Project FAQ's

Should I buy Flats?

Should I Buy flat at The Eastern Park or my own Kothi?

The Eastern Park, RERA approved housing project, is strategically located in the heart of EastCity, which is the Greenest residential location of Chandigarh Road. Project is just 5 minutes from Fortis Hospital & Best Price shop on Chandigarh Road. Its just ahead of the corporate office of Bonn Bread. Also, the location is 400 meters far from the highway, making the project easily accessible and also far from traffic & noise pollution of the city. The access road to the project is 100 feet wide bringing the residents the comfort of wide roads and infrastructure.

Let's first analyse the actual pros and cons of buying a single home and flat. When it comes to the cost perspective, buying a plot and constructing your own house comes at a higher price than a fully made flat.

BASIS	BUYING A PLOT AND CONSTRUCTING OWN HOME	BUYING A FLAT
RENTAL INCOME	A single home generally has less rent as there are not many amenities. Rent in Omaxe township on Pakhowal road is higher than Other middle-class options in that area.	A flat generates a higher rental income as people are valuing security and other social infrastructure more than just having a home.
FINANCIAL ASSISTANCE	Getting financial assistance in buying a plot is difficult as many financial institutions avoid providing loans to buy a plot.	Getting financial assistance in buying a flat is a lot easier.
CONSTRUCTION EFFORTS	It's very difficult to buy a plot and arrange everything for construction, given the busy life of people.	Flats are generally fully ready to move
TAX	In the case of the plots tax deduction on interest is provided only after the construction is completed.	In the case of flats when you take a home loan monthly payment of a home loan allows you the tax reduction.
SAFETY AND PRIVACY	It's very difficult to arrange for multiple social amenities like Gym, Parks, Sports facilities etc. in a single home	Since flats are more organized and are always in a gated community, it’s easier to manage the security of the township
SCOPE OF AMENITIES	Its very difficult to arrange for multiple social amenities like Gym, Parks, Sports facilities etc. in single home	Since a lot of people share the common pool of facilities, it's pocket-friendly and affordable for a township to arrange social infrastructure inside the project social infrastructure inside the project.

Comparison of price between The Eastern Park and other options

Price of Home at The Eastern Park as of 1st May 2021 is-

Configuration	Price (in Rs Lacs)
Semi Furnished 1 BHK	20.99
Semi Furnished 2 BHK	32.49

Price is exclusive of GST and other statutory charges

Additionally, the buyer also gets amenities at The Eastern park that you need to keep you and your family entertained. It's sprawling 16000 sq. ft. The clubhouse has all kind of recreational amenities include a Library, Crèche, Mini Theatre, Health Club, Tennis Court, Swimming Pool, Kids’ Pool, Outdoor Party Area, Banquet Hall, Gym, Snooker, Table Tennis, Other Indoor Games, Kids’ Play Area, as well as provisions for a Convenience Store.

Price of other Property options on Chandigarh road

	32 Sector	39 Sector	Vardhman Park	GK Estate	33 Ft road	Rahon road	Bhamian Road
Plot Price (in ₹ per Sq.yard)	45000	40000	35000	17500	15000	30 Lacs	15000
Home Price - (In ₹ for 125 Sq. yards)	80 Lacs	75 Lacs	75 Lacs	45 Lacs	30 Lacs	45 Lacs	30 Lacs
Home Price - (in ₹ for 150 Sq.Yards)	95 Lacs	85 Lacs	1 Cr	60 Lacs	45 Lacs	60 Lacs	45 Lacs
Home Price - (in ₹ for 200 Sq.Yards)	1.25 Cr	1.15 Cr	1.10 Cr	80 Lacs	65 Lacs	80 Lacs	65 Lacs

Tentative price as of 1st May 2020

As you can see, the Price of a home at The Eastern park is fractions of the price of other options on Chandigarh road. Further, The Eastern Park is an integrated housing township, which has the following additional advantages compared to other areas -

a) Organised and developed roads and infrastructure
b) 100% 3 tier security in and around the township
c) Green area with more than 484 trees
d) All sports facilities inside the project
e) Schools and medical dispensary inside the four walls of the housing society

Should I buy Apartment in The Eastern Park or keep on paying rent?

Human being always loves to own things, but when it comes buying own house, we always have multiple doubts. As per a recent survey taken by one of the top-rated Business newspapers- there are two primary reasons, among India, for not buying home-

1. Not having enough money to afford a home
2. The misnomer that It's better to pay rent than EMI

So, the biggest question is, what’s the right thing financially- Paying EMI or Rent. Is it better to pay rent than paying EMIs?

Difference between owning a house and living in rented accommodation

Before dwelling on the financial aspect of this problem, let's first analyse the difference between both situations.

Points of difference	Own House	Rented House
Ownership	Buying a house will makes you an Owner of the property, which provides you a sense of security and privacy. You can make any alterations in your house without any permission.	You will not become the owner of the house. You can’t do any alterations in the rented home without the permission of the landlord.
Privacy and Security	There is no interference in your daily life when you live in your own home.	There is a lot of interference. You cannot change anything without the permission of your landlord
Flexibility to change	There is no interference in your daily life when you live in your own home.	There is a lot of interference. You cannot change anything without the permission of your landlord
Flexibility to change	You cannot change your house once you buy with your money or loan you can’t change anytime. Whether you don’t like the environment or any other problem.	You can always take new home on rent in case you require bigger space or in case your requirements had changed
Maintenance	You are the owner of the house and thus you have a responsibility of maintenance, Improvement, and repairs of the house.	When you rent a property, your landlord is responsible for all maintenance, improvement, and repairs.

It's clear that despite some disadvantages of owning a home, it's better to buy your own home. It provides freedom and a sense of extra security.

Financial Implications of owning your home, compared to staying in a rented apartment

It's financially prudent to buy your own home than staying on rent. There are certain reasons for that.

1. Fixed amount of EMIs - When you buy a house with a loan, you are already aware of the EMI required to be paid over the long term. Hence, the future costs are predictable and more stable. Whereas, in the case of rent, usually there is an annual incremental clause. Thus rental amount increases every year. Usually, the thumb rule of such increment is 10% per annum.
2. Returns on monthly payment - When you pay to rent it’s an expense and you don’t make anything in return. But when you pay EMI, you are investing in your own home. Traditionally real estate is considered the best investment and in past, it has delivered super normal returns due to the Indian situation of high population and fewer homes.
3. Difference between EMI and Rent amount - In case you can get a home at EMI which is near to your rent amount, it's financially prudent to buy your own home. By paying a small amount of EMI per month, you can own a house property

How buying a flat at The Eastern Park is better than paying rent

At The Eastern Park, our research team has analyzed this whole situation based on the current status of the real estate market. We have surveyed rent at major localities on Chandigarh road. Those are -

Area	Rent in ₹
32 Sector	16000
Vardhman Park	15000
33 Feet road	12000
Rahon road	12000
GK estate	12000

Source- Property Brokers

However, in case you want to buy your apartment at The Eastern Park, you can buy by paying Rs 51000 and the balance you can pay by opting for home loan EMI. Below is the tentative EMI schedule for purchasing a flat at The Eastern Park

Configuration	1 BHK		2 BHK
Tenure	30 Years	20 Years	30 Years	20 Years
EMI before Subsidy	11171	13018	17292	20151
EMI after Subsidy	9395	10948	15516	18081

Assumptions- Subsidy assumed Rs 2.67 lacs. 80% LTV. ROI 7%

	Today	In 5 years	In 10 years	In 20 years
Your income in ₹ (Assumed 10% annual growth rate)	50,000	80,000	1,29,000	3,36,000
Home Rent in ₹ (Assumed 7% annual growth rate)	10,000	14,025	19,671	38,696
2 BHK Home EMI in ₹ (7% ROI, 2.67lacs Subsidy, 80% LTV, 30 years)	15,516	15,516	15,516	15,516
Home Value in ₹ (Assumed 7% annual growth rate)	32,49,000	45,56,000	63,91,000	1,25,00,000

All %age assumptions are as per general market accepted rules. Actual might be different from it.

