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?

 

Inspection of Plans/ Drawings

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

 

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.

 

Mode of payment

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

 

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?

 

end faq