Useful Tips to Purchase Property
Bread, clothes & shelter are the most important things in human life. It is not difficult earn for the first two needs but shelter is little be more difficult to obtain. It is really a mission to find out the best possible property(flat/office/shop) commercial/industrial/residential. Every one wants to purchase the property to keep the following things in minds. Mainly water, electricity supply, institution, sanitation, approach roads, transports facility, community hall, parking, airport, railway station, ISBT access, Hospital, market, eco-friendly environment, banks, ATM, mother dairy, Sports complex, telephone exchange, public library, public park, proper ventilation, gardening space, balcony and above all its budget.
According to Mr.Vinod Bhatia-Veenus Property, Dwarka, to purchase a flat entirely depends upon the budget. Because the value of two bed room set in dwarka is between 28-35 lakhs but on the other hand the cost of a society flat starts from 40 lakh.
The main reason of the difference in the cost is due to availability of numerous facility in the society flats which attract the customers.
"Apart from basic facilities, Bid Form, Allotment letter, Lease Deed, Conveyance Deed, Demand/Possession letter should be checked thoroughly before purchasing the property." Says Mr.Rajiv Upptal-Planning Manager-T.S.L.,Dwarka.
It is also fact that the value of a property entirely depends upon on the location, local market value, bank loan facility, facilities available in and around the said property.
Mr.Bhushan Kandhari-Pro.-Allied Property, Jwalaheri Market, Paschim Vihar, with thirty years of experience in property dealing reveals that the common purchaser shows much trusted to buy Delhi Development Authority's flats because the authority is more transparent as compare to other Co-society/builders.But, as far as the facility, available in the DDA flats/markets is concerned, the society have regular water, 24hrs power back up, security system, sanitation, better building material with modern facilities. That's why the local authority flat is cheaper as compare to the society/co-cooperative housing society. It is also a fact that DLF, ANSAL, OMAXE, PARSVNATH builder/promoters have created a great rapport among the property buyers.
Mrs. Sonia , resident of Din Apartment, Dwarka, is of the opinion that cooperative neighbours, 24 hrs electricity back up, proper water supply, sanitation, ventilated accommodation, fruit/vegetable market, reputed institutions, sufficient security , parking,
Are the major factors that count a lot before investing/purchasing a residential flat.
Send your comments/suggestion about property to us.
Mail your requirement of property sale/ purchase/ rent to contactus@dwarkaparichay.com
- S S Dogra, Journalist - 9811369585
Planning To Buy A Flat ?
The expansion of cities and towns has gone beyond imagination. To cater to the needs of the many entrepreneurs have stepped into the real estate business, leading to unhealthy competition and Unfair trade practices.
Many cases have been filed in the consumer fora against real estate entrepreneurs for cheating and misleading customers.
This quiz will enlighten you on common unfair trade practices adopted by real estate dealers, and guide you on how to avoid the traps.
1. Before entering into an agreement for the purchase of a plot or a house you must
__a. examine the title to the property
__b. verify whether it is a government land or patta land
__c. examine whether the vendor has title to the property or not
__d. all of the above
2. The master plan informs you whether the site
__a. falls under conservation / residential area / commercial area
__b. is an agricultural land or converted by order
__c. is given the 'no objection' certificate (NOC) for construction
__d. all of the above
3.Who provides a block layout plan of the land?
