Shree Sharda Realcon & Construction Pvt. Ltd.

How to choose a Property

Anybody wishing to book a flat with a developer / promoter in India is expected to keep in mind following few basic points before deciding to book a flat on ownership basis.

About the developer / promoter:

The reputation of the promoter / developer

The number of buildings/projects that the developer has completed in the past.

The quality of the construction in respect of buildings completed by the developer/promoter

The financial standing of the developer/promoter

Adequacy of the technical staff employed with the developer

His past dealings with the customers

How are his past dealings with the customers?

About the title deeds

The flat purchaser should be shown the relevant documents regarding title of plot on which the building is proposed to be constructed

The title certificate should be from a reputed Solicitor / Advocate attached to the agreement

The developer should have annexed the description of land in detail in the form of schedule in the agreement

All information regarding the encumbrances should be brought out clearly

The extract of property register card or other revenue record of the land/plot on which the flats are going to be constructed should be attached to the agreement for sale.

Inspection of Plans/ Drawings

The developer should have got the approval of plans / drawings from the Municipal Authorities / Local Authority

The developer should have shown to the flat purchaser the approved plans/drawings to the flat purchaser

The developer should show to the flat purchaser the copy of commencement certificate (C.C.) and Intimation of disapproval (I.O.D.)

Area, number of flat etc.

The serial number of flat, floor at which it is located, name of building/wing should be distinctly indicated in the body of agreement

The carpet area/built-up area of flat should be distinctly indicated in the body of agreement?

The dimensioned floor plan marking the subject flat should be annexed to the agreement

The plan referred to in (iii) above should be duly signed by developer at the time of execution of the agreement.

Amenities/ specifications

The developer should annex with agreement a schedule of amenities/specifications (type of construction, flooring, doors, windows, sanitary and water supply, electrical fittings)

The sale agreement in accordance with the conditions laid down by the Urban Land (Ceilings & Regulations) Authorities

Nature, extent and description of common areas and facilities etc.

The agreement for sale should describe distinctly the common areas and facilities (such as entrance hall, foyer of building, compound wall etc.) and limited common areas and facilities (landing in front of staircase etc.), percentage/interest of flat purchaser in common areas and limited common areas/facilities.

Mode of payment

The mode of payment of installments should be distinctly mentioned in the agreement for sale

Outgoings

The developer should mention in the agreement the amounts payable by flat purchaser on taking possession in respect of legal charges, share money, application entrance fee of society, charges for formation and registration of the society and proportionate share of taxes and other charges

Stamp duty and registration

The flat purchaser should be aware about the quantum of stamp duty payable by him at the time of execution of agreement

The flat purchaser should be aware that the registration of agreement in respect of flat purchased from the developer is compulsory

The flat purchaser should be aware of the amount of registration charges payable by him

The flat purchaser should be aware of the fact that the time limit for registering agreement for sale is 4 months from the date of its execution.

Form No. 37-I

Filing of form no. 37-I under chapter XX-C of Income Tax is to be filed in respect of transaction of subject flat?

If answer to i) above is in affirmative, is the flat purchaser informed about the procedure for filing form no. 37-I?

Is the flat purchaser aware of the implications of filing form no. 37-I?