When purchasing a flat, keep this checklist in mind. It will safeguard you against malpractices and irregularities
About the builder/promoter
1. How is the reputation of the promoter/builder?
2. Examine the number of buildings/project that the builder has completed in the past
3. How is the quality of the construction in respect of buildings completed by the builder/promoters?
4. Adequacy of the technical staff employed with the builder
5. How are his past dealings with the customers?
1. How is the reputation of the promoter/builder?
2. Examine the number of buildings/project that the builder has completed in the past
3. How is the quality of the construction in respect of buildings completed by the builder/promoters?
4. Adequacy of the technical staff employed with the builder
5. How are his past dealings with the customers?
About the title deed
1. Has the builder shown to the flat purchaser relevant documents regarding title of plot on which the building is proposed to be constructed?
2. Is the title certificate from a reputed Solicitor/Advocate attached to the agreement?
3. Whether all information regarding the encumbrances is brought out clearly or is there vague reference to the encumbrances?
4. Is the extract of property register card or other revenue record of the land/plot on which the flats are going to be constructed attached to the agreement for sale?
Inspection of Plans/Drawing
1. Has the building got the approval of plans/drawing from the Municipal Authorities/Local Authority?
2. Has the builder shown to the flat purchaser the approved plans/drawing to the flat purchase?
3. Has the builder shown to the flat purchaser the copy of Commencement Certificate (C.C) and Intimation of Disapproval (I.O.D)?
Area and number of flats
1. Is the serial number of flat, floor at which it is located, name of building/wing distinctly indicated in the body of agreement?
2. Is the carpet area/built-up area of flat distinctly indicated in the body of agreement?
3. Is the dimensioned floor plan making the subject flat annexed to the agreement?
Amenities/Specification
1. Has the builder annexed with agreement a schedule of amenities/specifications (type of construction, flooring, doors, windows, sanitary and water supply, electrical fittings)?
2. Is the sale agreement in accordance with the conditions laid down by the urban land (Ceilings and Regulations) Authorities?
Nature, extent and description of common areas and facilities etc.
1. Does the agreement for sale describe distinctly the common areas and facilities (such as entrance hall, foyer of building, compound wall etc.) and limited common areas and facilities (landing in front of staircase etc?)Percentage /interest of flat purchaser in common areas and limited common areas/facilities?
Possession
1. Is the date by which possession of the flat is to be given specified in the agreement for sale?
2. Is there provision in the agreement for refund of the amounts due by the builder along with simple interest at the rate of 9 per cent per annum from the date of receipt by builder till the date of refund in the event of failure of the builder to give possession of the flat by stipulated date or mutually agreed extended date?
Mode of payment
1. Is the mode of payment of instalments distinctly mentioned in the agreement for sale?
Permission under Urban Land Ceiling and Regulation Act,1976
1. Has the builder obtained permission of the competent authority under Urban Land Ceiling and Regulation Act, 1976 for developing the land/plot on which proposed building is to be constructed?
2. Is the sale agreement in accordance with the conditions laid down by the Urban Land ceiling and Regulation authorities?
Outgoings
1. Has the builder mentioned in the agreement the amount payable by flat purchaser on taking possession in respect of legal charges, share money, application entrance fee of society and charges for formation and registration of the society and proportionate share of taxes and other charges?
Stamp duty and registration
1. Is the flat purchaser aware about the quantum of stamp duty payable by him at the time of execution of agreement?
2. Is the flat purchaser aware that the registration of agreement in respect of flat purchased from the builder is compulsory?
3. Is the flat purchaser aware of the amount of registration charges payable by him?
4. Is the flat purchaser aware of the fact that the time limit for registration agreement for sale is 4 months from the date of its execution?
2. Is the title certificate from a reputed Solicitor/Advocate attached to the agreement?
3. Whether all information regarding the encumbrances is brought out clearly or is there vague reference to the encumbrances?
