Bangalore property|2bhk apartments for sale in bangalore|flats|lands for sale in Bangalore
There is every need to ensure that the documentation of
the property proposed to be purchased, is legally valid and enforceable in Law.
In case of a readymade flat or house, this process may be little bit easier,
but in case of projects under construction their needs strict due diligence.
A broad guideline on the steps to be taken in right
direction for this task is the following:
The first thing one should do, in case of projects that
are still under construction, is to make sure that the builder has all the
necessary approvals in place, without which it would be considered illegal. The
first of these, is the necessary permission to develop the land into a
residential complex. For such development, the Builders need to get approval
from the Competent Authority of the Government for conversion of agricultural
land or land specially designated for industrial purposes into land for
residential area. In case, if the
builder has gone ahead without obtaining this approval, the entire project is
illegal and it is very risky.
For obtaining conversion of land, it also need several
clearance from environment and other departments such as fire, safety, municipal
administration, airport authority, telephone department, etc. In addition to
these, the builder should ensure that his project does not interfere with the
urban and town planning and that the entire project has unrestricted access to
road and other public utility services.
Secondly, the purchaser should find out, whether the
builder has necessary authority to transfer the undivided share of land to each
flat owner and the entire plot to the Society of Apartment, on completion of
the Project.
Lastly, the purchaser should never forget that there
may be many a slip between the ‘blue print’ and the actual ‘final product’.In
general,the developers tend to charge a premium for additional features, such
as ‘swimming pool’ or ‘designer furniture’ etc. However, unless you ask the
builder to incorporate all the promised features in the Agreement and make
provisions for penalty in case of non-fulfillment, you stand on shaky
ground. Also, watch out for the fine
print, because the builders may slip in a clause in the agreement and may claim
that they reserve the right to alter any of the promised features.
As an adequate precaution, please take a look at the
approved construction plans and ensure whether they match with things which
were promised to you. You can ask the
builder to show you the requisite permits/approvals obtained from the concerned
authorities.While the approved construction plans have to be mandatorily
displayed at the construction site at all times, all the important approvals
should be made available at the builder’s office. As per the provisions
contained in Transfer of Property Act and Maharashtra Ownership of Flats Act, a
seller is required to disclose all facts relating to the property, which
include various permissions secured by him.In case the builder refuses to do so, a prospective buyer has recourse
under the same acts.
In addition to these documents, you should also take a
look at the Commencement Certificate for Projects in Mumbai. As the name itself
suggests, this Certificate is given to the builder to begin construction, only
after ensuring that the builder has obtained all the requisite clearances.
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2bhk flats for sale in bangalore
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