Home Facts

A small violation or deviation leads to no other choice than demolition. In some cases it is the quality of construction itself. Even newly constructed buildings some times tumble down like a deck of cards posing a grave danger to the inhabitants. The only option left is demolition. So think wisely and spend some time before you buy a new home. After all, you can't let your hard earned money go rubble!

Partment buyers are entitled a share of the land area and this cannot be physically divided. This undivided share of land must be conveyed entirely and proportionately to the buyers. So, when you think of buying a new home, ensure that your share is proportionate and the sum of all the shares constitutes 100% of the land area.

Title to the terrace area in an apartment complex must be unambigous to the buyers. This not only ensures that the buyers get adequate freedom to use the terrace area but also safeguards against unauthorised construction and misuse. When you buy a home, act in due diligence and ensure that you get your terrace rights clearly on paper.

It is prudent to have a soil and water test conducted before construction. A soil test analyses the nature of the soil and helps design a safe structure. Similarly, a water test certifies the quality of water in the water table and its suitability for use in construction. It also indicates whether the water is potable and suited for consumption. Getting into finer details is what makes the difference. Because some things can't just be tried, but have to be tested.

In the absence of byelaws and guidelines to sell on apartment, EVEN OPEN CAR PARKS are being sold in an apartment complex. Open Car Parks cannot be demarcated with a portion of the Undivided Share of Land, it is not fair to sell the same for a price.

Apartment cost is calculated on the super built-up area, constituting the plinth area and a proportionate share of the common area. It is hence necessary to insist on a detailed area statement of the entire complex along with break-ups of common area. Also, a comparison of the floor plans with CMDA approved drawings will reveal the deviations, if any. It is ideal to include in the agreement the entire set of drawings and area statements of all the apartments.

"Take 100% of the Home Loan upfront, save Pre-EMI": that is the Mantra of many Financial Institutions today. On the face of it, a great proposition, but with a lot of risks involved. Delay in the completion of the project burdens you with paying EMI for the property you have not yet taken possession of, alongwith the house rent. 'Phased disbursement linked to work progress' makes it obligatory for the builder to stick to time schedules. So isn't it time to exercise caution !!!

When buying a home, always make sure the documents are perfectly transparent and contain no ambiguities. It is always advisable to obtain a copy of the following: — All title deeds, Possession certificate and No-encumbrance certificate — Up-to-date receipts of Corporation tax, Water tax, Electricity Bills, etc. — Complete area statements with break-up details When you are taking a decision for life, make sure all documents are proper. One mistake and there's a whole lifetime to rue about.

An apartment complex is a group of homes. Therefore it is only natural that all the owners should enjoy equal rights and privileges. Individual contracts with the buyers leads to some individuals enjoying more privileges than the others, which may cause unnecessary frictions among co-occupants. It is therefore imperative that any contract between the builder and buyers should be same for everyone. No individual should be specially vested with exclusive rights or preference. Moreover, exclusive contracts are not legally binding and are void before the law.

There is a growing tendency among buyers to pay the full amount at the outset to enjoy better price. However, a small gain low may turn detrimental in near future. Paying upfront is putting one self of the mercy of the builder. It is always in the best interest of the buyer if the payment schedule is in accordance with work progress. This ensures timely completion of project. Therefore, by making the payment schedule match the progress of the project, one can negate any future problems or difficulties.

Buying a home means making huge investments. Delays can put the buyer to a lot of hardships, both financial and otherwise. Remember, as with any business transaction, a delay is costly. Therefore, ensure adequate safeguards against delays and cost overruns.

Any construction should follow the rules, regulations and guidelines of the local civic bodies and other authorities. It is mandatory on the buyer to ascertain whether the project possesses all the mandatory approvals. Including floor plans. The competent authority can demolish Illegal/unauthorized constructions, violations, etc. Therefore, it is vital that one ensures that the project is CMDA approved. Remember, pleading ignorance

An apartment complex would look beautiful and strong on the outset. But what goes on under the ground is what makes it safe during natural calamities such as earthquake.Various regions across India are assessed for their earthquake possibilities and extend and are classified accordingly. In the case of Chennai, it is classified as Seismic Zone III. All complexes therefore, should comply with the specifications of this classification in design and construction.When a buyer goes for an apartment, he/she should check this factor before deciding. Because when it comes to life and property, some aspects are best made sure.

That is one of the problems that would crop up if the Maintenance charges levied have no proper structure.Therefore make sure the maintenance charges have been calculated according to the total area you own.It is important to ensure this is done, as it can be a big drain on your expenditure later on and that too for life.

When you make an investment of this magnitude, it is always prudent to ensure you don't unnecessarily end up paying higher taxes and other levies.It is always wise to register your home just before the financial year and you can save an appreciable sum on stamp duties.Definitely doing things at the right time has its rewards; don't you agree?

Today one of the biggest hassle pertains to the usage of common area. But then how do you draw a line where none can be drawn?All the co-owners of the property can use the common area. But then, the usage should not be in a way that is exclusive or advantageous to one person.Remember, common areas are there for common and equal enjoyment.

Occupants of an apartment irrespective of being a buyer or a tenant are bound by the initial agreement clauses signed between the builder and the buyer. The Deed of Agreement including the clauses pertaining to maintenance and association holds good for successive buyers and tenants. Any deviation from the original agreement clauses will be null and void in the eyes of the law.

Title deed confirms whether the land is in the name of the seller and that the full right to sell the land lies with only him and no other person. Hence its very important that you insist on seeing the Original Deed. Never be satisfied with the Xerox Copy since sometimes the seller may have taken a loan by pledging the original deed. It also needs checking whether the seller has permitted any entry/access to others through this land and whether any other fact has been suppressed/left undisclosed by the owner of the land. Along with the title deed, the buyer can also demand to see the previous deeds of the land available with the seller.

Demolition of existing building to be approved by local authority/necessary permits to be obtained.

Property taxes which are due to the government or municipality are a first charge on the property and, therefore, enquiries must next be made in government and municipal offices to ascertain whether all taxes have been paid up to date. The owner should also possess the latest tax paid receipts, which you may inspect. Being on a safer side you should enquire in various departments of the municipality to ascertain whether any notices or requisitions relating to the property have been issued and are outstanding and not yet complied with.

As a buyer it is imperative that you obtain all the statutory certificates pertaining to your property. It's a once in a lifetime investment and hence ensure to secure it with all the relevant papers from the BUILDER especially the Encumbrance Certificate to confirm that the land does not have any legal dues. The encumbrance certificate for the past thirteen years should be taken or for more clarification, you could demand 30 years encumbrance certificate to be checked.

What happens when the project is completed, handed over and all occupants starts living in it? What happens when the various aspects related to the maintenance, etc. should be undertaken? These questions would be addressed by the Residents' Association would address. But how would the association be formed when the various occupants hardly know each other? This is where the builder comes in.At the time of handing over, the builder is the only person familiar with all the occupants and who is knowledgeable about the formalities and procedures required to start a welfare association. Therefore the builder should initiate the formation process and help in electing the office bearers and take care of its functions till the elected body takes charge.A smooth start is necessary for the future functioning of the association.