Buyer's FAQ's
How to choose a Property
Anybody wishing to book a flat with a developer / promoter in India is expected to keep in mind following few basic points before deciding to book a flat on ownership basis.
The reputation of the promoter / developer
The number of buildings/projects that the developer has completed in the past.
The quality of the construction in respect of buildings completed by the developer/promoter
The financial standing of the developer/promoter
Adequacy of the technical staff employed with the developer
His past dealings with the customers
How are his past dealings with the customers?
The flat purchaser should be shown the relevant documents regarding title of plot on which the building is proposed to be constructed
The title certificate should be from a reputed Solicitor / Advocate attached to the agreement
The developer should have annexed the description of land in detail in the form of schedule in the agreement
All information regarding the encumbrances should be brought out clearly
The extract of property register card or other revenue record of the land/plot on which the flats are going to be constructed should be attached to the agreement for sale.
The developer should have got the approval of plans / drawings from the Municipal Authorities / Local Authority
The developer should have shown to the flat purchaser the approved plans/drawings to the flat purchaser
The developer should show to the flat purchaser the copy of commencement certificate (C.C.) and Intimation of disapproval (I.O.D.)
The serial number of flat, floor at which it is located, name of building/wing should be distinctly indicated in the body of agreement
The carpet area/built-up area of flat should be distinctly indicated in the body of agreement?
The dimensioned floor plan marking the subject flat should be annexed to the agreement
The plan referred to in (iii) above should be duly signed by developer at the time of execution of the agreement.
Amenities/ specifications
The developer should annex with agreement a schedule of amenities/specifications (type of construction, flooring, doors, windows, sanitary and water supply, electrical fittings)
The sale agreement in accordance with the conditions laid down by the Urban Land (Ceilings & Regulations) Authorities
The agreement for sale should 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.
The mode of payment of installments should be distinctly mentioned in the agreement for sale
The developer should mention in the agreement the amounts payable by flat purchaser on taking possession in respect of legal charges, share money, application entrance fee of society, charges for formation and registration of the society and proportionate share of taxes and other charges
The flat purchaser should be aware about the quantum of stamp duty payable by him at the time of execution of agreement
The flat purchaser should be aware that the registration of agreement in respect of flat purchased from the developer is compulsory
The flat purchaser should be aware of the amount of registration charges payable by him
The flat purchaser should be aware of the fact that the time limit for registering agreement for sale is 4 months from the date of its execution.
Filing of form no. 37-I under chapter XX-C of Income Tax is to be filed in respect of transaction of subject flat?
If answer to i) above is in affirmative, is the flat purchaser informed about the procedure for filing form no. 37-I?
Is the flat purchaser aware of the implications of filing form no. 37-I?
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