Buyers Guide - Shri Vriddhi Infra Properties Pvt. Ltd.

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Buyers Guide

DEFINITIONS

According to the Real Estate (Regulation and Development) Act, 2016 (RERA), carpet area is defined as ‘the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment’.

Super Built-up Area is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc.

Built up Area is the actual used area of an apartment, it comprises of carpet area plus the thickness of outer walls and the balcony.

Agreement for sale contains the terms and conditions of sale of a property agreed upon by the parties, and bind them. An agreement to sell is the document on the basis of which a conveyance deed is drafted.

POSSESSION & REGISTRATION

It is clarified that the Completion Date as specified in this Agreement is the maximum time which may be taken, subject to prevention on account of Force Majeure Events, for the completion of construction and the issuance of Offer of Possession Letter to the Purchasers.

A completion certification (CC) is document that a builder obtains from the municipal authorities after the completion of a building. The CC attests to the fact that the new building is constructed and completed in accordance with all the safety norms and regulations.

Deed of conveyance is a document that a seller issues to the buyer, thereby transferring the ownership of the property. The execution of the document takes places after construction is complete, completion certificate is received and all the different terms and conditions present in the sale agreements are fulfilled.

Registration will be done only on completion of each phase and on payment of the entire sale consideration including the deposits.

Some of the factors a lessee or occupant must keep in mind while purchasing a flat or office is:

  • Locality i.e. transport, schools, hospitals, market, business district, entertainment centres, hotels, restaurants, pollution levels.
  • Quoted area of the flat i.e. Carpet, Built Up Area and Super Built Up Area.
  • Car parking space.
  • Reputation of the Lessors.
  • Sufficient water and electric supply, other utilities.
  • Cost components: stamp duty, registration charges, monthly outgoings and society charges, costs of utilities.
  • Any other distinguishing features or advantages of the property.

The documents required are as follows:

  • Copy of registered sale / conveyance deed through which the seller got the title.
  • Photo-copies of all earlier sale deed.
  • Receipt of payments made to seller.
  • Copy of approved plan of construction.
  • Title search report.

Some of the different forms of Power of Attorney are:

  • Power of Attorney to sell a particular property.
  • Power of Attorney to recover debts.
  • Power of Attorney by a firm.
  • Power of Attorney by trustee.
  • General Power of Attorney to a manager of the estate.

EXTRA CHARGES

Charges and expenses incurred towards procuring transformer, sub-station, electricity connection HT/LT and laying of cables for the building complex.

Legal / Documentation and professional charge incurred for preparation of Agreement for sale and the Deed of conveyance and/or transfer deed in respect of the said Flat/Unit including all other deeds, documents and instruments as may be necessary and/or required.

This is a refundable deposit obtained from the buyers to ensure mutations of flats are caused by buyers. In the event the mutation is caused by the buyer, the entire deposit is refunded to the buyer. In the event the mutation is not done then municipal taxes accrued in respect of the flat is paid out of the deposit money.

Sinking Fund is a fund created for upgradation of services from time to time and in connection therewith various costs which are to be incurred including capital costs which may have to be incurred for the purpose of repairs and/or replacement of the various equipments and/or installations.

Generator connection charge is taken to provide power backup in the individual units.

Maintenance charge shall include the proportionate share of charges/expenses in maintaining all the facilities and amenities comprising the general common elements irrespective of use/availability.

Deposit provided by the buyers for maintenance and upkeep of the Club, if any in the Project.

Costs and charges for formation of association.

Nomination / Transfer charge means the charge that is levied on any transfer /assignment /nomination by the Purchasers of the said unit before the Deed of Conveyance is executed by the Developer.

LEGAL & ARCHITECTURE

You can Transfer your apartment to any intending purchaser by entering into a nomination agreement before registration by giving a request letter and paying the nomination charges. However the presence of all previous buyers for the said unit would be mandatory during registration and incorporation of conveyance deed.

Yes, you can execute Special Power Of Attorney to get your property registered by someone else.

You will have to enter into an Agreement for sale and upon the completion of project construction & offer of possession and subsequent clearance of dues you will have to do the registration and enter into deed of conveyance.

Property can be bought and owned jointly by more than one person. There are some legal and financial implications in such a case that needs to be taken care of so as to avoid disputes. One of the most common reasons for owning property jointly is finance. People pool in funds to buy a property. A common example of this is purchase of property by husband and wife. By clubbing their incomes, they are also eligible for a higher loan amount. Couple having separate sources of income may pool in their resources to buy a home. Personal name can be combined with company name as well for purchase of property.

While buying a property you always need to check on the approved layout plan, ownership related documents, approved building plan etc. You may also like to do a title and document search through the professional services of a competent advocate.

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