To make home buyers aware and alert, our team of experts have prepared an essential guide that addresses most issues involved in buying a home.
Please go through each section carefully and email us if you have any specific queries.
Please go through each section carefully and email us if you have any specific queries.
1. What you should ask:
Ask your builder
His previous projects
Check his track record on the amenities promised and the amenities provided.
Check his track record on the amenities promised and the amenities provided.
Achievements
Find out how long has the builder been in the business.
What are his landmark projects?
Find out how long has the builder been in the business.
What are his landmark projects?
Involvement in social welfare
What is the builder’s contribution to public welfare?
What is the builder’s contribution to public welfare?
Timely possession
Is the builder known to give timely possession?
Is the builder known to give timely possession?
Does the builder have a clear title to the land?
A clear title will ensure that your property is constructed on undisputed land and can be resold in future without any problem.
A clear title will ensure that your property is constructed on undisputed land and can be resold in future without any problem.
Has the builder got his plans approved by the BMC and has he been given permission to start work?
These can be ascertained by checking the Intimation of Disapproval (IOD) certificate and Commencement Certificate (CC) that are issued for every project under construction.
These can be ascertained by checking the Intimation of Disapproval (IOD) certificate and Commencement Certificate (CC) that are issued for every project under construction.
What are the plans, designs and amenities offered by the builder?
While looking at the plans, make sure there is minimum wastage of space. Also make sure that the interior layout is comfortable according to the space.
While looking at the plans, make sure there is minimum wastage of space. Also make sure that the interior layout is comfortable according to the space.
What is the possession time?
The delay in getting possession of your flat may result in hardship and inconvenience to you and your family. So please ensure the period for which you shall have to wait to get possession.
The delay in getting possession of your flat may result in hardship and inconvenience to you and your family. So please ensure the period for which you shall have to wait to get possession.
Has the builder acquired the Occupation Certificate?
If you intend to buy ‘Ready Possession’ property, ensure that the builder has received the Occupation Certificate from the BMC. This certificate confirms the construction of the building according to the approved plans.
If you intend to buy ‘Ready Possession’ property, ensure that the builder has received the Occupation Certificate from the BMC. This certificate confirms the construction of the building according to the approved plans.
Area of the flat
Check the carpet area of the flat. Measure it yourself with the site engineer.
Check the carpet area of the flat. Measure it yourself with the site engineer.
Quality of construction
As the quality of construction cannot be verified visually, ask the builder about the suppliers, the brands / types of cement, paint, tiles, bathroom and kitchen fittings, etc. used in the building. Also make sure the waterproofing is done up to the mark.
As the quality of construction cannot be verified visually, ask the builder about the suppliers, the brands / types of cement, paint, tiles, bathroom and kitchen fittings, etc. used in the building. Also make sure the waterproofing is done up to the mark.
Project approval by housing finance companies
Check whether the project is approved by reputed housing finance companies. It is easier to get housing finance on approved projects.
Additional charges
Confirm with the builder whether any additional charges like legal fees, society deposits, corpus funds, etc. are included in the agreement or not.
Check whether the project is approved by reputed housing finance companies. It is easier to get housing finance on approved projects.
Additional charges
Confirm with the builder whether any additional charges like legal fees, society deposits, corpus funds, etc. are included in the agreement or not.
Does your builder offer any of the following services?
Suggestions for interior decoration
Estimated sample flat furniture estimates
Maintenance services of plumber, electrician, gardener, etc.
Help in Society formation
LPG transfer formality
Telephone connection
Suggestions for interior decoration
Estimated sample flat furniture estimates
Maintenance services of plumber, electrician, gardener, etc.
Help in Society formation
LPG transfer formality
Telephone connection
2. What you should ensure:
mall;">Agreement of Sale
Ensure that the ‘Agreement of Sale’ is drafted as per the requirements of the Maharashtra State Ownership of Flat Act (MOFA).
Ensure that the ‘Agreement of Sale’ is drafted as per the requirements of the Maharashtra State Ownership of Flat Act (MOFA).
Annexure to the Agreement of Sale
Ensure that the complete ‘Agreement of Sale’ contains relevant title certificate, IOD, CC, list of amenities, copy of plan, etc. as annexure.
Ensure that the complete ‘Agreement of Sale’ contains relevant title certificate, IOD, CC, list of amenities, copy of plan, etc. as annexure.
