How investors book flats without legal consultation and without varifying legal papers for ownership/Construction?

Kayvee, Mumbai

25th May 2016

Buying property

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Hello Miraniyatin,

Suppose an investor does not verify all the documents and book flat just on good faith, what will be his legal status? Can it be taken as a negligence on his part while fighting the case legally?

Kayvee, Mumbai

26th May 2016

Comment

Thanks. In this way one can at least get some protection. But I think, many investors still invest just on blind faith and that too without knowing past track record of the builders.

Kayvee, Mumbai

25th May 2016

Comment

Hi Kayvee,
For a investor it is very necessary that they should ask for the allotment letter and title deed. Before finding out whether a builder has secured all the approvals to start construction, you must ask the ownership of the land on which the project is to be developed. if land has been purchased from a government agency, you can ask for the allotment letter of the land. And if the land has been acquired from farmers, check the title deed which mentions the name of the owner. This will also help you determine whether the title of the property is clear or not.

Miraniyatin, Mumbai

25th May 2016

Comment

Apart from that being a investor there are few questions to keep in mind are 1) when to invest? 2) What to invest ? 3) Where to invest? 4) How to invest? 5) How much to pay for it? 6) Which locality to invest in, 7) what type of property to invest, 8) how to extract maximum return from your property investment?

Abhinandsavalla, Mumbai

25th May 2016

Hi Kayvee,
Look into the record and reputation of the builder before investing. In the case of a reputed builder, even if the projects get delayed, at least you can be sure of getting the flat. There are some checklist which a buyers and investors should check before booking any flat, a investor should must ask for the Intimation of Disapproval (IOD) and the Commencement Certificate (CC).

Manilal Patel, Mumbai

25th May 2016

Comment

Yes, a IOD will have the list of approvals from various authorities such as pollution control board and the departments of traffic, fire and environment; it also lists the reasons why the project has been disapproved or approved. And a CC is the proof that the builder can start construction.

Abhinandsavalla, Mumbai

25th May 2016