Investing in a Property

Things to know while Investing in a Property

Well no one can predict JP or Amer Poly like situations buyers can definitely avoid getting trapped in such situations by keeping these points in mind check the track record of the developer check whether the developer met the timelines for completion promised for previous projects by visiting their completed and operational project sites now since the era has come into force a lot of information relating to the register project can be downloaded from the respective state real estate authorities website rare are registered and compliant now all the developers have to compulsorily register their ongoing projects and new projects with the respective state rare Authority check fine lines for completion of the project provided at the time of application on the web page of respective states or era website if the project you’ re opting for is proposed to be developed in phases it is recommended that you confirm the phase-wise completion timeline as promised by the developer on its project’ s webpage also check if the real estate agent or broker is registered under the era if you are buying through him check sanctioned building plans verify project title the title of the project land has to be clear and marketable you should verify building sanctioned layout plants environmentally clearances and up their approvals in respect of the projects as applauded on the state RERA website and their validity period to confirm whether the developer is a landowner or is a developer in the case the developer is not the landowner then the documents by which the developer gets right and entitlement to develop sell and collect money from the landowner to be verified and convinces mortgages etc. on the project land projects need to be checked further in case the project land is a leasehold and then check whether installments towards these premium lease rent and use etc. in respect of such project lands have been fully paid or not we have seen in the past that due to non-payment of reason and premium money by the developer to authorities the authorities have refused to allow registration of title documents in favor of the buyer double-check the claims in builder advertisements and brochures check the facilities and amenities to be developed in various phases of the project on the webpage of the project Andreev website review the Builder buyer agreement it needs to be checked that the draft agreement to sell provided by the developer is inline with the draft of an agreement to sell prescribed under Ferreira rules the developers cannot make any additions amendments or variation in the draft of agreement to sell as prescribed which are in contradiction to provisions of Clara review inclusions and exclusions in property price, rarer requires that the price of the property should be linked to carpet area check inclusions and exclusions in the purchase price most of the stray trailer rules also provide for the breakup of the price of the property into amounts such as cost of the apartment preferential location charges taxes maintenance charges there should not be any hidden charges purchase price to be escalation free except for reasons due to which an increase in prices permitted such as an increased decrease in carpet area increase in EDC IDC Texas etc. only one tax on the property now GST unlike earlier now the homebuyers buying the under construction property where completion certificate has not been received will only pay GST as applicable on such property no other taxes are payable any more choose your payment plan carefully there are various kinds of payment plan which the developer. offers to the buyer like the down payment plan construction link plan Flexi payment plan  time link payment plan and sure you understand that the payment the plan that the developer is  offering in the detail and calculate the total price payable by you under such payment plan do not get deceived by the fleshy payment schemes by opting for a scheme which is not beneficial for you in the long-run construction link plant is the safest plan for a buyer that reduces unnecessary exposure of a buyer understand buyers rights and obligations under era, if you continue to make defaults in payment for a consecutive period as given in the agreement to sell the developer has a right to cancel your allotment and for feed the booking amount paid by you along with any interest liability so please ensure that you make timely payment as per the payment schedules obligations regarding taking possession of apartment and payment of other charges it is an obligation of the buyer to take a timely position from the developer the developer is supposed to give a written offer to the buyer for taking a position within two months of receipt of occupancy certificate of the project if the buyer does not take position within this time he shall still be liable to pay maintenance charges for the property.

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