If you notice the above table- it clearly shows that like your income, monthly home rent also increases every year. As per the last 20 years track, house property generally goes up at 7% CAGR. And thus, despite paying ₹ 38696 rent after 20 years, you won’t make anything in return. However, if you pay an EMI of ₹ 15516 per month, you could own a home whose price would have increased by then.

Is Flat at The Eastern Park costly compared to other residential colonies on Chandigarh road, Ludhiana?

Chandigarh road in Ludhiana is fast flourishing as the next developing residential hub of Ludhiana. In the past 3-4 years a lot of new housing projects are being launched on this road. Due to its geographical proximity to the workplace and infrastructure development, this location has become the next investment destination in Punjab. However, despite new projects, there is a dearth of organized housing townships here.

The Eastern Park is an integrated township launched in the greenest part on Chandigarh road. Further, the project is located in the Residential zone, unlike other new projects coming in the vicinity of manufacturing plants.

About the Project

Harmony of The Soul, Mind, and Body is the key to ultimate Happiness. This philosophy is being known as “The Trivedi Effect” in our scriptures. Set amidst the Greenest and Exclusive residential Zone of the East City, Chandigarh Road, Ludhiana- The Eastern Park is conceptualized around this age-old principle.

Our Strategic location, unique architecture, open spaces, Large and powerful community of 1000 families & fully secured life bring you & your loved ones, the best of Life they deserve.

Approvals	About Project	Lifestyle Utilities
RERA Approved Project under Affordable Housing concept	18 Acres development	18+ Lifestyle amenities with 16000sq ft. Clubhouse ‘Clarke’- Indoor all-weather swimming pool, Private Movie Audi, Modern Gym, Party Hall, Guest rooms, etc.
Buyers Eligible for Subsidy up to Rs 2.67 under PMAY	Far from Factories in Exclusive Residential Zone	1.5 acres central Green Park with 375mtrs. Synthetic Joggers Track
Up to 90% Funding available from all Major Banks including- SBI, PNB, Axis, AU Small Finance Bank, UCO Bank, BOB, OBC, Corporation bank	81% open and Green Area with 425+ Trees and innumerable Shrubs inside the Township	3 Tier Security
Possession by July 2022.	10 Shops to fulfil all daily needs within the Gated development	24 hrs Water supply, Piped Gas & Electricity

Amenities

The Eastern park is fully equipped with all that you need to keep you and your family entertained. It's sprawling 16000 sq. ft. The clubhouse has all kind of recreational amenities include a Library, Crèche, Mini Theatre, Health Club, Tennis Court, Swimming Pool, Kids’ Pool, Outdoor Party Area, Banquet Hall, Gym, Snooker, Table Tennis, Other Indoor Games, Kids’ Play Area, as well as provisions for a Convenience Store.

Comparison of price between The Eastern Park and other options

Barring Sector 32, Sector 39 and Vardhaman Park, most of the residential localities on Chandigarh are unorganised.

Price of Home at The Eastern Park as on 1st May 2021 is-

Configuration	Price (in Rs Lacs)
Semi Furnished 1BHK	20.99
Semi Furnished 2 BHK	32.49

Below is the tentative EMI schedule for purchasing flat at The Eastern Park

Configuration	1 BHK		2 BHK
Tenure	30 Years	20 Years	30 Years	20 Years
EMI before Subsidy	11171	13018	17292	20151
EMI after Subsidy	9395	10948	15516	18081

Assumptions- Subsidy assumed Rs 2.67 lacs. 80% LTV. ROI 7%

Price of Home at other locations -

	32 Sector	39 Sector	Vardhman Park	GK Estate	33 Ft road	Rahon road	Bhamian Road
Plot Price (in ₹ per Sq. yard)	45000	40000	35000	17500	15000	30 Lacs	15000
Home Price - (In ₹ for 125 Sq. yards)	80 Lacs	75 Lacs	75 Lacs	45 Lacs	30 Lacs	45 Lacs	30 Lacs
Home Price - (in ₹ for 150 Sq. Yards)	95 Lacs	85 Lacs	1 Cr	60 Lacs	45 Lacs	60 Lacs	45 Lacs
Home Price - (in ₹ for 200 Sq. Yards)	1.25 Cr	1.15 Cr	1.10 Cr	80 Lacs	65 Lacs	80 Lacs	65 Lacs

Tentative price as on 1st May 2020

a) Organised and developed roads and infrastructure
b) 100% 3 tier security in and around the township
c) Green area with more than 484 trees
d) All sports facilities inside the project
e) Schools and medical dispensary inside the four walls of the housing society

How do I pay for the flat?

How can i purchase flat at The Eastern Park?

a) Step 1- Decide the configuration - The first step is to decide the configuration of the home. We currently offer two formats of home- 1 BHK and 2 BHK. You can choose the flat type as per your needs. We have observed most of the young couples have bought 1 BHK apartment at The Eastern Park
b) Step 2- Pay Booking Amount - You need to pay Rs 51000 of the booking amount. This amount you can pay in multiple ways- Cheque, Paytm, Google Pay, Phonepe, Credit cards, or Debit cards. You would be amazed to note that, 95% of our customers pay us booking amount digitally.
c) Step 3- Apply Loan - Post booking, our team will help in putting a loan application with any major bank as per your choice. It takes not more than 10-15 days to process the loan application. Our team ensures the proper processing of the loan application. However, actual approval or terms of the loan happens as per the bank's underwriting rules, which are beyond the control of our team.
d) Step 4- Pay Construction linked amounts - Post loan approval, you can get the amount disbursed from the loan account as per the payment plan. Banks usually disburse loans for 90% of the flat value. Thus you can own your flat by just paying 10% of the total flat value in 30 months in easy instalments.

EMIs of the home loan usually starts at the time of possession, however each bank has their own policies. You can get in touch with our team to know more details.

Why should i take Home loan to buy Flat At The Eastern Park and also pay interest?

For most Indians buying a home is probably the biggest financial decision of life. And with ever-increasing real estate prices, taking home loans becomes imperative. As per the latest data, 63% of new home buyers, take a home loan to finance their dream. Though taking a mortgage helps in making the property affordable for the buyer, however, it also brings worry of paying interest and EMIs for long period in the future, which can be taxing. So, there is often a dilemma among buyers- “Should we invest our savings in buying our new home or take a mortgage instead?”

