FAQ

When you are buying a flat from a builder in a building under construction, you have to check the following:

• Approved plan of the building along with the number of floors.
• Ensure that the floor that you are buying is approved.
• Check if the land on which the builder is building is his or he has undertaken an agreement with a landlord. If so, check the title of the land ownership with the help of an advocate.
• Ask if he is ready to give Comencement Certificate which is required during registration and stamp duty process and also during resale in some cases. This Certificate if and important proof of BMC clearance on building permissions.
• Check specifications given in the agreement to sell of the sale brochure. Is he providing the same actually on the ground or not?
• Check the reputation of the builder.
• Ask if any well known banks are tied up with builder, If banks and financial institutes like HDFC, ICICI BANK, GIC etc are already tied up with builder it is a good sign of saving yourself from non well known and fraud builders.
• Ask if builder has Title clear papers for property on which flats are built. Easy way is to ask for IOD (Intimation Of Disapproval) and CC (Commencement Certificate) which makes it clear that the property you are purchasing is built on undisputed land and is BMC approved
• Always take the first step by asking for sample flat and building plan, This will give you the look and feel of flat and the amenities and quality of tiles and other items used in kitchen and bathroom etc. Also ask and see the floor plan that gives the idea about surrounding and spacing.
• Ask for, if any additional charges above the charges they show to you like any legal fees, parking fees etc which sometimes is not said in first meetings.
• Ask when is the project getting completed and which month is the handover of property ? How will they Charge till then because this will attract PRE-EMI (A kind of interest charged for part payment of the loan borrowed from bank) this is an extra charge and not same as EMI. Get dates in written and terms if builder not able to give on time.

Gift of an immovable property is considered as a ‘transfer’ under the provisions of the TOP Act and you have to have the transaction registered through a Gift Deed and pay stamp duty as per provisions of the relevant stamp act depending in which state the property is situated.

Regarding authenticity of documents, again, you have to take the help of an advocate to verify.

If you cannot procure a loan on a given property for whatever reason then you might end loosing the token given so confirm if any major banks have approved the project or take the documents yourself and get it approved from your bank

A freehold property (plot or a flat) is one where there is a whole and sole owner(s), ownership is full and unconditional (within the provisions of the laws of the land) and there is no lessor / lessee involved.

Yes, a POA can be either revocable or irrevocable, depending on what sort of a POA one has made.

Purchasing a flat on a POA basis is not permitted under the law of the land.

The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the market value of the property.

The instruments like Agreement to Sell, Conveyance Deed, Exchange of property, Gift Deed, Partition Deed, Power of Attorney, settlement and Deed and Transfer of lease attract Stamp Duty on market value of the property.

Market value means the price at which a property could be bought in the open market on the date of execution of such instrument. The Stamp Duty is payable on the agreement value of the property or the market value which ever is higher.

The stamps are required to be purchased in the name of any one of the executors to the Instrument.

The liability of paying stamp duty is that of the buyer unless there is an agreement to the contrary.

If you want to purchase a property, you have to look at the approved layout plan, approved building plan, ownership documents, carryout search, etc. Contact an advocate before you purchase a property so that he can advise you.

Carpet Area:This is the area of the apartment/building which does not include the area of the walls. Built up Area: This includes the area of the walls also Super Built up Area: This includes the built up area alongwith the area under common spaces such as the lobby, lifts, stairs, etc. This term is therefore only applicable in the case of multi-dwelling units.

Before you purchase a flat, you have to have a title and document search conducted by a competent advocate. You cannot do it yourself. You have to use the services of a competent advocate. It is a professional job to be done with professional assistance.You should also Check both Original documents and also previous sale docs (if resale) before giving token money for the deal.