This is s sam

Q: Do not buy this Property – This is a big scam

The agreement will be with a bankrupt company called National standard India Ltd who has lease with MIDC for 40 years. Technically you will never be the owner of your own property. There will be a corpus fund included in maintenance so it can be paid to MIDC for renewal of lease (if they agree).

If you would like to sell your property after 10 years why will someone buy it? By the time they would finish their loan nearly 50 – 75 % of the property value again will be due to paid to MIDC for renewal

Builder has some other plans as they are giving the clubhouse membership only for 30 years. Nowhere in the agreement you will find Lodha’s name. What if NSIL goes bankrupt sold or gets in to a legal soup.

This property is mortgaged with HDFC bank (Complete Residential and Commercial)…. Funny you are paying for a mortgaged property

I had booked a 3 BHK and when i found out about these hidden things builder is not refunding the token amount. They were so sweet while selling this flat and now they don't even respond to emails.

People, who have already booked, please go and see the agreement. The lease has started in 1960 with MIDC by this company NSIL

Manish Dudia, Apartment Resident, Thane

1st March 2015

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Replies (2)

I appreciate your view point but you can not ignore them as well. Buying a house can be tedious or pleasurable according to how you go about it. Here are a few tips to make it a pleasurable activity. To make sure you find the right property at the right price in the right location, there is no getting away from the fact that you need lot's of information at your finger tips and a lot of options to choose from as well.

Manilal Patel, Mumbai

2nd March 2015

Comment

For end users:- If you are buying for self use then locality profile, stage of construction, developer reputation, price bracket are the necessary information which you have to collect.

Apart from that Online options, Newspaper supplements, Brokesr etc. can help you in choosing right property.

khushisha, Mumbai

2nd March 2015

Hi,
Documentation is the first check point. You may argue that the builders advertise heavily and the construction happens in the open, so if its illegal, it will catch the eyes of the authorities concerned. When you buy a property, you will have to sign a set of documents. Builders are supposed to show you all the agreement documents. In fact, you are supposed to sign an agreement that you have inspected the property that you are buying and are satisfied with it. If you don't trust the builder, you can get the document from a municipal corporation or sub-registrar.

Manilal Patel, Mumbai

2nd March 2015

Comment

You are right Mani,
Here is a list of important property documents required to buy an apartment or an independent house. 1) Sale Deed, 2) Mother Deed, 3) Building approval plan, 4) Commencement Certificate (For under construction property, 5) Conversion Certificate (Agricultural to Non-Agricultural land), 6) Encumbrance Certificate, 7) Latest tax paid receipt, 8) Completion Certificate, 9) Occupancy Certificate etc.

khushisha, Mumbai

2nd March 2015