Nevertheless, as per experts, a loan is the biggest catalyst to fulfil our dreams. They believe that there are multiple other benefits of taking a home loan and it can be used for financial planning also. Let’s examine some of them-

a) Affordability - The home loan makes it easier for a person to afford a home of their own. Usually, banks fund up to 80% value of the property- thus one can take easily the property of 5 times the value of the personal savings.
b) Cheap interest rate - One of the major home loan benefits is that it comes with a lower interest rate than other forms of borrowing like a personal loan or gold loan. This is because the lender uses the property that you wish to purchase as security against the amount you borrow. These days most of the banks are charging interest rates in the range of 6.7%- 8.5% per annum, which are historically the lowest. Considering the usual empirical growth of real estate property in India, this can be profitable.
c) Extra returns - Over the past decades, the cost of real estate properties in India has been on the rise consistently. Many experts suggest that the capital appreciation of the real estate properties has been much higher than the interest you pay on the home loan. In case one decides to buy a house property with own money, the capital growth will be limited to the investment made. However, in case, a home loan is taken for 80% amount, then the capital growth will happen for overall property value, which would be much higher comparing to self-funded property.
d) Tax benefits - To encourage more and more people to buy their own house, the government of India provides tax deductions on the principal as well as interest paid on the home loan. An individual is eligible to claim a deduction of up to Rs 1.5 lakh under Section 80C of Income Tax of India 1971 Act in a financial year. While a deduction of up to Rs 2 lakh is allowed on the interest portion under Section 24B of the Income Tax of India Act. Experts believe that one can save up to 25% of the EMIs just due to tax benefits.
e) EMI as Compulsory way of savings - The money you pay towards the EMI, you can look at it as a saving rather than an expenditure. This is because after you repay the loan completely, you will become the complete owner of the house, which will have an increased value at the end of the loan tenure.
f) Nil Prepayment - Unlike other consumer loans, there’s zero prepayment penalty on home loans with floating interest rates. You can make innumerable pre-payments in your home loan account. So, whenever you have surplus money, you can utilize it for making a part payment towards your home loan and lower your burden.
g) Improving credit score - When your home loan is in effect, and as you continue to repay the amount diligently or if you have already repaid the loan in full, your CIBIL (Credit Information Bureau (India) Limited) score will automatically increase, and the lenders will classify you as a safe and responsible borrower. This will help you improve your loan eligibility.
h) Due diligence of property by the bank - Banks undertake strict due diligence before financing a housing project. In case any housing project is approved by the banks, it validates the credibility of the project promoters and paperwork.

Considering all the benefits, it’s a financially wise decision to take a home loan, rather than using the personal savings to buy a new home.

What is the Process of taking Home loan?

Types of home loans available in the market are: -

1) Home Purchase Loans: - This type of loan is taken to buy a residential property, including flats, row houses and bungalows. An individual, who wants to avail a home purchase loan
2) Home Construction Loans: - People can also avail of home loans to get their house constructed – either by themselves, or by employing a contractor to construct the house – on a plot that they own.
3) Home Improvement Loans: - You are likely to need sufficient funds for home repair and maintenance. You can take home renovation loan or home improvement loan and keep your savings intact while meeting your requirements with ease.
4) Home Extension Loans: - It is a loan to extend or add living space to your home such as additional rooms and floors etc.
5) Land-Purchase Loans/Plot Loans: - This type of home loan can be availed for the purchase of land or a plot loan for construction or as an investment.

ADVANTAGES OF HOME LOAN

1) Tenure: - You can get loan and you can pay it in a instalment in a particular tenure. Which you can choose the tenure. This is one of the best advantage of taking Home loan. You can get the loan and make a tenure to pay the loan in EMI’s. The maximum loan tenure for housing loans is capped at: 30 years.
2) Low interest rates: - You can get home loan in lower interest rate. You can compare the various bank and choose as suitable your requirements. Home loans have become very affordable today with interest rates moving downward in the recent past. Lower interest rates result in lower EMI amounts which makes home loans more attractive and affordable.
3) Instalments: - If you are thinking of not to taking loan than you have to pay full amount on the same time but if you take loan than after receiving the loan you can make instalments and pay it every month. This makes you burden free from paying all the amount.

DISADVATAGES OF HOME LOAN

1)LOSS OF INVESTMENT OPPORTUNITY : - When you apply for a loan, irrespective of big or small the loan amount is or how long or short the duration is, as you continue to repay the amount, you lose the opportunity to invest the same amount in an investment tool that could yield you valuable returns.
2) HOME LOAN MAY CARRY RISKS: - The duration of the home loan typically spans over 10 to 30 years, which is quite a long time. In case, if you fail the repay the loan, the lender has the authority to take over the property and sell it to gain back the money they lent you as a home loan.
3) Long Term Commitment: - A Home Loan is a long-term commitment of at least 15-20 years. ... This is why you need to always keep an eye on your outstanding Home Loan amount. A periodic review of your Home Loan amount will help you decide if your loan needs a foreclosure, top-up or a balance transfer.

What about the EMI?

What is EMI and Concept of Home Loan?

Concept of Home loan

A home loan is an amount that is borrowed from a bank or financial institution by individuals for purchasing a house property. This property can be for self-occupation or just a financial investment. It is borrowed at a certain rate of interest which is to be paid in a form of Equated Monthly Instalments- known as EMI, every month. The Instalment amount is inclusive of interest. It is a very common type of instrument used by many individuals to purchase homes.

Types of home loans available in the market are:-

1) Home Purchase Loans - This type of loan is taken to buy ready-to-move residential property, including flats, rowhouses, and bungalows. An individual, who wants to avail a home purchase loan
2) Home Construction Loans: - People can also avail of home loans to get their house constructed – either by themselves or by employing a contractor to construct the house – on a plot that they own.
3) Home Improvement Loans: - You are likely to need sufficient funds for home repair and maintenance. You can take a home renovation loan or home improvement loan and keep your savings intact while meeting your requirements with ease.

ADVANTAGES OF HOME LOAN

1) Low-interest rates: - You can get a home loan at very low interest rates, compared to other types of consumer loans. You can compare the various bank and choose the best deal, as suitable your requirements. Home loans have become very affordable today with interest rates moving downward in the recent past.
2) Flexible Tenure: - You can choose the tenure of the loan as per your requirement. Usually, the EMI amount goes down with higher tenure. Usually, banks lend home loans for up to 30 years of tenure. Further, a borrower can get the tenure changed even after taking the home loan, based on their monthly income flows.
3) Nil Prepayment: - Unlike other consumer loans, there’s zero prepayment penalty on home loans with floating interest rates. You can make innumerable pre-payments in your home loan account. So, whenever you have surplus money, you can utilize it for making a part payment towards your home loan and lower your burden.

DISADVANTAGES OF HOME LOAN

1) Long Term Commitment: - A Home Loan is a long-term commitment of at least 15-30 years. Paying EMIs for such a long term can be taxing and drain monthly cash flows. It can be psychologically painful in a down market or in times where incomes are stagnant.
2) HOME LOAN MAY CARRY RISKS: - The duration of the home loan typically spans over 15 to 30 years, which is quite a long time. In case, if you fail the repay the loan, the lender has the authority to take over the property and sell it to gain back the money they lent you as a home loan.

WHAT IS EMI?

An equated monthly instalment (EMI) is one part of the equally divided monthly instalments to clear off the outstanding loan within a particular tenure. A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly instalmentsare used to pay both interest and principal each month so that over a specified number of years, the loan is paid off in full.

