Fundamentals To Check For New Builder Tie-up For New Flat/ Villa
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Fundamentals To Check
For New Builder Tie-up For New Flat/ Villa
Check 1 - DOCUMENTS
Title Clear of the land on which the
building/ society is/ will be built up.
Intimation 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 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 2 - PRICING
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 3 – AREA & SIZE
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 4– UNDIVIDED SHARE
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 5 – BANK TIE UP
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 6– MODEL HOUSE
Try to know when the project will be completed. Which will be the tentative date of possession of property.
Check 7 – POSSESSION
•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 8 – UTILITIES
•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. •Property without OC faces bank loan problem for common man
Check 9 - OCCUPANCY 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.
Check 10 - COMPLETION CERTIFICATE
THANK YOU!
Related Documents
