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ABOUT 500 “APARTMENTS PROJECTS” UNDERWAY IN AND AROUND BENGALURU AROUND 60,000 NEW UNITS

 
 
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ABOUT 500 “APARTMENTS PROJECTS” UNDERWAY IN AND AROUND BENGALURU AROUND 60,000 NEW UNITS
by System Administrator - Wednesday, 4 May 2016, 2:55 PM
 
By: M.S.Yatnatti: Editor and Video Journalist Bengaluru: As per news paper reports Bangaluru real estate is booming .There are nearly 500 residential projects underway in and around Bengaluru adding around 60,000 new units and this indicates huge construction activity happening in and around Bangaluru.. Once the buyer has decided on the location and his or her budget ¬either through own funds or housing loan -care and caution have to be exercised. For, buying apartments and falts and homes and villas involves many intricate and complex issues. The Bengaluru real estate market is vibrant, with builders catering to all sections of the society with apartments and villas of varying categories -built up area ranging from 650 sqft to 10,000 sqft and price Rs 30 lakh to Rs 10 crore plus.Look before you leap.Cons are everywhere . Beware of con artists: Con artists make money through deception. They lie, cheat and fool people into thinking they've happened onto a great deal or some easy money, when ¬they're the ones who'll be making money. If that doesn't work, they'll take advantage of our weaknesses -- loneliness, insecurity, poor health or simple ignorance. The only thing more important to a con artist than perfecting a con is perfecting a total lack of conscience.What does the average con artist look like? Despite what you may think, he isn't always a shady-looking character. A con artist is an expert at looking however he needs to look. If the con involves banking or investments in properties, the con artist will wear a snappy suit. If it involves home improvement scams, he'll show up wearing well-worn work clothes. Even the basic assumption that the con is a "he" is incorrect: there are plenty of con women too."Ensure papers are in order verify the builder's credentials”. In case of many buyers All their hopes of having a dream home has been dashed to ground when they came face to face with un- ethical , un professional and murkier side of the few unscrupulous builders . There are some of the instances of their cheating with unsuspecting customers. Buyers should do their home work before buying anything from builders. Buyers should do complete research of the market and Google every builder and its website and do market research and compare price side by side with the quality parameters and take into account every conceivable item and prepare a project report. Confidence tricks and scams are difficult to classify, because they change often and often contain elements of more than one type.My suggestion is, If you plan to buy a flat or plot always go for Bank loans (even if you have lots of money), when you take the loan route, the papers are legally checked by the bank and secondly, ensure there are minimum 4 - 5 banks offering loan for the apartment/residential colony.Buyers need to verify the credentials and credibility of the builder, the quality of construction, facilities and amenities offered and Once the builder and the project are identified, ensure title clearance of the land -most litigations are on account of title issues resulting in incomplete projects . Pay a token advance to the builder and get the master file consisting of copies of the entire land documents and then independently get the `Title Search Report' (TSR) done. You can also get a detailed encumbrance certificate (EC) from the sub registrar office (SRO). prices of similar apartments in the area. Keep in mind the zoning clearances, water supply, parking space and litigations display boards, if any and do not jump into conclusion very fast . BUILDING PLAN APPROVAL: The layout plan in general and the building plan of all apartment projects has to be approved and sanctioned by the BDA and not by any panchayat or CMC even though the project may be coming up on the outskirts of Bengaluru. The approvals will have A khata only (entire land and individual flats).Check if the construction is as per the approved plan as builders tend to violate Floor Area Ratio (FAR) and build extra flats without approvals. It's prudent to check the copy of the approved plan, A khata at the BDA office, as many fabricated and forged plans are in the market. LICENCE TO CONSTRUCT: Check whether the builder has obtained proper license from the BBMP/ BDA to construct the property . FLOOR PLAN :Check the original plan approval with the floor plan approval of the apartment to ensure there are no deviations violations .There have been instances where the approved plan shows the apartment on the first floor, whereas it is actually constructed on the second floor as an extra floor -named "mezzanine" -which is unauthorized. COMMENCEMENT CERTIFICATE (CC): Verify if the builder has obtained proper CC from the BBMP. GOVT CLEARANCES: Obtain copies of clearances from Bescom, BWSSB, the pollution board, and fire service besides approvals for digging bore wells from competent authorities.