Archive for February 26, 2014

You must check the following before embarking upon buying any property, be it a house, land or an ownership flat or even a Co-operative society flat. The splurge of developers and builders in every nook and corner is of serious concern. So buyer beware…

1.Clear title of the land
2. Mutation of land
in current owners name
3. Development agreement between developer and Plot owner (registered deed)
4. General Power of Attorney (registered Rs. 1000 stamp paper)
OR notarized in favour of developer by owner
5. Last paid local authority (municipality) tax receipt
6. Last paid electricity bill
7. Building and Floor Plan approval
8. Intimation of Disapproval (IOD) from Municipality
(not applicable everywhere)
10. NOC Sewerage
11. NOC Electricity
12. NOC Water
13. NOC Environment
14. NOC Fire
15. NOC Garbage Requirements
16. Urban land ceiling certificate
17. Commencement certificate
18. Structural safety certificate
(may not be available immediately)

Before buying property enter into an agreement for sell with the developer and owner detailing:
A) your selling rights
B)Construction Deadline (Penalties)
C)Transfer of undivided share to buyer
D) Difference between super built up area and carpet area
E) Hidden Costs

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