The EMI is dependent on multiple factors, such as:-

1) Principal borrowed
2) Rate of interest
3) Tenure of the loan
4) Monthly/annual resting period

How EMI Calculated

The EMI usually, remains fixed for the entire tenure of your loan and it is to be repaid over the tenure of the loan every month. During the initial years of your loan tenure, you pay more towards interest. The rate of interest will be taken as a monthly rate as EMIs are paid monthly.

For Example, if the interest rate is 10%, you need to divide it by 12. Also, the tenure (NPER) will be the number of months. So, if your loan tenure is 20 years, the tenure will be 20x12 = 240 months

EMI = principal amount + interest paid on the loan

You can also calculate EMI’s on various websites

You can calculate your EMI here.

Below is the tentative EMI schedule for purchasing flat at The Eastern Park

Configuration	1 BHK		2 BHK
Tenure	30 Years	20 Years	30 Years	20 Years
EMI before Subsidy	11171	13018	17292	20151
EMI after Subsidy	9395	10948	15516	18081

Assumptions- Subsidy assumed Rs 2.67 lacs. 80% LTV. ROI 7%

As per a matter of financial wisdom, one should not pay EMIs of not more than 40%-50% of monthly cash inflow. While the combined EMIs of all your loans should not be more than 45-50% of your total income, home liabilities should not exceed 35-40% of the income.

In case you are staying on rent in Ludhiana, you would be paying at least Rs 10000 monthly rent for a decent 2-bedroom accommodation. Considering this expense, paying EMI and owning a home with tremendous potential of incremental returns, seems to be the better option

Can I afford EMI for buying a home at The Eastern Park?

Concept of Home loan

For the majority of us, buying a house is like crossing one of the biggest milestones of life. It Is indeed the biggest dream of Individuals in the contemporary world. The primary reason for this is the humungous investment one makes to buy house property. For middle-class buyers Home loan plays a very important role, in fact as per recent RBI data, 63% of the home buyers opt for housing loan to buy their dream homes. EMI amount is a critical part in deciding the loan’s eligibility and also the affordability of the property.

Whether you have the plan to buy a smaller or bigger home, depends on the money you can pay from your savings and also the EMI burden you can take.

The Price of one apartment starts at Rs 20.99 lacs at The Eastern Park. One can easily book his or her home with a down payment of Rs 51000. Post this you can apply for a home loan with any of the major banks and pay the balance amount from the loan account easily. The Eastern Park also assists its customer in inputting loan applications across all major public and private banks.

Can I afford EMI for buying a home at The Eastern Park?

To avoid distressing your finances, it’s always necessary to first figure out to what percentage of your income or savings should go to paying EMI for your home. Remember, there is the affordability factor that always counts, you may not be able to pay very high EMIs due to financial constraints. Therefore, you need to first realize the amount of EMI that comes under your affordability range. Globally individuals go for EMIs which is equal to 40%- 50% of their monthly net cash flows.

EMI amount depends on-

1. Net income- Lenders don’t consider the gross income while calculating the EMI. They only take the cash component of the income which comes to the bank account of the individual.
2. Ability to pay- Lenders usually ensure that the EMI of the loan shouldn’t be more than 40%-50% of the monthly cash inflow. Also, lenders don’t consider any irregular incomes credited to the bank account while calculating loan eligibility
3. Tenure of the loan- Higher the loan tenure lesser the EMI
4. Loan amount- Higher the loan amount, higher the EMI
5. Interest rate- Higher the Interest rate, higher the EMI
6. Chance of Future cash inflow growth- Higher the probability of an increase in your monthly income cash flow, higher the EMI amount you should pay

You can easily calculate the EMI of your prospective home online here.

Below is the tentative EMI schedule for purchasing flat at The Eastern Park

Configuration	1 BHK		2 BHK
Tenure	30 Years	20 Years	30 Years	20 Years
EMI before Subsidy	11171	13018	17292	20151
EMI after Subsidy	9395	10948	15516	18081

Assumptions- Subsidy assumed Rs 2.67 lacs. 80% LTV. ROI 7%

5 Critical things to check before you take home loan to buy your home at The Eastern Park?

When we talk of numerous Financial-benefits, Property as an asset helps to reap various benefits. Whether you are finding your new home or a property for investment purposes, banks are always there to provide you with Loan opportunities.

If you do not want to liquidate your savings, or you are short on cash, a home loan acts as a great form of financial assistance. Banks always help you to fulfil your dream of purchasing a home, by providing you loan, which can be repaid in format of easy monthly instalments with the option to choose the repayment tenure as per your convenience.

But before you begin applying for a home loan, let’s check these important points that could help you to ease the application process and simplify loan repayment.

1 - Loan Eligibility: - You can check your Loan Eligibility by calculating the EMI. Banks limit the instalments to 40-50% of the borrower's salary or monthly cash income. The eligibility will go down further if you have existing liabilities, say another loan. Some banks are sensitive about the number of dependents you have because the higher number of dependants means lower repayment capacity. Apart from the financial strength, your profile also reflects how much the banks agree to lend.

Let’s take an example: - Mr. A (is an employee with a suitable source of income) and Mr. B (a self-employed with an inconsistent earning) both apply for a loan. Mr. A will find it relatively easier to get a loan than Mr. B. Your age defines how many earnings you have that will define your re-payment capacity as well as the tenure of the loan.

The income of the Co-borrower is clubbed (combined) while considering the eligibility for the loan, so having a co-applicant allows you to get a higher loan. Banks usually limit the loan amount to up to 90% of the value of the property.
2 - Tenure of Loan: - Home loan EMI decreases as your increase the re-payment tenure of the loan. Usually, banks give loans for up to 30 years of tenure, based on your age. With a long tenure home loan, you can buy a bigger and better house than what you can buy with a short-term home loan.
3 - Documentation requirement: - Documentation needed for a home loan can be categorized as: -
- • KYC Documents: It includes the identity and address proofs. Required documents are a Valid Passport, Voter ID card, Aadhaar card, etc.
- • Credit/Income Documents: These documents can help the lender in assessing your loan eligibility. You can submit your salary slips of the last 3 months in case you are employed but in case you are self-employed, you can submit income tax returns along with the last three year’s income computation.
- • Property Documents: The agreements to sell, the title deeds, etc. are included in this type of documents. You need to submit your KYC documents and credit/income documents along with the home loan application to avail the home loan approval, and in case of home loan disbursement you need to submit the property documents in original form.
  
  Original property documents such as title deed, agreement to sell, own contribution receipts, etc are very important property papers because they are mortgaged with the lender as a security interest on the property being financed.
4 - Types of Interest Rates: - Different types of home loans that are available are: -
- • Adjustable/Floating Rate Loans: Under this category of loan, the interest rate is linked to the RBI’s regulated benchmark rate. The interest rate changes proportionately to the changes in the benchmark rate.
- • Fixed-Rate Loan: Under this category of loan, the interest rate is fixed at the time of taking the loan. This rate of interest is applicable for the whole tenure of the Loan.
- • Combination Loans: Under this category of loans, there is a combination of both, Fixed Rate Loan and Floating Rate Loan. These Loans offer some part of the loan at a fixed rate of interest and part at an adjustable or floating rate of the loan.
5 - CIBIL score: - Banks have to manage the risk of giving loans to individuals. They use multiple tools to validate the risk category and CIBIL is the primary tool for them. CIBIL is a credit rating organization that rates individuals, based on their past behaviours around taking and repaying credit. It is essential to maintain a credit score. CIBIL score ranges between 300 and 900. Any score between 300 and 549 is considered poor and anything from 550 to 700 is considered good. So, if you have a CIBIL score of more than 750, you can easily get the loan, based on your monthly cash flows and also can get even better interest rates.

