So here are some questions to ask your builder before investing:
(i) Is there any litigation pending on the Property?: This straight forward question may sound little discourteous to be put across but it is indeed a very critical point to enquire, any defect in title is an open gateway to the litigations, which adversely effects the entire Project even can bring the on-going construction to the stand still position if any status quo order being passed by the court.
(ii) Are there any hidden costs involved?: When you are discussing the payment schedules, make sure you discuss every minute details related to the payment such as VAT, Service Tax applicable, corpus funds to be paid to the association, registration fees and legal fees for the execution of the conveyance deed, khatha/mutation transfer fees, electricity and water deposits etc. Discuss on the flexibility on the payment schedules so that it suits you the best and also don’t hesitate to ask on the discounted rate, as the booking launch is always done in trenches, there might be some offers available and you never know luck is favourable to you.
(iii) Are necessary sanctions and approvals taken from the jurisdictional authority for the project?: It is pertinent to know from the construction prospects whether the project has all the legal approval from the appropriate jurisdictional authorities. There have been instances wherein the approval has been taken from the Village Panchayat Authority for the project, and the builder has violated the norms bluntly by not approaching the competent authority which sanctions plan for that particular jurisdiction. In addition to that enquire about the Commencement Certificate (if it is under construction) and Occupancy Certificate (if the construction is completed).
(iv) How much is the built up area and Undivided Share (UDS)? The built up area is the carpet area plus the thickness of outer wall and the balcony and the super built up area is the built up area plus proportionate area of common area such as the lobby, lift shaft, stairs, etc., therefore always ask about the actual built up area which you will ultimately own. Again UDS is the undivided share you hold on the land over which your apartment is constructed, so be diligent to ask how much is your percentage sharing in the land.
(v) How much is the deduction, if the booking is cancelled? It is absolutely fair to ask such question, as we all hate surprises which snips to our pocket.
