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10 QUESTIONS
YOU MUST ASK BEFORE BUYING A FLAT
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| Q1. Is the TITLE of the land clear ? |
| Mayflower Park |
The land is registered
in the name of the company. Link documents of 30+ years are available.
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| Local Builder |
| Most Builders generally operate on a series of GPA’s or development
agreements involving several parties unknown to the Buyer. The title of
the land is compromised to save registration charges. Buyer suffers in case
of dispute between Builder and Original owner. Sometimes the title is itself
in dispute.
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| What should you do? |
Insist on copy of title
documents, link documents, development agreements & GPA’s (if any),
tax receipts, ULC clearance, etc.
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Q2. Is the construction as per the APPROVED PLANS of HUDA / Municipality ? |
| Mayflower Park |
Permission for making
550 flats, totaling 3.70 lakh sft. has been obtained from Kapra Municipality
& HUDA. Mayflower Park is being built exactly as per sanction plan no
more, no less. No illegal construction will be put up. No shops will be
built on the parking floor.
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| Local Builder |
| Most Builders generally operate on a series of GPA’s or development
agreements involving several parties unknown to the Buyer. The title of
the land is compromised to save registration charges. Buyer suffers in case
of dispute between Builder and Original owner. Sometimes the title is itself
in dispute.
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| What should you do? |
Insist on copy of title
documents, link documents, development agreements & GPA’s (if any),
tax receipts, ULC clearance, etc.
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Q3. What is the QUALITY of material, equipment & manpower used for construction? |
| Mayflower Park |
Mayflower Park is built
to the highest standards of quality. Materials used are of well known brands
with ISI certification. Quality is enforced by at least 5 qualified engineers
on site. Good quality construction ensures long life of the building.
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| Local Builder |
| Most Builders use substandard
material from local unregistered suppliers without any supervision, thereby
severely compromising the quality of construction. This saves cost for the
Builder but in the long run proves very costly for the Buyer. Problems like
water leakage, cracked walls, short circuits, etc. are very common.
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| What should you do? |
Spot-check the quality
of materials used. Insist on meeting the site supervisors & check their
qualifications.
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| Q4. Will the flats be COMPLETED on time? |
| Mayflower Park |
The first block was
completed in all respects, bang on time. Other blocks will be completed
at least a few weeks before the stated completion date.
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| Local Builder |
| On time completion
is almost unheard off in the twin cities. Most projects are delayed by months,
if not by years.
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| What should you do? |
Insist on a written
commitment for the date of completion.
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| Q5. Will the COMMON AMENITIES be provided ? |
| Mayflower Park |
Infrastructure work
for the common amenities has been completed. Amenities in and around each
block will be completed as each block is completed. Most amenities will
be completed by the end of 2002.
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| Local Builder |
| Most Builders do not
provide even the basic amenities like drainage, paved roads, lighting etc.
as required by law. Even those that are provided are delayed by months after
handing over possession.
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| What should you do? |
Make sure that the
work on the common amenities is undertaken along with the rest of the construction.
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Q6. What is the WRITTEN PROOF of allotment, payment terms & payment made ? |
| Mayflower Park |
On payment of the first
installment, a Sale Agreement will be made in your favour clearly stating
your rights & obligations. A ‘Pakka’ receipt will be issued for every
payment made.
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| Local Builder |
| Most Builders avoid
agreements & written commitments. Loose receipts are given. The Buyer
is at the mercy of the Builder, as he has no proof of allotment or of payments
made.
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| What should you do? |
Insist on a sale agreement
and receipts for each payment made.
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Q7. What is the Builder's TRACK RECORD ? |
| Mayflower Park |
The Builders of Mayflower
Park are in the field of real estate development for over 3 decades with
over a dozen projects to their credit.
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| Local Builder |
| Most builders are 1
or 2 project wonders! Beware of such Builders (even if close friends or
relatives recommend them). Most such projects end up in a mess.
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| What should you do? |
Buy only from Builders
who have an experience & track record of at least 5 years.
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| Q8. Are there any other HIDDEN COSTS ? |
| Mayflower Park |
There are no Hidden
Costs. All costs are mentioned upfront.
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| Local Builder |
| Hidden Costs like amenity
charges, water & electricity charges, incidental expenses for registration,
charges for escalation in cost of building materials, etc. are invariably
added later.
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| What should you do? |
Make sure that all
costs are listed and given to you in writing by the builder.
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| Q9. How will adequate WATER SUPPLY be ensured ? |
| Mayflower Park |
Every effort will be
made to conserve water by implementing rainwater harvesting, recycling water
for gardening, etc. A separate borewell & municipal water connection
will be provided to each block. A separate sump for each block will also
be provided.
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| Local Builder |
| In most buildings,
bore wells regularly run dry. Adequate municipal water is rarely provided.
Most Builders leave it to the society to deal with the water problem .
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| What should you do? |
Make sure that the
application for municipal water connection is made well in advance. Ensure
that rainwater harvesting is implemented.
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| Q10. Who will MAINTAIN the common amenities & at what cost ? |
| Mayflower Park |
A professional maintenance
setup with a manager, accountant, security, electrician, plumber, sweepers,
gardeners, lift-men, etc. will be provided to the Owners Association (a
non profit organization). Maintenance Charges have been fixed at a reasonable
Rs. 0.45 per sft + Rs. 0.10 per sft for the contingency fund.
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| Local Builder |
| Most Builders collect
maintenance charges but do not provide any service. Without regular maintenance,
the building depreciates very quickly.
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| What should you do? |
Check with the Builder
about maintenance & maintenance charges.
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