FAQs

A buyer needs to check the genuinity on various grounds like the approved building plan with all the details, assurance that the floor being purchased is approved, building is being structured as per the specified rules and regulations of that area and to make sure that the urban land NOC if required has been taken or not. It should also be confirmed that the land on which the building is coming up is builder’s own or is under some kind of agreement with the landlord.

With the help of a qualified advocate, the buyer can verify the authenticity of the documents submitted.

The real estate online web portals can be helpful for comparing projects across different cities, locations on the basis of property designs, price , features and facilities provided and, of course, the reputation of the builder.

In case of a multi-storey apartment, the apartment owners and tenants have to pay many other charges for the services and amenities enjoyed like the Preferential Location Charge, External electrification charges, Firefighting equipment charges, Infrastructure development charges, External development charges, Car parking space, Club membership etc.

A Freehold Flat is the one which has a whole sole owner of the property with the ownership being complete and unconditional as per the regulations of the law of land and does not have any kind of involvement of any lessor/lessee.

A buyer can choose a good developer by getting references from people, finding out how happy they are with their homes, construction quality and builder’s conduct. They can get quotations from shortlisted builders in writing, mentioning all the details of the project like site maintenance, necessary approvals and permissions, required clearance, material supplies, charges, etc. It is very important to check the reputation of the builder.

Registry is the database which stores all the important documents etc. Whereas, Power of Attorney refers to the right/authorization given by the owner to someone whom he trusts and to whom he assigns the power and rights to deal with the property under inevitable conditions.

As per a ruling by the National Commission, the buyer is entitled to get a refund of the amount along with the interest and compensation in case of project delay. He can also lodge a customer complaint and take legal help.

In addition to the price of the property, the buyer needs to pay the registration cost, stamp duty on registration, service tax, Value Added Tax while buying a property.

The documentation required while purchasing a property includes a blue print of the building plan/layout, certificate of commencement, certificate of completion, permission of non-agricultural use of land in case the land is originally an agricultural land. A 7/12 extract in case of land property [specific to states like Maharashtra] and a NOC from the builder are also needed. In case of resale, previous sale deeds are a must. All these documents should be thoroughly verified by a competent advocate.

Before signing the purchase agreement, the buyer should check the details like base price mentioned, additional charges like PLC, club membership, carpet area along with facilities, taxes applicable, payment mode, occupation certificate, building insurance, schedule of possession and penalty clause in case of project delay.

There are many factors to be considered at the time of property purchase like the locality or the area of the home, whether all the basic and civic utilities are available, transport facilities, construction quality, the carpet, built-up and super built-up area of the flat, provisions of basic features like water and power supply, and most importantly, reputation of the developer.

Stamp duty refers to the tax paid to the government just like sales tax or income tax and should be paid on time and in full. A stamp duty paid document is an important and legal instrument to be taken care of.