Before you buy a plot/flat check these....

Thanx a lot Shanvy...

This is really a gr8 information especially for NRIs who tend to finish up everything during their short vist...

 

Hello Shanvi
I am planning to buy a flat...the approved plan that the builder has, shows a single bedroom plan, however, the actual construction has double bedroom...

from a legal stand point will there be any issues...please advise...

Bharathi

 

[JUSTIFY]Lovely topic at the perfect time ladies..

We are buying a flat now and since its just me and my husband taking care of every detail, we feel quite nervous that things should go well.
Thanks for the informative list Shanvy. We'll keep these in mind..

Bharathi,

Usually internal changes can be done in a house at any time from what I heard. But violations include discrepancy in plans. Especially in the area of the house and balconies that pop out of nowhere. Sometimes even extra floors. Everything needs an approval from the local authorities. So make sure there are papers for the additions or deletions. If not the initial approval, they apply for a second time maybe after 50% of the completion. So these have to be on paper sometime or the other before your purchase.

We are at the finalizing stage with our purchase and as directed by my father who is a banker himself, I met a local bank manager and discussed with him about all this stuff. FYI SBI has the best rates now, they've even waived the processing fee fully till the end of September.

Bank managers can guide you with giving information about Advocates who will go through your property papers (for a fee) and will let you know if the papers are in order. There may be violations, but they will check if they are within limits.

To get the papers for the property, as always, you pay the builder a small token advance (best is by a Post dated check) and retain the document for a period of 3 or 4 days in which time you can check with your advocate. If there are major flaws, you can always cancel the verbal agreement and get back your check and return the documents.

If the papers are clear, you can sign a Sale agreement with the builder and go ahead with the loan application too.

While looking for a place to purchase, check for small things yourself as to the number of floors that have been approved by the local authority. Many times the builders make adjustments and then go for approvals..sometimes the extra under-the-table dealings do the trick, but that might affect your loan applications.

Check for the area that has been approved for the house and the actual area given to you. Also measure the carpet area of the house and make sure its at least 70% of the super built up area.

Super built up area is the total area of the house as mentioned by the builder. Carpet area is the living area of the house excluding walls. Just the exact sizes of the rooms and balconies. Also make sure the balconies are not too big and no common space beyond allowable limits is added. That cud cause your actual living area to come down to too little.

Check from neighbours or adjacent building owners about the rates for the locality and bargain well!! Its time we exploit some of these builders...

These are the points mentioned to us so far and if there are any more, will keep them posted. Now is really a good time to buy properties. Its also essential to pick the best cos builders are desperate to get rid of unsold units.
[/JUSTIFY]

 

Hi

In one of the EC we have seen a CMDA notification being registered against the property. What does it contain. Can anyone provide details about it

 

Thank you Shanvy for such a useful info on plot / flat purchasing.

 

Hi Shanvy
Request you to go thru the foll link and please help in this regard.

http://www.indusladies.com/forums/housing/91240-chennai-friends-please-help.html

 

very useful information

 

nice post shanvy...
very informative!