4. Is the extract of property register card or other revenue record of the land/plot on which the flats are going to be constructed attached to the agreement for sale?
Inspection of Plans/Drawing
1. Has the building got the approval of plans/drawing from the Municipal Authorities/Local Authority?
2. Has the builder shown to the flat purchaser the approved plans/drawing to the flat purchase?
3. Has the builder shown to the flat purchaser the copy of Commencement Certificate (C.C) and Intimation of Disapproval (I.O.D)?
Area and number of flats
1. Is the serial number of flat, floor at which it is located, name of building/wing distinctly indicated in the body of agreement?
2. Is the carpet area/built-up area of flat distinctly indicated in the body of agreement?
3. Is the dimensioned floor plan making the subject flat annexed to the agreement?
Amenities/Specification
1. Has the builder annexed with agreement a schedule of amenities/specifications (type of construction, flooring, doors, windows, sanitary and water supply, electrical fittings)?
2. Is the sale agreement in accordance with the conditions laid down by the urban land (Ceilings and Regulations) Authorities?
Nature, extent and description of common areas and facilities etc.
1. Does the agreement for sale describe distinctly the common areas and facilities (such as entrance hall, foyer of building, compound wall etc.) and limited common areas and facilities (landing in front of staircase etc?)Percentage /interest of flat purchaser in common areas and limited common areas/facilities?
Possession
1. Is the date by which possession of the flat is to be given specified in the agreement for sale?
2. Is there provision in the agreement for refund of the amounts due by the builder along with simple interest at the rate of 9 per cent per annum from the date of receipt by builder till the date of refund in the event of failure of the builder to give possession of the flat by stipulated date or mutually agreed extended date?
Mode of payment
1. Is the mode of payment of instalments distinctly mentioned in the agreement for sale?
Permission under Urban Land Ceiling and Regulation Act,1976
1. Has the builder obtained permission of the competent authority under Urban Land Ceiling and Regulation Act, 1976 for developing the land/plot on which proposed building is to be constructed?
2. Is the sale agreement in accordance with the conditions laid down by the Urban Land ceiling and Regulation authorities?
Outgoings
1. Has the builder mentioned in the agreement the amount payable by flat purchaser on taking possession in respect of legal charges, share money, application entrance fee of society and charges for formation and registration of the society and proportionate share of taxes and other charges?
Stamp duty and registration
1. Is the flat purchaser aware about the quantum of stamp duty payable by him at the time of execution of agreement?
2. Is the flat purchaser aware that the registration of agreement in respect of flat purchased from the builder is compulsory?
3. Is the flat purchaser aware of the amount of registration charges payable by him?
4. Is the flat purchaser aware of the fact that the time limit for registration agreement for sale is 4 months from the date of its execution?
Form no:37-I
1. Whether fitting of form no 37-I under chapter XX-C of the Income Tax is to be above is in the affirmative ,is the flat purchaser informed about the procedure for filling form no:37-I?
2. Is the flat purchaser aware of the implication of filling form no 37-I?
Permissible FSI
1. The Floor Space Index (FSI) is an important parameter you should know about.F S I=Total built-up area of your complex/Total area of the plot on which it is to be built. If the permissible FSI is exceeded, you as a flat-owner run the risk of demolition of the construction.
$6.00 Welcome Survey After Free Registration!
1. Whether fitting of form no 37-I under chapter XX-C of the Income Tax is to be above is in the affirmative ,is the flat purchaser informed about the procedure for filling form no:37-I?
2. Is the flat purchaser aware of the implication of filling form no 37-I?
Permissible FSI
1. The Floor Space Index (FSI) is an important parameter you should know about.F S I=Total built-up area of your complex/Total area of the plot on which it is to be built. If the permissible FSI is exceeded, you as a flat-owner run the risk of demolition of the construction.
$6.00 Welcome Survey After Free Registration!
No comments:
Post a Comment