Bengaluru market is vibrant now with numerous new projects added to it coupled with the renewed interest of the buyers. The realty market of Bangalore has flats for sale in almost all the upcoming areas of the city and as the demand of the market is second to none, it had the least number of unsold stock. Needless to say, the real estate market of Bengaluru caters to all sections of the society with construction of different categories of buildings like row houses, apartments, villas and others. Thus, there are different categories of builders, small and large as well as reputed and ill reputed ones in and around Bengaluru. Whether the buyer buys through own funds or through financed options, one should be cautious as home buying involves many complicated issues and there is no dearth of litigation in the real estate industry.<\/p>\n
Project Selection<\/strong> Title Clearance<\/strong> Approval of the building plans<\/strong> License to construct, CC and Govt. clearances<\/strong> Any loans procured by the builder<\/strong> Periodic visits<\/strong> The Builder\u2019s Indemnity<\/strong> MOE in case of joint construction with Owner<\/strong> Do the checks<\/strong> Home buying is indeed an arduous and a lifetime affair and if it is also true that real estate is full of litigation and hassles. Make your home buying hassle-free and be first-time right while buying a home. Download the eBook Comprehensive Guide for the Home Buyers, absolutely free for you.<\/p>\n \n An eco-friendly home may be what you always felt is the need of the hour and it\u2019s certainly one as it is for the future generations that we have to protect our planet. This doesn\u2019t necessarily mean you have to spend a fortune on buying a home in sustainable projects. Going green is a mindset and way of life that you can always adapt by making a little shift in your attitudes and habits.\n <\/p>\n \n The investments from the Non-Resident Indians (NRIs) have surged in the FY 2021 to $13.3 billion from the earlier estimate of $13.1 billion according to a report published by 360 Realtors. The same report states that the investment volume has climbed upwards by 6.4% compared to the previous financial year despite the pandemic and the buyers\u2019 sentiments plummeting downwards.\n <\/p>\n \n Building and owning a home is certainly a dream come true, but the next important question that you need to answer is whether you have taken the measures to protect it. A home insurance protects you from all impending casualties and catastrophes, saving you not only money but giving you financial protection at times of need rendering you safe as well.\n <\/p>\n #1797, 5th Block, 14th Main Rd, Brindavan Nagar, HBR Layout, Bengaluru, Karnataka Bengaluru market is vibrant now with numerous new projects added to it coupled with the renewed interest of the buyers. […]<\/p>\n","protected":false},"author":1,"featured_media":8797,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[63],"tags":[],"class_list":["post-8561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"yoast_head":"\n
The builder\u2019s credentials have to be verified and it\u2019s better to see the earlier projects of the builder and talk with the residents regarding the construction and the builder\u2019s past record. The prices of similar projects in the area has also to be cross verified and evaluated to ensure, you are being priced fairly or not. One must also check the zoning clearances, water supply connections, provision for parking, and litigation display boards, if there is any.<\/p>\n
Most of the projects which do not get completed or lay incomplete due to litigation are mostly related to title issues. The prospective buyer can pay a token advance to the developer and procure the master file consisting of the copies of the entire land documents and then the search for the title should be done independently and the Title Search Report (TSR) should be brought. One can also procure a detailed encumbrance certificate (EC) from the sub-registrar\u2019s office.<\/p>\n
No matter, where the project is located, whether it\u2019s inside Bengaluru or at the outskirts, the project has to be duly approved by the Bengaluru Development Authority (BDA), BBMP, BIAPPA, according to jurisdiction and not by any Panchayat. The approvals should have A Khata only of the entire land and the individual flats. The most prudent approach is to check the approved plans and the A Khata in the BDA office as there are many fabricated plans available in the market.<\/p>\n
The builder\u2019s license from the BBMP or BDA has also to be checked to see whether the builder is a licentiate holder. The floor plan has to be checked to see the adherence of the construction with the approved plan. The buyer should verify the Commencement Certificate (CC) issued by the BBMP and also check whether clearances from BESCOM, BWSSB, Pollution Control Board, fire services and other approvals have been taken from the competent authorities.<\/p>\n
It is fair to find out if the builder has any loan from the bank and has submitted the original documents to the bank as a mortgage on the basis of which, the bank would have issued a letter of \u201cNo Objection\u201d for the release of the undivided share of Interest (UDS) of the constructed area on the land. It should also be ensured that such mortgage transactions are registered and reflects in the encumbrance certificate (Form 15). Or else there is a probability of the builder procuring multiple funding from other banks who can claim and take possession of the apartments.<\/p>\n
The purchaser should visit the construction project periodically to oversee that the construction of the project is as per the plan, quality fittings are provided, and are according to the time lines prescribed in the agreement. The buyer should insist that the builder provides a copy of the CC to the purchasers issued by BBMP. The builder is supposed to obtain the OC (Occupancy Certificate) from BBMP within three months of the completion of the project without which, the builder would not be allowed for the water and electricity connections as per the BBMP by-laws.<\/p>\n
The builder is supposed to give an indemnity bond and a \u201cletter of undertaking and affidavit\u201d which affirms that the builder will construct as per the approved plans and the Completion Certificate (CC) would be obtained within three months of the completion of the project.<\/p>\n
If the developer constructs the building jointly on a loan for construction, it is right on the part of the developer to make the landlord a part of the Memorandum of Entry (MOE), so that they can\u2019t deny the liability of the loan later.<\/p>\n
It is prudent to get the document of MOU with the builder to be vetted by a lawyer, as the terms and conditions are mostly in favour of the builder. Do not forget to check the carpet area which should be according to the agreement and should be duly checked and verified.<\/p>\n
\n 560043\n <\/p>\n","protected":false},"excerpt":{"rendered":"