This is where the problem is. CLP should be such that it allows builder to charge buyer as per actual incurred cost at each stage.
Each instalment needs to be well detailed like Brock work, plaster, whitewash, electrical, plumbing , firefighting, common area development all should be included in CLP. This document should also give cost estimates of each work in instalments and expected revenue generation by calling that demand.
Along with drawings building plan CLP should also be approved by authorities.
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