by Dr. D. Sivaprakasm, Principal,
Dr.R.A.N.M. Arts and Science College, Erode - 638 009.
An Article from Our Building and Construction
The
real estate investors are broadly divided
into 3 categories.
The first category expects huge profits from their
investment and they are prepared to assume risks. They prefer to invest in
shares.
The second category attaches importance to safety than
profits. They prefer bank deposits.
For the third category, both profits as well as safety
are important. They prefer to invest in land or / house property.
In the present scenario, most of the real estate
investors prefer to invest in flats either for their own use or / to sell in
future for impressive profits.
Is investment in flats safety?
Yes, is the answer to this question.
LOT OF CAUTION...!
But, buying a new property needs a lot of caution as
the city or / town may be new to some property buyers, to some, it may be
investing in their house town while they live in an other country or / city,
and to many, it is just a dream house that suits their budget.
 |
| Dr. D. Sivaprakasm |
PROBLEMS..!
There may be problems after purchasing a home or / a
flat, because of unfulfilled assurances, delays in handing over the property,
etc.
Sometimes the house or / flat may be handed over
months after the scheduled date of completion. The common amenities may not be
developed on the area earmarked for open space reservation (OSR).
The maintenance charges might have been collected even
before the common amenities were developed. There may be several such instances
and hence, the buyers should be aware of the rules & regulations with
reference to these aspects.
CHECK LIST..!
The buyers may invest in independent houses, villas
or apartments. They should have a check-list and ensure that their investment
is safe. The check list is as under :
* Whatever
may be the case, the property buyers should verify the title (ownership and
rights) to the property.
* They
should also ask for details of a couple of projects that the promoter or
builder has completed and verify with the residents of these projects on the
quality and services available.
* In
the case of apartments, approval of the Local Planning Authority or the
Directorate of the Town and Country Planning and the building license issued by
the local body are mandatory.
* The construction should be according to the plan and
if the constructed area is more than the permitted level, authorities can take
action on the building. If there is deviation from the plan, then, all the
house owners in the apartment may have to pay penalty.
* The
buyers should have complete information on the plinth area and carpet area.
The parking area cannot be sold separately as the entire land that was already
sold was undivided share to all the owners. Similarly, all owners have the
“roof rights” in a multi-storied apartment.
* The
plan should have space earmarked for the common amenities and these cannot be
developed on the OSR.
CLEAR AGREEMENT..!
To safeguard their interest, the property
buyers should enter into an agreement with the promoters.
This agreement should be very much clear
incorporating all the essential clauses that protect the interests of the
buyers.
If there is any deviation, the buyer can
claim suitable relief from the promoters. Hence, if there is a clear agreement
between the buyer & the promoter, definitely, the investment in a flat is
safety.
About the author..!
Dr. D. Sivaprakasm, M.Com., M.Phil., B.G.L., PGDCA.,
Ph.D.,
Principal,
Dr.R.A.N.M. Arts and Science College,
Erode - 638 009.
Our Building and Construction
Block No. 2, Door No. 431,
Behind MMM Hospital, Mogappair East,
Chennai - 600037. Ph : +91- 44 6454 3377,
+91- 44 4354 0330
Cell:
98410 76576
www.bandcpublications.com ,
www.buildingandconstruction.org
Email: bandcexpo@gmail.com,
mykanavuillam@gmail.com
No comments:
Post a Comment