Q: Hi Sir,
I am looking for property in Kandivali. There is a project of Ruparel Reality west park (code name). They are offering 2 BHK under 1 cr and provide possession end of Dec 2018. This is a SRA project and they don’t have IOD till now.
I am end user and this will be our first property.
Is this good to book the flat basis of builder commitment?
What is the reputation of the Ruparel in market ?
Yes, you should stay away from such project otherwise you have to face a lot of difficulties instead of comfort. A builder commit a lot's of fake promises before agreement but once you have finished the agreement process. They will never try to know whether you are living in a rented flat and paying a huge amount for your home loan.
Hi Nitin, A buyers can't escape this aspect while buying a home, especially since the real estate sector is going through a rough patch. When you are buying a flat from a developer, you have to consider two aspects. One, the title. That is, you have to ascertain whether he is actually the owner. Secondly, you need to find out if the construction is legal and authorized.
Hi Nitin, Don't by any such property which has no approval. IOD is an important document to start the construction work. If you are buying such properties you have to wait for long year to get possession of you home. Thanks....
Hi Nitin, Ketal is absolutely right. IOD is a set of instructions that a developer needs to comply with so that he can legally construct the project. It is valid for one year and needs to be reissued if the project has not been completed in a year's time