What kind of charges and taxes are mandatory at time of purchasing property?
In addition to the price of the property, the buyer needs to pay the registration cost, stamp duty on registration, service tax, Value Added Tax while buying a property.
What documents and formalities are required while buying the property?
The documentation required while purchasing a property includes a blue print of the building plan/layout, certificate of commencement, certificate of completion, permission of non-agricultural use of land in case the land is originally an agricultural land. A 7/12 extract in case of land property [specific to states like Maharashtra] and a NOC from the builder are also needed. In case of resale, previous sale deeds are a must. All these documents should be thoroughly verified by a competent advocate.
What should a consumer keep in mind while purchasing a house?
There are many factors to be considered at the time of property purchase like the locality or the area of the home, whether all the basic and civic utilities are available, transport facilities, construction quality, the carpet, built-up and super built-up area of the flat, provisions of basic features like water and power supply, and most importantly, reputation of the developer.
How to compare any real estate property?
The real estate online web portals can be helpful for comparing projects across different cities, locations on the basis of property designs, price , features and facilities provided and, of course, the reputation of the builder.
What Things you should check at the time of signing the agreement?
Before signing the purchase agreement, the buyer should check the details like base price mentioned, additional charges like PLC, club membership, carpet area along with facilities, taxes applicable, payment mode, occupation certificate, building insurance, schedule of possession and penalty clause in case of project delay.