Last Updated on July 31, 2022 by Satish Mishra
Thinking of buying a property in Tricity, then talking to RERA Expert property advisor is a must. They can guide you well to understand the intricacies of a project when you are investing your hard earned money.
Thinks to Consider-
1 Approvals- Valid License Number, upto date approvals from all authorities. Be it Municipal Body, Pollution, Environment, Height, Water Body, Forest etc. of current date. Do check they are not expired.
2 Project Viability- Funds utilization. Number of Projects undertaken at a given time. Track record etc.
3 Bank Sponsored- You should know whether the project is sponsored with the bank or mortgaged. The more number of banks are tied then chances of a financial bungling of funds is less.
4 Escrow Account- As per RERA, it is a mandate to be fulfilled by every builder.
5 Sale Agreement is a must- On payment of 10% money, sale agreement is a must else builder will be penalized for non-compliance.
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6 Five-year coverage- RERA Approved projects are covered till 5 years and on notice, builder must rectify workmanship defects related to quality, durability and usability of material goods used.
7 Alteration in Sanctioned Plan- Not possible unless 2/3rd allottees approve it. Previously it was blatantly done but now after incoming of RERA, this is a must for builders.
8 No more misleading information to buyers- If you have advertised then you have to give, the rule is clear. Otherwise you are bound to pay for wrong information passed onto the buyers.
9 Carpet Area- Most important thing covered in the last, it is the duty of builder to declare this in agreement, otherwise the deal is not considered to be valid. Transparency, Trust and Discipline a must.
10 Possession Delivery of Time- Most importantly, deliver the possession or refund the money with interest as per SBI MCLR+2%.
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Exception to this- According to Section 3(2)(a) of the RERA Act, no registration of a real estate project is required where the area of land proposed to be developed does not exceed 500 square meters or the number of apartments proposed to be developed does not exceed eight, inclusive of all phases.
Before you buy just think of budget, finance arrangement, location, construction quality, water and power supply, furnished, renovated or unfurnished, parking facilities, club facilities, traffic scenario, maintenance charges, builder reputation, stamp duty & registration, additional cost if any, Legal Check of title, tax planning, insurance of the property and a must- estimated resale value of the property.
Documents involved- Application form, Allotment letter, BBA, Sale Deed, Payment Plan/Schedule, Maintenance Agreement, Account statement, Size/Area of unit with detailed plan of site, Brochure complete set.
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There can be more but I am limiting this post to top 10 things only so that you don’t scratch your head with confusion. Little information is dangerous and more than required information is confusion.
Rest when in need, RERA Expert Property Advisor Consultants are there to assist you in every possible manner. You may call us at 9888-757966 for more info.