In Conclusion, it can be said that purchasing a house is a very big step in One’s life; it is also the most satisfying experience one can have in their life. Most people do buy their home but the sky-rocketing housing prices always keep them away from purchasing their dream home. Getting a home loan is much handy as it provides the financial foundation to your dream of having your own home. A home loan is the best way to help you own your own house. Once you are clear with all these points, apply to the Lender that offers a complete Home Loan package. You can have many interesting Home Loan Schemes that can suit your requirement.

A borrower should be cautious before getting a home loan as there are so many financial institutions that are ready to lure you with so many offers so be sure about the deal you get agrees to and yes before buying a home loan read all the documents carefully.

Further, The Eastern Park also provides assistance to its customers to put loan application with all major banks.

Location

a) Where is the proposed development of The Eastern Park on Chandigarh Road?

b) Why should I buy property on Chandigarh road?

Chandigarh Road as Ludhiana’s suburb,has undergone rapid transformation in last 25 years. It’s now one of the fastest developing residential neighbourhood in the city. The growing infrastructure combined with the presence of renowned corporates and seamless connectivity to important business hubs makes Chandigarh Road one of the most lucrative real estate hotspots for living.

Let’s dive deeper into all these factors that add to property value and make it appealing to home buyers. As per property experts, Chandigarh Road, Ludhiana is now the fastest developing area for housing development, in entire Punjab, especially due to its population’s demography, close vicinity to commercial establishments of the state, multiple ongoing infrastructural projects & also the launch of lots of new Group Housing Projects. Some of the highlights of Chandigarh road are-

Ongoing Infrastructure Development

a) Dhanansu Hi-Tech Cycle valley- This dream project of Punjab Govt and Hero Cycles Group is spread over 380 acres of land and expected to bring an investment of more than Rs 1500 cr. in the next 36 months. As per experts, by 2022 it expects to produce 4 Million cycles annually and would fulfil 50% of Indian and European market’s demand.
The project will be creating more than 10000 white-collar jobs, thereby leading to a very high demand for planned group housing in this area.
b) Ludhiana Elevated road- The 12.95-km elevated road being constructed by the National Highways Authority of India (NHAI) from the octroi post on Ferozepur Road (NH 95) to Samrala Chowk for Rs 756 crore will reduce the travel time to just over 10 minutes. This will connect all major Malls, Schools & Colleges, Shopping Areas, Hospitals to Chandigarh road. Its already under construction and project is expected to be completed by July 2022
c) Southern bye-pass Ladhowal to NH 95- This 17 km southern bye-pass, with an expected cost of Rs 392 cr., will link NH 1 with NH 95 from Ladhowal seed farm (near to Jalandhar toll plaza) to Chandigarh road along with Sidhwan Canal. This will further reduce the travel time.
d) 6 lane road from Samrala Chowk to Kharar- This project is already in progress and multiple over-bridges are in implementation stages. It is expected to be completed by 2021. All traffic issues on Chandigarh road will go away, once this is ready.

The Balance with Nature

Finding an ecologically balanced residential location in Ludhiana is actually a task, but fortunately East City on Chandigarh Road is blessed with ample greenery. East city, is exclusive residential area without any polluting factory or offices.

Work Life Balance

Work-life balance is very critical element of our lives and time spent on daily commute to workplace and back to home makes large impact. Chandigarh Road is home to major Corporate hubs & Multinational Companies, thus attracting professionals from all over the region. Affordable group housing powered with security and high lifestyle, near their offices will bring a lot of demand from residents on Chandigarh road and nearby areas.

Return on Investment

As per property experts, based on current rents & infrastructure developments on Chandigarh road, inflation for next 3 years and also huge gaps of rental incomes of group housing projects like Omaxe at Pakhowal road & other planned projects on Ferozepur road, 1 BHK is expected to fetch at least Rs 10000 per month and with 2 BHK expected to earn between Rs 15000- Rs 18000 per month. Also, investors can expect decent capital appreciation on their investments at this location, considering high demand factors.

c) How far is The Eastern Park from Airport, Railway station and Bus Terminus?

To find an ecological balanced location along with easy accessibility, is a task these days. However, The Eastern Park has all the locational advantages. Project is based out of the greenest destination of Ludhiana and also not far from all Public transport systems. Its just 10 minutes away from Ludhiana’s Domestic Airport and in case you want to reach, Chandigarh’s international airport, its just 90 minutes from here. Further since the project is bang on Chandigarh Road, to get busses from the highway is a child’s job. You can get state transport/ private run busses very easily.

Further, Both Railway Stations and Interstate bus Terminus are just 25-30 minutes’ drive from the location. You can get all kind of local transports support at the location. All Mobile operated Taxi, Auto services are available at the location, through the day and night.

d) Is there public transport available to other parts of the city from The Eastern Park?

Yes, project is located bang on Chandigarh road, and all major public transport are easily available like shared autos, Three-wheeler, Busoga cab, uber cab, etc. Also, you can easily get all State transport/ Private run busses from Highway.

e) From where residents of The Eastern Park, buy their daily need things?

The Eastern Park is a captive residential project with your daily needs being served from inside the project. Project has 10 shops for daily need inside the premises. We have already done commercial lease agreement with 1 Grocery Chain and 1 Dry Cleaning brand. Along with, we are continuously working to close deals with other vendors, to ensure that all daily needs are fulfilled inside the township.

Further, Location is 5 minutes away from Best prices shopping chain. With Sector 32 shopping market just 10 minutes away, you can shop for all non-essential items very easily. You can also find all discount outlets of major apparel brands like Nike, Adidas, UCB, Louis Phillipe, Ven Heusen, etc just 10 minutes from the township.

Project’s Plan and Design

a) How big is the overall Township of The Eastern Park?

The Eastern Park Township is spilled over 18 acres of land, in the heart of East City. In the 1st phase of development, we are developing 8 acres piece, where we are currently constructing affordable housing project with 9 residential towers and 1 commercial building.

b) What's the overall plan of the township, The Eastern Park?

The Eastern Park is being developed as Ludhiana’s 1st ‘Healthy Life Homes’. In our ancient scriptures Health is defined in 3 parts- Mind, Soul and Body. We have specifically planned and designed this project, keeping in view all 3 aspects of our Health.

We have ensured that each Home would have ample Sunlight and Air for utmost well-being of the residents. Here are some key critical design elements of our township-

1) 81% of the project is open. It means only 19% of the land parcel is covered with buildings or concrete. Rest is being developed as open area.
2) Whole township will have 425 trees and innumerable plants. You can get the details of all these trees from our site office or can check out our sales brochure.
3) It has central park ‘Berkley’ of 1.5 acres which is largest single piece park in any residential development across Ludhiana. Apart fromthat,project has 6 small parks or flower gardens to make it complete green project.
4) There is minimum gap of more than 172 ft between two towers, which ensure ample air and privacy to residents.
5) All corridors are 7 feet wide, giving large free space for care free movement while walking.
6) Township has exclusive 6 feet wide synthetic joggers track.

c) What all facilities and amenities you are providing inside the township, The Eastern Park?

