Premier Exotica @ Kurla - Need Clarity

Q: Hi Guys,

I have a property in Premier Exotica Kurla Building 3 and am now being asked to pay 3rd installment as well as register the flat. got a letter dated 1st nov. i also got a similar demand notice in oct for which ive paid the installment.

They have along with their demand notice attached a letter from Bidco Engineering Division (bandra East) which mentions that construction work of specific property has been completed upto 2nd floor Slab.

Should i make the payment and register the flat/document.?
What documents should i be asking from them?
Can there be a interest payable by them for the construction delay? (bought prior to 2011)
can they levy a penalty of 21% p.a (as per their letter) on us for delaying payment of installments ?

Will appreciate all the help

Ganesh ,

4th December 2014

Legal in Mumbai

registration of property

registration of flat

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registration procedure

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Replies (5)

The most important document is "Completion Certificate". On handing over the flat to you, the builder must also give a completion certificate. This is issued by Municipal authorities of the particular area which confirms that the building is in accordance with the approved plan. You would require this certificate for registration of your property and other government formalities.

Anuj Gupta, Mumbai

5th December 2014

Comment

NOC indicates all the terms and condition based on which the property is built up and CC is issued by local Municipal Corporation which gives permission to builder to start construction. CC is issued when all terms and conditions are satisfied.

Check actual price of the property. It would include the cost for utilities like electricity and water, parking space, various taxes, any legal charges and registration charges etc. Otherwise, the builder may then impose some extra charges for any of these.

Inquire about the actual size of house. Discuss about carpet area, built up area and super built up area.

Rakshit, Mumbai

5th December 2014

Comment

1) First thing is to ask builder about the title clear of the land on which the building/ society is/ will be built up. The intermediate way is to ask for important documents like Intimation of Disapproval (IOD) and Commencement Certificate (CC). questions to ask builder before buying property in IndiaIf property is an under construction, you can ask for approval of drawings and plan of project. It will make sure that the property is built up on undisputed land.

Anuj Gupta, Mumbai

5th December 2014

Comment

Check you agreement first, whether there is a clause for delay possession. If yes, then builder is liable to pay, pressurized builder for compensation of delay.

This is important because most clauses in these agreements are aiming at protecting builders from legal troubles while giving very few rights to buyers. So, read the agreement paper again and again for future trouble.

Rakshit, Mumbai

5th December 2014

Comment

Hi Ganesh,
If you have paid the 3rd installments, you got a copy of receipt. Visit the developers' office and show the receipt copy of the payment.

Secondly, if you got their demand notice which mentions that construction work has been completed upto 2nd floor, you must visit the construction site and see the status of the construction specified in the notice.

Further, you have already paid the 3rd installments so it is necessary to register the property in your name.

Documents asked for the property registration:- Before buying property in India, you should ask some things to your builder which will save you from putting yourself in any legal hassle or troubles. These are Clear title, Possession letter, Letter of allotment, No objection letter, Agreement letter, Blue Print of plan,
Commencement certificate, Completion certificate, Receipts of payments given to the builder.

Anuj Gupta, Mumbai

5th December 2014

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