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Investors be aware of the following:
Investors be aware of the following:
1) Please do not pay any amount without taking a proper legal document. Insist the developer to give a legally valid agreement and all the concerned bills. Please understand that they are not doing any favour to you. Be on the upper side and do not give any undue advantage to them.
You are the buyer.
2) Please read all the points mentioned in the agreement and registration document before signing them. Some of the developers are acting smart.
3) Please do not get mesmerised by their words/hospitality/brand name/reputation. There is nothing much you can do once you pay the amount or register the plot.
3) Please do not get mesmerised by their words/hospitality/brand name/reputation. There is nothing much you can do once you pay the amount or register the plot.
4) Ask them for pahani copies and all link documents. Check whether the land is already under mortgage. Collect NOC from the bank(if any previous loan is cleared) and concerned developer. Developer will provide these documents. Talk to a local people to know more about any disputes on this land. Cross check them with revenue officials/gram panchayat before paying any amount.
5) Take all the promises in the written form. Do not hurry, wait until they give us all the details. Hold your emotions and act wisely with complete consciousness.
6) Check the registration value (exaggerating the govt registration value for Bank loans?).
7) Insist on meeting the owner before making any payment, otherwise the owner may escape later blaming his poor chap(employee) for false promises. If owner is not reachable at purchase time, then please think whether he will be reachable to you after making payment? Every dog is a king in its own street. Big cars, hi-fi offices in posh localities, political links, mind blowing interiors and all these will blow us if we are flattened to these.
Always prefer to purchase from an owner who can sit and discuss with you. Owners social status has got nothing to do with you. Please understand that they are earning money out of you and you are not earning any money out of this transaction at that point of time.
Always prefer to purchase from an owner who can sit and discuss with you. Owners social status has got nothing to do with you. Please understand that they are earning money out of you and you are not earning any money out of this transaction at that point of time.
8) Take all the specifications in the written form and insist on including them in the agreement and registration document. Make it a point stating that you will not pay any other expenses other than those levied(legally) by registration department at the time of registration. Some of them are charging more towards miscellaneous expenses. Which usually goes in to their pocket.
9) We got nothing to do with their standard template document. If any thing looks suspicious, do not listen to them. Take you own time, take a legal advice and make your own or mutually agreed agreement before proceeding further. Most of the agreements made by developers are one sided. Please be cautious. Every thing that is written in agreement may not be legally valid.
10) Do not agree with them regarding handing over of any important documents to you at a later point of time. They keep postponing till registration time and may not give you the docs.
11)Once you pay the amount with out checking docs or with our a proper legal agreement/bill, you may get in to all sorts of hurdles.
12)Please do not purchase mortgage plots.
13) Preferably register the document taking help of a known qualified agent near the regional registration office. Convey this to the developer/seller. Let the agent cross check every thing. These people can identify crucial mistakes which when overlooked will become a headache in the near future. They can even check things internally taking help of registration officials. Let them check the link docs, land issues and any objections on that survey no. Do "search".
12)Please do not purchase mortgage plots.
13) Preferably register the document taking help of a known qualified agent near the regional registration office. Convey this to the developer/seller. Let the agent cross check every thing. These people can identify crucial mistakes which when overlooked will become a headache in the near future. They can even check things internally taking help of registration officials. Let them check the link docs, land issues and any objections on that survey no. Do "search".
If possible, make full or at least partial payment through bank transaction from your account to owner's or their company account. Do not issue cheque/deposit/transfer amount to any account other than these. This will become solid legal proof .
Hilarious thing here is that, the one who is paying the money is being taken for a ride by the one who is receiving the money. Why? Is this the only available piece of plot or flat on earth?
More @ http://digital.namasthetelangaana.com/c/7765074
Regarding HMDA plots
- HMDA permission for developing the land shall not be used as a proof of the title of the land.
- HMDA is no way accountable to the plot purchaser in the event of default by the developer.
- The Executive Authority shall not approve and release any building permission or allow any unauthorized development in the area under mortgage to HMDA to particular and in other plots of the layout in general until unless the applicant has completed the development works and then got released the mortgage land from HMDA and release of final layout.