The Eastern Park offers multiple lifestyle amenities for its residents, for all age groups. Our project consultants have put the facilities considering our traditional value and lifestyle needs. Here are the details-

a) Sports activities- The Eastern Park has more than 10+ sports activities – Both Indoor and Outdoor. It has Fully net Cricket pitch, World class open courts for Basketball and Lawn tennis, Dedicated room for Billiards, an exclusive room for all other indoor games with proper equipment's.
b) Health infrastructure- Township has large indoor Gym, Exclusive Yoga Room, 375 meters – circular synthetic joggers track, 1.5 acres central park etc. We also have medical dispensary for emergency issues.
c) Indoor Swimming pool- Keeping in view our society values, we are putting up Ludhiana’s 1st indoor – all weather swimming pool for 100% privacy
d) Kid’s school- Township has kindergarten school which will also provide creche facility for its residents
e) Community activities- We have dedicated space for senior citizens and kids. There is open-air for community celebrations. Along with that project has exclusive party hall for celebrations, with capacity to handle 300 people.
f) Entertainment- You can play your favourite movies or sports with your families and guests, in our exclusive Private Theatre with 9-seatercapacity.
g) Guests room- We are providing dedicated Fully furnished rooms for the stay over of the guests of
h) Parking- We offer1 dedicated car parking for each resident, along with more than 300 parking’s for guests.

d) What is the total number of car parks?

We have dedicated and marked car parking for each Home. Nobody else will be allowed to park at your parking site. Additionally, we have 300+car parking’s for your guests. Apart from it, we also have ample two-wheeler parking inside the project

e) Is this project safe and secure for my family?

The biggest benefit of The Eastern Park ,is 3 tier security providing complete safety and security for your kids and family. Some of the highlights of our project are-

1) Secured Community- 3 level project security, Inhouse Medical facilities & Group house living, brings a healthier and happier life for your family and senior citizens.
2) Pollution-free location - Township is Located within Greenest residential zone of East City in Ludhiana, offering your loved ones, clean, safe & pollution free living
3) Creatively Designed-More than 81% open area, the exclusive central park of 1.5 acres, 425 trees & innumerable plants ensure the highest Sunlight and Air to each home
4) Superior lifestyle- Fulfils modern lifestyle desires like Mini theatre, Gym, Jogging track, Sports facilities like Lawn tennis, Basketball, cricket nets & much more.
5) Rainwater harvesting- Our 10 water wells, ensure NIL water logging inside the township. Also, it will ensure for 100% freedom from any water-borne diseases, keeping your family safe.

Project Ownership and Promoters

a) Is your property title clear?

Of course, Our Company owns complete land parcel. The Eastern Park is approved under Affordable Home Guidelines issued by govt and all customers are eligible for up to Rs 2.67 lacs in Pradhan MatriAwas Yojana 2015, which itself is proof of clear land ownership. Moreover, the project has got RERA approval, vide license no PBRERA-LDH44-PRO468, which is only granted to projects with clear land ownership. (You can check all documents on RERA website www.rera.punjab.gov.in) Also, this Township is approved by all leading banks for home loan to all buyers. Our project has passed all stringent conditions from various government authorities. Important ones are-

1) RERA approved- Our Project is approved by Real Estate Regulatory Authority, which validates the highest level of capability and integrity of the Promoters.
2) Approval by all banks- We have received approval from all Major Banks, including SBI, PNB, Axis Bank, UCO Bank, BOB, OBC etc. for giving loans to all home buyers
3) Affordable housing scheme- Residential Project has got permission after meeting very stringent Audits & conditions of Affordable housing scheme of Central Government.
4) Eligibility of subsidy - All customers investing in the Project are eligible for claiming up to Rs 2.67 lacs subsidy, as per guidelines of Pradhan Mantri Awas Yojana (PMAY).

b) Who are the Promoters of The Eastern Park and what’s their background?

Gaurav Land Developers and colonizers Pvt Ltd is promoted by Ludhiana based entrepreneur. Find a brief about the them-

Director – Vidhu Mangal Singla

Vidhu is a dynamic personality by himself. He is an Engineering graduate from Prestigious Thapar University in Civil. He has worked with Global Construction companies like L&T and Emaar MGF. The young and enthusiastic leader is passionate about delivering high quality of residences for the common man and never compromises it on any level. His ideas are driven upon innovation and technology, bringing multifield advantages to the project implementation – cost, creative designs for maximum sunlight, air, open space, etc. He loves photography. He likes capturing memories. He believes “learning a creative skill is good for the brain”. He is very crazy about health & fitness.

Director – Gaurav Garg

Gaurav Garg is an achiever by nature. After completing his graduation from Shri Aurobindo College of Commerce and Management, Ludhiana, he was very determined to enter into the Real Estate Business. Gaurav has been at the forefront of leading the company into the new era contributing significantly to better internal systems & operational processes. He is enthusiastic about Mr. Narendra Modi’s dream of Digital India, whereby “The Eastern Park” will be 1st real estate company in this region to sell property through Digital Wallets and other E-Payments platforms. Gaurav is open honest and transparent about the dealings with partners, associates, and customers. He is a foodie and loves to swim in free time.

Mentor & Chairman – Mr. Balraj Garg

Project is promoted and guided by our Chairman Mr. Balraj Garg. He has more than 35 years of rich experience in the Real Estate industry in multiple roles. Mr. Balraj Garg is a self-Made entrepreneur with thinking that leads to a constructive and successful business. His knowledge about the nitty-gritty of the housing industry, laws & regulations, close association with industry stakeholders, etc. empowers the company to reach the greater height and achieve better results. Mr. Garg is passionate about delivering world-class lifestyles to the common man at a suitable price. His mission is to fulfil” pride of owing home for common Indian. Mr. Garg is well inspired with the thought of our Respected Prime Minister, “To provide housing for all by the year 2022”.

Construction

a) Who are contractors of the Project?

Project is being Advised by Kant and Associates, which is one of the top 25 Large Projects consultancy firms in India. Mr Surya Kant , is known for his integrity and passion towards planning and design. He is on board of multiple committees of Governments and Real Estate companies

Edifice Infra Projects, based out of Chandigarh are Project contractors. Edifice is promoted by Mr Atul Garg. With the changing time and lifestyles there is one thing that constantly determines success it is the pursuit of excellence. Excellence comes with experience there’s no shortcut to it. It requires years of dedication and countless hours of effort. It is an endless journey. Edifice believes that excellence and timelines move parallel. These two concepts are not opposed to each other; in fact, speed and timeliness are important elements of quality and excellence. It brings lots of incentives not only financially but also ethically.

During past 20 years, Edifice has done more than 50 large residential and commercial projects in Northern India and has worked with large brands like DLF, TDI, Gillco, Supreme Infrastructure, World tech, Chitkara University, Housing Board, HUDA etc.

b) What’s the current progress of Construction of The Eastern Park?

We launched our 1st phase of 4 towers , housing more than 400 apartments in January 2020. These 4 towers are near completion and we expect to handover them by 3rd quarter of 2025.

