Dec 11, 2011

Documents to be checked before buying a Flat

Documents to be checked while buying a flat from
a Builder : -
$ Approved plan of the building .
$ Whether the land is a freehold land and free from
encumbrances .
$ To check the building bye - laws as applicable in that area
and ensure that the builder is constructing without any
violation of such bye - laws etc .
$ To check that the urban land ceiling NOC ( if applicable )
has been obtained .
$ NOC from water , electricity and lift authorities has been
obtained .
Besides the aforesaid documents the buyer should also carefully
go through the flat buyers’ agreement / construction agreement
with the builder, to ensure that all the necessary terms and
conditions viz. , the size of flat ( carpet area & super area ) , floor
plan , car parking space , details of various amenities, date of
completion and delivering of possession of the flat and other
standard specifications have been incorporated in the said
agreement . The agreement should also contain the payment
schedule . It is preferable to opt for a construction linked payment
plan as compared to a time bound payment plan since in a
construction linked plan the buyer is assured of the progress of
the project .
The buyer should also check that the agreement contains a penalty
clause for delay in giving possession of the flat by the builder. In
case , the builder is unable to give the possession of the flat on
time and also avoids the payment of penalty , by justifying the
delay on flimsy grounds, then it tantamounts to breach of contract
and is also construed as deficiency in service within the meaning
of Consumer Protection Act , 1986 for which the buyer has got
recourse to the Consumer Forum

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