Procedure to buy under construction flat

Q: What is the procedure to buy under construction flat?

Niketan Verma, Bangalore

18th February 2013

Legal in Bangalore

flats in bangalore

umder construction flat

projects in bangalotre

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The Section 80C allows tax benefit for the amount paid towards the Stamp Duty and the Registration process. However, the tax rebate on principal repayment may not be allowed when the property is under construction.If there is a delay in the project and the possession doesn’t happen on the given date, one cannot get the tax benefit for the principal and the interest. One can avail the tax benefits at the time of filing the income tax returns.

Lekshmi,

19th February 2013

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How can one avail tax benefits from an under construction property?

Venugopalan, Bangalore

19th February 2013

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The major disadvantage of projects under construction is delays, price escalations, variance from the planned layout, etc. Home buyers opting for these plans for their first home, will have to shell out money not just for their new home which is under construction but also for their rental accommodation.

Anusha, Bangalore

19th February 2013

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Is it wise to buy an under-construction flat?

Niketan Verma, Bangalore

19th February 2013

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I want to visit the site,go through the plans ,price ,specifications, & other details,meet the builder, find out the best suitable option & go through booking with application. Before finalizing the deal work out about your home loan options & verify the legal documents.

Kunal,

19th February 2013

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Procedure to buy under construction flat are:-
1) Identify good property

2) check legal documents (allotment letter, loan papers, builder related papers)

3) finalize the property price

4) talk to builder regarding transfer possibility & payments made till date.

5) get NOC from builder

Neeraj Rao,

19th February 2013

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