Payment Terms
Make sure the payment terms are linked to the progress of construction work.
Stamp Duty
Stamp Duty is somewhat like Sales Tax, payable by the buyer. It varies from state to state.
Calculation of Stamp Duty (Maharashtra)
a) Assess the value of your flat based on the location. This detail can be availed of from the ‘Stamp Duty Ready Reckoner’ (a copy can be obtained from the Registration Department).
b) Please note that the Stamp Duty amount is calculated on the market value of the flat and not on the actual value in the Agreement.
Registration
The Agreement on which you have paid Stamp Duty has to be registered with the Registrar’s Office by both the buyer and the seller. The current registration charges are 1% of the Agreement of Sale is a necessary requirement before you avail of Housing Finance Loan. The housing finance institution will ask for the Registered Deed and a copy of the Registration Slip. Do remember to follow up with the Registration Department to get the original document back.
Make sure the payment terms are linked to the progress of construction work.
Stamp Duty
Stamp Duty is somewhat like Sales Tax, payable by the buyer. It varies from state to state.
Calculation of Stamp Duty (Maharashtra)
a) Assess the value of your flat based on the location. This detail can be availed of from the ‘Stamp Duty Ready Reckoner’ (a copy can be obtained from the Registration Department).
b) Please note that the Stamp Duty amount is calculated on the market value of the flat and not on the actual value in the Agreement.
Registration
The Agreement on which you have paid Stamp Duty has to be registered with the Registrar’s Office by both the buyer and the seller. The current registration charges are 1% of the Agreement of Sale is a necessary requirement before you avail of Housing Finance Loan. The housing finance institution will ask for the Registered Deed and a copy of the Registration Slip. Do remember to follow up with the Registration Department to get the original document back.
3. Glossary:
FSI
Floor Space Index (FSI) is the total built up area of the complex OR total area of the plot on which the structure is to be built. The total construction as specified in the plans by the builder should not exceed the permissible FSI.
Floor Space Index (FSI) is the total built up area of the complex OR total area of the plot on which the structure is to be built. The total construction as specified in the plans by the builder should not exceed the permissible FSI.
Carpet Area
This is defined as the net usable area. It is the wall-to-wall area measured from the inner sides over which a carpet can be laid.
This is defined as the net usable area. It is the wall-to-wall area measured from the inner sides over which a carpet can be laid.
Built-up Area
This includes the carpet area plus the space covered by the thickness of the inner and outer walls off the flat.
Built-up Area = Carpet Area + Wall thickness
This includes the carpet area plus the space covered by the thickness of the inner and outer walls off the flat.
Built-up Area = Carpet Area + Wall thickness
Super Built-up Area
This includes the proportionate common area on the floor, such as passage, staircase, etc. Sometimes even common areas like the garden, open spaces, clubhouse and other recreational facilities are loaded onto it, proportionately.
Super Built-up Area = Built-up Area + Common Area
This includes the proportionate common area on the floor, such as passage, staircase, etc. Sometimes even common areas like the garden, open spaces, clubhouse and other recreational facilities are loaded onto it, proportionately.
Super Built-up Area = Built-up Area + Common Area
RCC
Reinforced Cement Concrete. Most buildings are nowadays constructed out of RCC
Reinforced Cement Concrete. Most buildings are nowadays constructed out of RCC
Columns
These are vertical pillars made of RCC, which are connected horizontally by beams, also of RCC. During any change or modification in your flat, do not break columns and beams. Such breakages lead to serious damage in the building’s structure and sometimes, even cause the building to collapse.
These are vertical pillars made of RCC, which are connected horizontally by beams, also of RCC. During any change or modification in your flat, do not break columns and beams. Such breakages lead to serious damage in the building’s structure and sometimes, even cause the building to collapse.
Walls
These are made of either bricks or concrete blocks. In case of concrete blocks the width is normally of 6 inches.
These are made of either bricks or concrete blocks. In case of concrete blocks the width is normally of 6 inches.
Shear Walls
These are load-carrying RCC walls without any beams protruding. They have greater strength and visual appeal.
These are load-carrying RCC walls without any beams protruding. They have greater strength and visual appeal.
Slabs
These are horizontal RCC platforms, which form the ceiling / floor of the flat.
These are horizontal RCC platforms, which form the ceiling / floor of the flat.
IOD (Intimation of Disapproval)
CC (Commencement Certificate)
OC (Occupation Certificate)
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