Wednesday, 27 April 2011

Your Dream Home - Real Estate

A Consumer has very little knowledge of real estate business whether in the public sector or private sector, so, they are victimized due to their lack of knowledge. These are some important points to be checked before finalizing any deal:
  • When buying property from existing owner, check clear title of deed, certificate of non-incumbency i.e. free from any dispute, all dues including municipal taxes, electricity, water etc paid.
  •  Do extensive survey about the market rates and negotiate.
  • Ascertain and Conform the target competition date.
  • Ascertain the date of possession when the property when the property will be handled over to the buyer.
  • When buying property from the developer/builder check carpet area, built up area and super built up area, payment terms, possession schedule, penalty clause etc.
  • Check if any loans are offered by banks for the property.
  • Study complete technical specifications of the design, material and other promised amenities.
  • Ensure that the design offered is earthquake resistant, floods and other natural calamities. 
  • Verify whether the concerned realtor has obtained certificate of C.L.U. from the competent authority.
  • The consumer should ensure that he get proper receipts for full or pat payments made to the realtor, apart from obtaining a written agreement from him. This written agreement will shield him at all times against exploitation by the realtor.
  • Charging of more money than agreed.
  • Delayed in handling over possession even after making full and final payments.
  • Wrong measurements and usage of sub-standard materials.
  • Consumer can file his case in Dist. Consumer Forum within two years of the purchase. If there is delay due to valid reasons, the consumer may file a “Delay Condone” request to the forum.
  • The consumer may also file a request to the consumer forum for the hearing or decision in case he feels that the same is getting for any reasons.
  • In normal cases the forum gives decision within 3 months from the date of notice and in technical cases they will take five month from the date of notice. The forum consumer can file for execution of the judgment, after the expiry of time stipulated.
The committee constituted by Ministry Of Urban Development has already recommended Government of India to consider setting up of Regulatory Authority in the Real Estate.


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