Recent Belleza Blue case in Pune (2nd Campa Cola like case in Maharashtra) where high court has asked the residents to vacate the illegally constructed 3 floors of the building, is quite a shock to all the flat buyers.
I am working with one of the very few trust worthy real estate companies in India from past 6 years and thus thought of coming up with this guide for buyers of residential apartments.
I hope to cover all the necessary points / information so that technical or legal terms used in the real estate filed do not sound Greek to a lay flat buyer and he is not lost while speaking with the builder. **While doing so I have tried to furnish as accurate information as possible to best of my knowledge but e & oe (errors & omissions expected).
Index
| |
Chapter
|
Synopsis
|
Carpet, Built-up, Saleable etc areas & more
| |
Sq. ft., Sq. Mtrs., Guntha, Acres, hectares etc & more
| |
Title & Search Report, NA, 7/12, PR, Blue Print, CC, Index – II, OC, POA etc
| |
Tiles, Doors, Windows, Painting etc
| |
5. Home Loan
|
Eligibility, EMI, Tenure, Loan Transfer etc
|
Stamp Duty & registration, TDS, ST, VAT etc
| |
RERA, Flat Inspection, Project Reviews etc
| |
Chapter 7: Miscellaneous
1. RERA: stands for the Real
Estate Regulatory Authority of India.
a. It aims to regularize the real
estate sector and make it more responsible and reasonable towards the
buyers.
b. It is a constitutional amendment
(The Real Estate Regulation & Development Act of India) passed in 2016 and
will be made applicable in phased manner.
c. I shall hereby list the provisions as
and when they come in to force:
d.
June 2016
i.
Rate
of interest for a delayed payment from a buyer should be same as the rate of
interest paid to the buyer for delayed possession.
ii.
Government
of India has suggested to fix this rate of interest for delayed
possession (and hence for delayed payment too) at 2% higher than the Prime Lending
Rate (PLR) of SBI. Thus currently if approved by State governments and union
territories (real estate sector comes under the preview of state government),
it would be at around 11.2%.
iii.
Builder
has to clearly mention the carpet area while selling the flat.
2. Inspection:
a. Unfinished flat will look smaller
than the sample flat
or any other finished flat of the same size, if you are going for an inspection
before flooring, plastering & painting is done.
Simple
principal of color theory is behind this phenomenon (you look slim in black clothes than in light colored clothes). Thus dark color of the cement makes the flat look small where as bright white color of the finished flat makes it look big.
b. If you are going for an inspection
of your flat just before taking the possession, please have
a check list of below mentioned points:
i.
Are
all the switch and light points working? (You may carry a tester for the same)
ii.
Are
all taps and toilet flushes working and free of leakages?
iii.
Are
all the sliding doors and windows moving smoothly?
iv.
Are
there any cracks / stains in / on walls / tiles / basins / sinks / toilet pots
/ kitchen plat form etc?
v.
Are
all the door & window locks & latches working fine?
vi.
Are
all the drainage outlets free of clutter & clogging?
3. Before
deciding on buying a flat in a big project or mega township, with
club house /swimming pool / gym etc, make sure you really need these
amenities and you are going to continuously use them till the time are
staying in that complex. Disadvantage of having these amenities is as below:
a. High rates / infrastructure costs are
charged / taken from customers for this
b. High society maintenance charges so
as to maintain these amenities (recurring cost till you are staying in that
complex)
c. Society might not be able to maintain
it once builder has handed over the project.
If you don’t think above costs are
justified, then go for a project with stand alone buildings or small project
with no extra amenities
4. If
may check out Google and various property portals like 99 99 Acres, Magic Bricks, Common Floor, Housing, etc to do a basic
survey and to get the first hand information.
5. You
can also get an average / sq. ft. rates in a particular locality of big
cities through these property portals. You just have to type ‘rates in XYZ area
in ABC city’ on Google.
6. If
you want to go for a resale flat then check out these portals as
well as classified ads in popular newspapers in your city.
7. If
want to get some opinion of some knowledgeable person or to check out the
review of a particular real estate project in Pune, you may please checkout a
blog of Mr. Ravi Karandeekar – a well known real estate critique in Pune
at Ravi Karandeekar's Blog
END
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