Installment 1 ----> At the time of booking
Installment 2 ----> Within 60 days of allotment
Installment 3 ----> On Completion of foundation
Installment 4 ----> On casting of basement slab
Installment 5 ----> On casting of 2nd floor slab
Installment 6 ----> On casting of 5th floor slab
Installment 7 ----> On casting of 8nd floor slab
Installment 8 ----> At the time of offer of possession
I think that all the construction stages are related to the specific
tower in which the flat would be. So, in my case (my flt is A002),
when the Foundation of Tower A is completed, then the builder should
ask for the 3rd installment.
@Prashant: I totally agree with your point. I have taken loan from
Axis bank and the bank people are reluctant in making payment for the
3rd installment as they are satisfied with the construction done. In
fact, I myself had been to the construction site on this Sunday. The
foundation in tower A is only partially done. And this is when the
demand letter contained the date for payment as 15th of Jan, 2011.
This also puts us in awkward position as the Ajnara people and the
Bank People do not prefer talking to each other directly and
unwantedly, we have to be the channel for communication.
@Sanjeev: You are right. Completion of Basement Slab means that the
basement is covered from the top i.e. roof of the basement is
completed.
I had taken some pics. Will try to upload them asap.
Saurabh.
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