Ask Us: Real Estate

I am planning to buy an apartment in Mumbai and I have already given a token to the seller.

I am planning to buy an apartment in Mumbai and I have already given a token to the seller. This is a housing society. What papers should I ask the seller to safeguard myself?

Subodh Surve,Mumbai

You need to obtain the entire chain of agreements and share certificate in original. Please get all society transfer forms signed as well as a power of attorney to enable you to tie up any loose ends later. Take an NOC and no dues

certificate from the society to avoid any possible disputes later. Further,ensure that you take proof of payment of electricity bill,telephone bill and other outgoings while taking possession. It is also advisable to conduct a title search and satisfy yourself about the title of the seller.

I am buying an apartment in Munirka on the top floor and the builder is offering me the roof rights. Is this legal?

Om Prakash,Ranchi

Common areas cannot be sold to any one flat owner and hence this would be illegal. You will also enter into likely disputes with other residents or the residents welfare association over this.

I am planning to buy a small 1 bhk flat in a slum rehabilitation project. Will I get a home loan to buy this?

Atul Pandey,Mumbai

Flats in rehabilitation component of a project are meant to rehouse the slum dwellers and cannot be sold by them for a period of 10 years. Sale of these flats prior to this is illegal and unfortunately for you,no bank would fund such a purchase. We had booked an apartment in Pimpri in 2008 and the developer had promised us possession in May,2010. Since there was a long delay,we took possession in April 2011 as we were paying rent on our accommodation. The building does not have an occupancy certificate till now. Is this a problem?

Smita Patankar,Pune

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The developer cannot legally give you possession until the OC is received and you cannot legally use the apartment. If there is no OC,you have to pay much higher taxes and water charges. There is also the risk that there is some violation of building permissions and therefore the builder is

unable to obtain the OC. Further,in case of loss of life or property,the insurance company may also repudiate your claim on the grounds of illegal

occupancy.

Vinay Singh is a Mumbai based

chartered accountant,and real estate expert

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