We all look forward to getting our own homes but waiting endlessly for it is a real pain. In cities like Delhi, Gurgaon and Noida, home buyers have been waiting for more than five years to get their flats delivered! So, what are our rights, as home buyers? Take a look.
Tips for Home Buyers: What to check before you book your new flat
1. Has your builder got all required permissions from the local authority?
2. Can the builder share with you a copy of the Commencement Certificate?
3. Have a host of other approvals that fall under the category of Intimation of Disapproval (IOD) been complied with?
4. Get an expert's opinion on the quality of construction and interact with other residents.
5. Put in your request for any modifications in writing and explain your valid reasons for doing so. Keep your tone friendly and neutral. Your point is to get the home of your dreams, not to lock horns with the builder who is working on it.
5. Put in your request for any modifications in writing and explain your valid reasons for doing so. Keep your tone friendly and neutral. Your point is to get the home of your dreams, not to lock horns with the builder who is working on it.
6. By law, you are entitled to get a free parking space but make sure you confirm this before booking your flat.
Tips for Home Buyers: What to incorporate in the Buyer-Builder Agreement
1. Incorporate a clause relating to compensation for delay in delivery. If the builder delays, you still have a water tight contract that safeguards your interests. Send your builder prompt gentle reminders of the delay and keep copies of your communication with you. The point is, if you ever have to take the matter to court, you can prove that you were not a dormant stake holder.
2. Ask if your builder can offer maintenance-free period and state the duration of such period. If yes, the key members who form the housing society, should ask in writing for the builder to deposit the money in advance to cover the maintenance charges for the said free period.
3. With technology at your finger tips, make collaboration the focal point of your communication. You can start a Google group to keep filing the latest updates and to get information from everyone else too. It's a great way to socialize with your 'would-be neighbors' but don't go overboard with sharing personal or financial information.
Keep this tip in mind: The best way to safeguard your interests as a home buyer is to incorporate maximum clarity and transparency in your agreement with the builder, with each party's roles, duties and responsibilities clearly explained.
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