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 Home > City Resources > Construction > Buyers Guide



Who’s Your Builder?
  • Know your builder through his projects. Points to find out about your builder.
  • His previous projects
  • His reputation with other business associates
  • Achievements
  • Whether he offers timely possession

Housing Finance And You

Keeping the following criteria in mind, check which Housing Finance Institution (HFI) suits your needs.

  • EMI (Equated monthly installment) – The amount and the number of installments.
  • Interest rate and its computation on total loan amount, on reducing balance or whatever other method.
  • Processing fees and any additional charges.
  • Need for guarantors.
  • Processing time for loan approval.
  • Repayment period and pre-payment charges, if any.
  • Loan amount approval. This is usually 3-4 times the annual income of the household
  • HFI’s service centre network.
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Intricacies

  • Title
  • Approval from various authorities
  • Amenities
  • Possession time
  • Occupation certificate if the building is ready

Check Them Out

It is important to check a few things before getting into any deal, financial or otherwise with the builder.

  • The area of the flat
  • Quality of construction
  • Project approved by housing finance companies
  • Additional charges

Detailed Examination

While finalising the deal

  • Agreement of sale
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Ensure that the Agreement of sale is drafted as per the requirements of Maharashtra State Ownership of Flat Act (MOFA).

  • Annexure to the agreement of sale

    A complete ‘Agreement of sale’ contains relevant title certificate, IOD, CC, list of amenities, copy of plan, etc., as annexure.

  • Payment terms

    Make sure that the payment terms are linked to the progress of construction work.

  • On finalisation of the deal:

    a)    Stamp duty – Stamp duty is something like sales tax, payable by the buyer. It varies from state to state.

  • Calculation of stamp duty (Maharashtra)

    a)    Assess the value of your flat based on the location. This detail could be availed from the ‘Stamp duty ready reckoner,’ and obtained from the Registration Department.

    b)    The stamp duty amount is calculated on the market value of the flat and not on actual agreement value.

The stamp duty is applicable on the market value or agreement value, whichever is higher.

The following table will help you estimate the stamp duty amount.

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Market value of the flat as per stamp duty ready reckoner

Stamp duty

a) Does not exceed Rs. 1,00,000

Nil

b) Exceeds Rs.1,00,000 but does not exceed Rs.2,50,000

0.5% of the value

c) Exceeds Rs.2,50,000 but does not exceed Rs. 5,00,000.

Rs.1250 plus 3% of the value above Rs.2,50,000

d) Exceeds Rs.5,00,000 but does not exceed Rs.10,00,000

Rs.8,750 +6% of the value above Rs.5,00,000

e) Exceeds Rs.10,00,000

Rs.38,750 plus 8% of the value above Rs.10,00,000.

  • Registration

    The agreement on which you have paid stamp duty has to be registered with the Registrar’s office by both the buyer and the seller.
    The current registration charges are 1% of the agreement value or Rs.20,000/-, whichever is higher.

Important notes: Registration of the agreement of sale is a necessary requirement before you avail of Housing Finance Loan. HFI will need the registered deed and a copy of the registration slip. Do remember to follow-up with the Registration Dept to get the original document back.

Buying A Flat In Resale

  • Verify original agreement for sale and registration receipt.
  • Verify whether stamp duty is paid as per market value or not.
  • Verify whether flat is free from all encumbrances.
  • Verify original share certificate.
  • Letter of Intention to the society from seller.
  • NOC from society / builder for registration.
  • Get transfer papers signed by seller and accepted by society.
  • Obtain 230A certificate from seller in Form 34A prior to registration.

 


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š Builders
š Buyer's Guide
š Price Talk
š The Real Scene
² Who's Your Builder?
² Housing Finance
² Intricacies
² Check them out
² Detailed Examination
² Agreement of sale
² Important notes
²Property 2002
²Housing Reforms
²Hiranandani Group
²Unitech Prefab Limited
²Vinay Parelkar talks about architectural trends
²Weather Proof Global Plywood
²CONMIX Ltd - ready-mix concrete plasters
²The Indian Institute of Architects
²Marbo Granit -
²Mukand Pvt Ltd
²Marbonite preferred over Italian Marble  
²Raheja Corporation
²Hiranandani Constructions
²The Great Eastern Developers
²Kanakia Construction Pvt. Ltd
²Evershine Builders Pvt. Ltd
²Godrej Properties and Investment Ltd
²Sheth Group
²Tata Housing Development Co. Ltd
²Mittal Builders
²Puranik Builders Pvt. Ltd
²Nahar Builders
²Ahuja Constructions
²Sahara India Housing Ltd
²Lok Housing and Constructions Ltd.
²GGBS from Indorama Cement Ltd