Further, the construction of other 5 towers is also in full swing. You can visit the site office to check our the latest stage or you can surf latest pictures of the site here

Click to see construction pictures →

c) Can I see the land parcel, Progress of the construction and sample flat?

Of course, the construction of the project has started on 27th Jan. You can visit any time during working hours and our team would be happy to showcase our project to you. Connect with our Relationship Manager for any assistance.

d) Can two flats be bought and combined into one flat?

Yes, possible in some cases, where there is no modification impact on the structure of the building. You can connect with your Relationship Manager for any assistance.

Pricing

a) What is the booking process for buying a flat at The Eastern Park?

Its very easy. You can book a flat by doing bit of quick paper work along with initial booking deposit of Rs 51000. You have got option to pay this initial deposit

a) Through aCheque in favor of "Gaurav Land Developers and Colonizers Private Limited";or
b) Simply swiping your credit/debit card. We will send our Relationship Manager with swiping machine; or
c) Transfer through any of your wallets- Paytm, Phonepe,Googlepay etc. You can ask our Relationship Manager for our wallet details/ QR code and transfer; or
d) You can also wire us through your internet banking.

b) What documents I need to book one flat?

Our project is RERA approved and we have to do proper KYC (Know your client) for each customer. You have to fill & Sign a simple application form and submit 1 passport size photograph along with self-attested copy of PAN card and AADHAR.

c) What proof of payment would I get for the booking of the flat?

You will get attested receipt of the payment along with the invoice of the flat. Further, you will get allotment letter of the flat, post 15% payment with 30 days of booking.

d) Can I make payment through Credit card or Paytm?

You must be thinking "Who swipes credit card for buying flat?"
You know, 45% of our customer's book their flat through their credit / debit cards.
Yes, you can book your flat by swiping your credit/debit card or by transferring the money from any of your wallets- Paytm, Google Pay, Phone pe etc.

e) Do I need to pay full amount of the flat now or is there any part payment plan?

We have started taking bookings for our 2nd phase of project in August 2022. This phase comprise of 5 towers, housing more than 500 apartments. Possession of the this phase would be June 2025.

You don't need to make 100% payment at one instance. One can book home by paying just ₹51000 and balance can be paid as per construction progress. Below is the detailed schedule.

When	Stage	Amount
Day 0	Booking	Pay Rs 51000
Day 30	Allotment	Pay 15% of Sales Value- Rs 51000
Day 60	Start of construction	10% of Sales Value + 1% GST
	Completion of 1st Slab	10% of Sales Value + 1% GST
	Completion of 4th Slab	10% of Sales Value + 1% GST
	Completion of 4th Slab	10% of Sales Value + 1% GST
	Completion of 7th Slab	10% of Sales Value + 1% GST
	Completion of 11th Slab	10% of Sales Value + 1% GST
	Completion of 15th Slab	10% of Sales Value + 1% GST
	Completion of Plaster	10% of Sales Value + 1% GST
	Completion of Flooring	10% of Sales Value + 1% GST
Tentatively- June 2025	Tentatively- June 2025	5% of Sales Value + 1% GST

f) Is home loan facility available if I want to buy a flat at The Eastern Park?

Yes, you can easily get Home loan to buy a flat at the Eastern Park. Our project is approved by most of the Banks in India and our Team will help you in all paper work and processing of the loan application.

In fact some of the Banks have even approved 90% loan facility for our project. This means you have to pay only 10% of the sales value from your own pocket. Rest all construction linked payment will be made by the bank. Also, your EMI will start post possession.

Our team will also help in securing your best deal in terms on Interest rates and processing fees. You can get home loan facility with repayment option until 40 years.

g) Will your team help me for getting home loan?

We have trained Home Loan officers in our team. You don’t need to toil around for processing your loan application. Our team will help you in doing all the paperwork and securing you the home loan. However, loan application’s approval will be based on your financial strengths. Further, you have to pay for the processing fees for putting a loan application with banks.

h) How can I check if I am eligible for getting a home loan?

You can reach your Relationship Manager and provide him with basic information required to access your initial eligibility for home loan. It usually takes 48-72 hours to get initial feedback from the banks. This confirmation is general confirmation from the bank. Final approval is based on detailed underwriting by the banks post receipt of all paperwork from the customer.

i) What are the documents required to take home loan?

For Salaried Individual	For Self Employed Individual
2 Passport size photos	2 Passport size photos
PAN card copy	PAN card copy
Aadhar Card copy	Aadhar Card copy
3yrs ITR with Computation or Form 16 *	3yrs ITR with Computation or Form 16 *
6 months' salary slip or salary certificate on employer's Letter head	3yrs Balance sheet & Profit and loss statement along with the notes on accounts*
Bank Statement of last 1 year	Audit report in case of Annual Turnover is above 1 Cr *
	Current A/c or CC or OD etc-1yr *
	GST-certificate or MC receipts or MSME certificate*
	In case of commission income- Form 26 AS

This is general requirement for processing of Home loan application. However, banks can ask for more details while doing financial underwriting. Further, in case of loan application in name of any other entity other than individual- Firms, company, you can reach your Relationship Manager for detailed documentation.

j) How much Home loan can I get for buying a flat at the Eastern Park?

Usually, banks give only 80% loan of the total Sales value of the home. However, many banks have approved up to 90% funding for flats at The Eastern Park.

You can reach your Relationship Manager for knowing more about your eligibility.

k) What’s the monthly EMI for buying a flat at The Eastern Park?

EMI depends on multiple factors- Sales price, Interest rates, Duration of home loan etc. Also, EMI depends on your financial strength and bank’s underwriting. Tentatively as on 1st April 2023, you can get 1bhk @ Rs 15442 EMI and 2BHK @ Rs 27672 EMI. This EMI is calculated at 9.00% Interest rates for the loan of 80% Sales value, payable in 30 years.

You can reach your Relationship Manager for knowing more about your eligibility.

l) What is current Interest rate for home loan?

Home Loan Providers	Tentative Home Loan Interest Rates
Axis Bank	8.75% Onwards
Bank of Baroda	8.40% onwards
HDFC Bank	8.70% onwards
ICICI Bank	9.00% Onwards
Punjab National Bank	8.40% onwards
PNB Housing Finance	8.40% Onwards
State Bank of India (SBI)	6.80% onwards

Taken from Public information as on 1st Jan 2023. Subject to change

Rates mentioned above are basic interest rates. Actual interest rates differ from customer to customer, based on their financial strength and financial underwriting by banks.

m) Can I buy flat at The Eastern Park by paying in cash?

We are RERA registered township and as per recent laws, no builder can accept any transaction in cash. In fact, it’s not advisable to pay anybody in cash these days. Based on the Directions of our Respected Prime minister, you can pay us through multiple channels except cash as below-

a) Through a Cheque in favor of Gaurav Land Developers and colonizers Private Limited; or
b) Simply swiping your credit/debit card. We will send our Relationship Manager with swiping machine; or
c) Transfer through any of your wallets- Paytm, Phonepe,Googlepay etc. You can ask our Relationship Manager for our wallet details/ QR code and transfer; or
d) You can also wire us through your internet banking.

n) How much discount would I get, if I make 100% down payment?

