Fundamentals To Check For New Builder Tie-up For New Flat/ Villa
Check 1 - DOCUMENTS ď‚ż Title
Clear of the land on which the building/ society is/ will be built up.
of Disapproval (IOD) - This indicates all the terms and condition based on which the property is built up
Check 1 - DOCUMENTS
Commencement Certificate (CC) - This is issued by local Municipal Corporation which gives permission to builder to start construction. It’s issued when all terms and conditions are satisfied If property is under construction, you can ask approval of drawings and project plan to be sure property is built on undisputed land.
Check 2 - PRICING Check about actual price of the property. It would include - cost for utilities like electricity and water, parking space, various taxes, any legal charges and registration charges etc. Otherwise, builder may then impose some extra charges for any of these.
Check 3 – AREA & SIZE Inquire about the actual size of house. Discuss carpet /built up/super built up area. Area within walls where you can actually lay a carpet is known Carpet area. It’s actual usable area of an apartment/ office /showroom minus Wall thickness.
Check 3 – AREA & SIZE The built up area is described, in which walls and balcony are included along with carpet area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden etc. is described as super built-up area
Check 4– UNDIVIDED SHARE Request
information about the undivided share in the land which has to be registered before commencement of construction. It should be correctly transferred to all the owners without retaining any share for him for future use.
Check 5 – BANK TIE UP Question
if any banks like HDFC, ICICI etc. has tied up with builder as most banks tie up only with reputed builders. You can be assured that you will be safe from any kind of fraud
Check 6– MODEL HOUSE Check
for visit to sample flat/house to get an idea of how the flat will look and this way you can check the quality of construction and material used. In some cases buyers can upgrade materials by paying some extra in advance to the builder.
Check 6– MODEL HOUSE Also,
interior plan of an apartment in few cases can be bit modified on prior notice on payment of an additional amount by few builder. Furthermore you can ask for floor plan so you will get idea about surrounding & spacing
Check 7 – POSSESSION Try
to know when the project will be completed. Which will be the tentative date of possession of property.
Check 8 – UTILITIES •Discuss about all utilities / in built facilities the builder will give. •Like kitchen furniture, fans, home UPS, any other furniture, any electronics home appliances etc
Check 9 OCCUPANCY CERTIFICATE â€˘Check for Occupancy Certificate (OC). This certificate is very important and is given to the owner or the tenant once the building is completed mentioning that property is ready to occupy. â€˘Property without OC faces bank loan problem for common man
Check 10 COMPLETION CERTIFICATE
The most important document is “Completion Certificate “. On handing over the house, builder must give a completion certificate. Issued by Municipal authorities of particular area , it confirms building is in accordance with the approved plan.
It is required for the property registration and other government formalities.
Published on Jun 24, 2013
Real estate investment involves a lot of procedures and documents. This presentation is on few fundamental basics of documents to know befor...