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Expert speak

Saturday, April 28, 2012
Gajanan Khergamker

Exercise caution while investing in property
For a potential home-owner, buying a home is an all-important decision. A lot of effort, hard work, sacrifices and hope go into a family’s dream of buying a new home.

But all of this can go for nought if you are unlucky enough to come across unscrupulous builders, sellers and agents. This is why all prospective buyers need to be quite cautious when it comes to purchasing property.

For instance, when buying a flat directly from the builder, buyers should first ensure that the builder has the necessary permission from the Brihanmumbai Municipal Corporation to build a structure in the said location. You should also make sure that he has obtained the occupation certificate from the Brihanmumbai Municipal Corporation .

If possible arrange for a certificate from the builder that clearly states that he has been authorised to construct on the said piece of land by the person who legally owns the land.

Prospective buyers will save themselves a lot of trouble in the future if they ensure that the title of the property with the seller is clear and marketable and the builder has authority to sell the premises. Relevant IOD copies should be checked before buying any flat.

Purchasers should properly investigate the property and make sure that it is not located in the Collector’s Land i.e. B-I category which requires the permission of the collector before construction. In the absence of proper permission, you could end up coughing up a substantial sum at a later point of time.

One of the biggest hassles that buyers face is irregular carpet area. Very often there have been cases where builders have collected higher prices from prospective buyers but have allotted them homes with lesser areas.

It’s a good idea to insist on a certificate that clearly states the carpet area of the premises so that he can be held liable if he does not fulfil his promise.

When buying from sellers instead of a builder, it may be better to issue a public notice in two local newspapers before acquiring the premises. This brings to fore any hidden problems such as actual and additional heirs if any.

Prospective buyers can help protect their interests better if they take help of professionals who specialise in dealing with property-related matters such as lawyers.
When dealing with property related matters, you should be aware that the stakes are always high. Get a Title Clearance Certificate from an advocate before proceeding with the buying transaction.

If for any reason, transactions are cancelled between two parties, then the parties have a right to claim back the Stamp Duty paid by them within a period of six months from the date of payment of Stamp Duty.

It pays to exercise caution when it comes to investing in property. It’s your hard-earned money which could well go down the drain.
 

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