A new house has its own charm, especially if their price is still not hit the roof. Many people take the risk of booking a flat in a building under construction, mainly for this reason. It not only allows you to realize the dream of home ownership, but it is also cheaper than the flat reading to fill. However, reports of the manufacturers are not completed on time to the project, many potential buyers are worried about booking an apartment in a building project. Many also wonder whether it is a property whose final form is still unknown book. You can also start the location of the apartment management and the ground when the manufacturers to the project. The situation is simple, given the large advertising campaigns, usually accompany a project just started, and you should not go through brokers. But it is always better to reflect on some important points before you book an apartment in a building project.
Approvals
It's in your interest to ensure project is completed on time. The manufacturer may, with the building only if he intimation of disapproval (IOD) and the certificate of the early (CC) for the project. IOD specifies the conditions upon which the building must be built. It is usually valid for one year and must be rehabilitation, after the competent authorities. CC is issued by local authorities and allows the developer to begin construction. "You should buy a flat construction, if and only if the manufacturer has a certificate of admission to the ground on which you have booked an apartment," said Dhiraj Jain, Partner, Real Estate, SNG & Partners.
CLEAR TITLE
"Due diligence on the title is a must," says Jain. "The title - title - must be clear of all encumbrances and legal disputes." The buyer has the right to review the documents of title. There are cases where the buyer receives a contract with the developer an apartment and then draws with the relevant authorities to buy. If the developer does not own the apartment, he can not be transferred to the buyer of the property by simply registering new. It would be wise to hire a competent attorney to do the title search. Alternatively, you can also request a home loan. Home finance companies and banks to take action title "search and due diligence before approving the loan. Although they raise loan processing fee, it should return the ball, because it ensures a peaceful possession of the future.
Sample Plan
The most well known manufacturers that they use as a marketing tool. "This is a visual representation of that buy what the buyers," said Rajev Sharma, country manager, wealth management, investment banking and business strategy, Unicon Financial Intermediaries. "Examples of apartments will be used primarily to give the buyer a feeling of space and dimension," he said. "A flat sample, the buyer with a hint of what could be its own entity, once it completed," said Mohammed Aslam, COO - Residential Services, Jones Lang LaSalle Germany. "However, we must ensure that the dimensions and specifications of the equipment purchased is the same as that of the flat sample." It is better to check whether the devices mentioned in the apartments in the sample is the same as those in the agreement between you and the manufacturer. There are cases where manufacturers or bathroom accessories chandeliers use expensive, to produce attractive flat sample, but these functions may not be available for sale at home.
Mortgaged property
Manufacturers borrow from banks and NBFC and the proposed mortgage with the bank. When buying an apartment in the building when you are asked to draw a check in favor of a manufacturer's specific account with a bank-specific, there is a clear sign that the project is pledged by the bank. When buying a home in such a project, you need a no-objection certificate (NoC) from the bank. The NOC must provide details of your home, such as number and flat design. If the manufacturer does not pay back the fund to the bank, the Bank can support the project and ask the buyer to leave the apartment. A NOC is to ensure that the buyer is not in trouble because he for the bank to the left flat, where the buyer pays the full price of the property.
THE PRICE
Many prefer to buy a flat construction, since the prices are lower compared to a ready-to-occupy apartments. But we should be considering the cost of stamp duty and registration of property, one-time charges for the electricity meter, gas, the cost of setting up, accessories and modifications. In projects of large and cantons, download the manufacturer's maintenance depots in advance for up to five years. The buyer of an apartment building on service tax of 2.38% of the value of the property charged. But the removal of service tax was challenged in court. The manufacturer operates a fixed deposit account in a bank trust account require the proceeds will be used to pay the tax if the courts decide in favor of the tax authority. But some manufacturers prefer, with a bond, where the buyer takes responsibility for the service tax in the future to pay when they go to the courts approve. We must consider all these costs when comparing the price of an apartment under construction with a lacquer. The possibility of a delay in the completion of the project is to provide a less expensive construction than a flat surface.
BALANCE OF MANUFACTURERS
"A potential buyer must determine the credibility of the sponsor, past projects and achievements and record of delivery," said Aslam. It is best with the big players with a good reputation as a stick to the ability to execute and access to better resources. Developers should skip the dealer handling only one project or on a upward trend in real estate can be avoided, since they first be obtained in the case concerned a fall in the real estate market.
OUT OF THE INVESTOR
If you are an investor in a project under construction and intent in the apartment when the selling price increases since the project draws to a close, it is best to walk carefully the terms of the agreement. Manufacturers have been inserting the clause "no sale" in the purchase contracts that the buyer can not sell the flat Agter only post a particular purpose. If you plan to leave before you may have to seek NOC from the manufacturer. "The period mentioned in clause no sales in the range of 1.5 to three years there. There is no set price for a NOC, although it psf between Rs 100 and Rs 500," said Sharma. To pay the costs to the contractor in order to eat in CNO profits. comment email this article email this article post
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