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Caution should be the watchword here
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Buying an apartment is a big deal. K.A. MARTIN throws light on the factors that have to be weighed before making that all-important decision.
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Recent reports that several instances of unauthorised construction of flats were detected in Kochi saw the builders’ fraternity coming forward to make clear its point of view.The Kerala Builders’ Forum, representing the interest of the construction industry, said a recent statement by Local Administration Minister Paloli Mohammed Kutty with regard to this was against the facts. Enquiries made by the forum and clarifi
cations received from the Minister’s office indicated that there were more than 150 instances of unauthorised constructions across Kerala and none of these were flats.
The forum said that such reports created anxiety in the market and shook the confidence of customers. The clarifications were issued by the forum in view of the adverse impact such reports had on the confidence of the buyers.
Controversy or not, the Minister’s remarks once again brought to the fore the need for a checklist when one plans to buy a flat or a villa.
From the time you decide to respond to an advertisement to finally striking the deal, there are a whole lot of steps to be taken to ensure that you do not finally regret to your deal.
The old adage is buyer, beware!
Silver lining
The silver lining on the horizon, however, is that the building industry has come to be well organised.
The builders have set their own standards and want to be seen complying with these standards to build customer confidence and achieve a certain brand value. That certainly works in favour of the buyers.
In fact, a body such as the forum has reputable builders as its members, says its chairman, George E. George. The forum describes itself as an “innovative team of renowned builders of Kerala” and comprises “builders with proven track records of excellence.”
The National Real Estate Development Council (Naredco), the apex self-regulatory body for builders in the country under the aegis of the Union Ministry of Housing and Urban Poverty Alleviation, says that investment in housing or property is beset by many uncertainties. “The investment and transaction decisions in this sector are characterised by uncertainties due to low level of disclosures and information,” it says.
While Naredco has evolved a rating mechanism for the building industry, it recommends that the concerns of developers, consumers and government or municipal agencies should be debated to bring about a consensus on the subject of rating builders and their projects.
The claims by a builder, however, do not relieve a buyer of the need for making his or her own checks. The procedures for the registration of a flat follow the same route as that of the process of registration of a piece of land with a dwelling unit on it, says an experienced document writer in the city.
The documents needed for checking out on a flat include the title deed, mother deed, tax and building tax receipts, non-encumbrance certificate and building permit.
The newly registered document transferring ownership of a flat to you will contain the details of the property, including the building permit.
The general practice among buyers is to engage an expert to examine the documents and verify its validity. Taking a legal opinion is highly recommended.
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Property Plus
Bangalore
Chennai
Hyderabad
Kochi
Malabar
Thiruvananthapuram
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