Since our project is under construction, we always recommend our customers to pay us construction linked payment plan only. Even then, in case you like to make one-time payment to purchase our flat, we will pass on to you all the financial benefits incurring to us from this surplus amount. Thus, you will get 7% upfront discount in case you make one-time payment.

o) What are the hidden costs in your pricing plan?

No! Our group philosophy is "All our actions revolve around only one entity- Our customers". We believe in honest pricing and our pricing only excludes GST and registration & stamp charges. Please be in touch with our team for any clarification.

p) Can I cancel my booking any time?

Why would you want to miss out on such a strategically located and meticulously designed project? Even if you decide to cancel your bookings, we have made it very easy. You can reach our help desk, and our team will help you doing some quick paper work and simply cancel the booking. However, there would be certain charges, which would be deducted from your booking amount. These charges would be Mix of Cancellation charges and interest if any for overdue outstanding payment in your account. The Cancellation fees before the issuance of allotment letter would be Rs 31000. Post issuance of allotment letter, such charges would be as per RERA guidelines.

Possession

a) When is the project expected to be completed?

We are developing this township in phases. In 1st Phase we are constructing 4 residential towers. This phase is expected to be completed and ready for possession by 3rd Quarter of 2024. We have already launched 2nd phase in Month of August 2022 which will be completed by Dec 2025

b) What are my rights in case project is delayed for possession?

The Eastern Park is approved by RERA. All rights & responsibilities of the customers and builder are clearly spelt out in the RERA law.

c) When will registration happens for my home?

Registration process will happen at the time of Possession. However, in case you take Home loan, some of the banks direct the customer and builder to do the basic registration of sales agreement at the stage of Home loan processing. Further , despite of this initial registration of sale agreement, final registration of the property will happen at the time of possession.

d) Will I get allotment letter at initial stage?

Yes, you will get proper Allotment letter after you make 15% payment for the flat. However, in case you want to take home loan before this stage, we will process the allotment letter, post you make the initial deposit of Rs 51000 itself.

e) Will I get possession of my flat at promised time? Is there any risk of delay

The Eastern Park is approved by RERA which is supreme government authority for protecting the interests of buyers and investors. This license is granted after very thorough audits and checks of land ownership, promoter’s background, financial strength, etc. This is the primary reason that the number of new projects has come down in the market.

1) Phase wise construction- We have done very intelligent work, where we are not constructing the complete project in one shot. We are constructing the project in phased manner, where in 1st phase we have only launched 4 towers. This will ensure timely delivery by 3rd Quarter of 2024.
2) Strict rules- Funds collected from buyers have to be compulsorily deposited in the ESCROW account and can be used only for project implementation. Such an account is always under the preview of RERA and it puts very stringent conditions on property developer both financial and otherwise in case of any default.
3) Construction linked plan- Our 25 acres of land values more than Rs 75cr. We are not collecting whole amount from you upfront. Our payment plan is construction linked, where you are paying as per the construction progress. Complete amount collected from you will go towards Construction. Our company will make money only after giving you delivery.
4) Cash rich promoters- Our Promoters are in land business for past 40 years and are well known in real estate circle in Ludhiana. We have not taken any funding for buying land or construction. Complete project is self-funded by promoters.

As per the current progress, we are comfortable to deliver this project within committed time frame.

f) Who will maintain the township?

Yes, post possession, the project would be handed to a society formed by the owners of the apartments. This society would manage the complete township and amenities through the elected body of the members only. This is as per laws framed by the Co-operative housing Act and all group housing projects are managed by this process only.

g) Do I have to pay maintenance charges post possession?

As per the estimate of a Qualified consultant, considering the quality of amenities planned and cost of inflation, the future cost of Maintenance could be approximately between Rs 2 - Rs 2.50 + GST per sq feet. So practically, you will have to pay Rs 3393 approx for 2 bhk and Rs 1918 approx for 1 bhk flat. This will include everything, including all amenities like swimming pool, gym, sports etc.

Should I Buy flat at The Eastern Park or my own Kothi?

Comparison of price between The Eastern Park and other options

Price of other Property options on Chandigarh road

Should I buy Apartment in The Eastern Park or keep on paying rent?

Difference between owning a house and living in rented accommodation

Financial Implications of owning your home, compared to staying in a rented apartment

How buying a flat at The Eastern Park is better than paying rent

Is Flat at The Eastern Park costly compared to other residential colonies on Chandigarh road, Ludhiana?

Comparison of price between The Eastern Park and other options

How can i purchase flat at The Eastern Park?

Why should i take Home loan to buy Flat At The Eastern Park and also pay interest?

What is the Process of taking Home loan?

Types of home loans available in the market are: -

ADVANTAGES OF HOME LOAN

DISADVATAGES OF HOME LOAN

What is EMI and Concept of Home Loan?

Types of home loans available in the market are:-

ADVANTAGES OF HOME LOAN

DISADVANTAGES OF HOME LOAN

WHAT IS EMI?

Below is the tentative EMI schedule for purchasing flat at The Eastern Park

Can I afford EMI for buying a home at The Eastern Park?

Can I afford EMI for buying a home at The Eastern Park?

Below is the tentative EMI schedule for purchasing flat at The Eastern Park

5 Critical things to check before you take home loan to buy your home at The Eastern Park?

FAQ

a) Where is the proposed development of The Eastern Park on Chandigarh Road?

b) Why should I buy property on Chandigarh road?

Ongoing Infrastructure Development

The Balance with Nature

Work Life Balance

Return on Investment

c) How far is The Eastern Park from Airport, Railway station and Bus Terminus?

d) Is there public transport available to other parts of the city from The Eastern Park?

e) From where residents of The Eastern Park, buy their daily need things?

a) How big is the overall Township of The Eastern Park?

b) What's the overall plan of the township, The Eastern Park?

c) What all facilities and amenities you are providing inside the township, The Eastern Park?

d) What is the total number of car parks?

e) Is this project safe and secure for my family?

a) Is your property title clear?

b) Who are the Promoters of The Eastern Park and what’s their background?

a) Who are contractors of the Project?

b) What’s the current progress of Construction of The Eastern Park?

c) Can I see the land parcel, Progress of the construction and sample flat?

d) Can two flats be bought and combined into one flat?

a) What is the booking process for buying a flat at The Eastern Park?

b) What documents I need to book one flat?

c) What proof of payment would I get for the booking of the flat?

d) Can I make payment through Credit card or Paytm?

e) Do I need to pay full amount of the flat now or is there any part payment plan?

f) Is home loan facility available if I want to buy a flat at The Eastern Park?

g) Will your team help me for getting home loan?

h) How can I check if I am eligible for getting a home loan?

i) What are the documents required to take home loan?

j) How much Home loan can I get for buying a flat at the Eastern Park?

k) What’s the monthly EMI for buying a flat at The Eastern Park?

l) What is current Interest rate for home loan?

m) Can I buy flat at The Eastern Park by paying in cash?

n) How much discount would I get, if I make 100% down payment?

o) What are the hidden costs in your pricing plan?

p) Can I cancel my booking any time?

a) When is the project expected to be completed?

b) What are my rights in case project is delayed for possession?

c) When will registration happens for my home?

d) Will I get allotment letter at initial stage?

e) Will I get possession of my flat at promised time? Is there any risk of delay

f) Who will maintain the township?

g) Do I have to pay maintenance charges post possession?

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