__a. Urban Development Authority
__b. Rural Development Authority
__c. Builders' Development Authority
4. The layout plan is approved by
__a. the builder
__b. the sarpanch
__c. any government official
__d. the municipality
5. It is essential to obtain the Encumbrance Certificate from the Registrar because it
__a. shows whether the plot is free from all mortgages and other encumbrances
__b. indicates any transaction carried out in relation to the land
__c. provides information of lease
__d. all of the above
6. You should be careful about the multi-coloured brochures printed by the real estate dealers as
__a. it is always fake, merely a trap to attract customers
__b. it is not a part of the contract
__c. both (a) and (b)
__d. It is not prepared by a civil engineer
7. Monetary transactions between a builder and you should be done by
__a. cash
__b. cheques and /or demand drafts
__c. promissory not or bills of exchange
__d. banker's cheque
8. Can the builder sell the car-parking, cellar of terrace of the building?
__a. yes
__b. no
9 . If you are buying a flat on resale then ensure
__a. getting transfer ownership of the flat through transfer of share with a registered deed
__b. any pending legal and/or financial liability left by the vendor
__c. getting the 'no-dues' certificate fro the Chairman of the society
__d. transfer is done in your name
__e. you are aware of all the norms governing the flat/society
__f. all of the above
10. A member cannot transfer the following before holding the flat for not less than one year
__a. the shares of interest in the society
__b. the deposits in the society
__c. the possession of the flat
11. Is it valid to get transfer ownership of flat/apartment through transfer of share by the co-operative society without registered deed?
__a. yes
__b. no
12. Can more than one house in the same society be held in the same name?
__a. yes
__b. no
Answers:
1(d) Dealers usually hold out that some plots have already been sold out. It gives a misleading information implying that the earlier buyers have already checked the title, including other relevant documents. It may not be correct. Relevant revenue records are available in the Revenue Office to patta land. It is advisable to get the title examined by an advocate.
2(d). The master plan informs you all the three. You know whether the plot is cleared for construction, whether all require infrastructures are provided, and whether the deal is profitable or not.
3(a). The Urban Development Authority will have a block layout plan of the locality governed by it. Unless the site for common amenities like roads, water, drainage, electricity and other amenities are provided, the Urban Development Authority will not sanction the layout. It's your duty to verify the lay-out permission.
4(d). Only it the details of specifications (for development of the plot) mentioned in the Block Layout Plan (BLP) are met, the layout plan is sanctioned by municipalities. The sanction is to be verified. Verification about layout sanction can be personally done from local authorities like municipalities, gram panchayat, or Urban Development Authorities, etc. A layout can be approved by the gram panchayat only after obtaining the approval of Director of Town and Country Planning. A layout can never be approved by sarpanch.
5(d). The encumbrance certificate for the past 12 years ha to obtained. I t is advisable to verify the documents from the authorities by personally applying for them instead of relying on the documents submitted by the seller(s).
6(b). Apparently impressive brochures are often misleading . The facts mentioned in the brochure should be enumerated in the agreement. There may also be just a term in the sale deed stating that the brochure forms part of the contract. If there is any deficiency on the part of the dealer, or the dealer does not register the sale deed as per the terms of contract, you can approach the Consumer Fora and claim compensation for the loss suffered.
7(b). It is always advisable to make transactions through cheques and /or demand drafts. It is also equally necessary to obtain receipts for the payments after each financial transaction.
8(b). In multi-storied buildings, provision for parking is a must. The builder cannot sell this parking space to anybody. Similarly set back on four sides of the building , terrace of the building, as well as cellar cannot be sold. These are common amenities meant for the occupants of building.
9(f). Ensure that the flat is transferred in your name. Consult the Chairman of the society before purchasing a flat to know the norms and rules of the society because each society has its own distinct rules to be followed.
10(a). A member can not transfer his flat unless – (i) he has held the share or interest in the society for not less than one year, (ii) the transfer or charge is made to the society, or to a member of society, or to a person whose application for membership has been accepted by the society, and (iii) the committee has approved such transfer.
11(b). It is not legally valid. Co-operative Societies who a lot flat/apartment to its members should compulsorily register sale deed with the Registrar under Registration Act, 1908.
12(b). A person cannot hold more than one flat in the same society in the same name.
(Even though most of the norms remain the same all over the county, however, Cooperative Housing Society, Being a State Subject, you need to refer to the Cooperative Housing Society's Act of the state in which the flat is situated, for precise information.)
( Source : INSIGHT-The Consumer Magazine )
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