Buying Property: Points Should be Keeping in Mind

Buying Property: Points Should be Keeping in Mind:

Recently I met one of my old friends, who had invested in a residential project in Greater Noida. During the discussion, I asked him about the likely date of possession for his apartment, in which he had invested three years back. It was shocking to learn that he was still awaiting possession for the past 2 years even though having made 100% payment.

In his words, “I bought the house in 60:40 plan where I had to pay 60% while making the down payment and remaining 40% at the time of possession. I made down payment by taking a home loan for which I had to pay half EMI till possession. Just to check the construction process, I once visited the site and to my surprise, it was still in the initial phase. After a few months, I got a notice from the builder asking for remaining 40% money to take possession. I was given just 15 days time to make remaining payment if I wanted possession. When I thought of the construction status I checked last time, I was a bit doubtful, but I had no option than to make the payment.”

He further added, “Anyhow I made the entire payment, after which, my complete EMI also started. The builder also demanded maintenance cost of the first year. But where is the possession of my house; in my dreams!”

 This is not the case of just my friend. There are a large number of investors who fall prey to the tricks played by the builders in India. Whether you are investing in a ready-to-move-in home or an under-construction property in India, builders and agents play different games to befool investors. Over years, builders have come up with new tactics and innovative fraud techniques to take innocent investors for a ride.

With the increased incidents of frauds in Indian real estate market, it is high time that these are discussed and delineated carefully. Here are some common tricks used by the builders from which you should safeguard yourself.

Possession of the Apartment

Most of the builders don’t mention possession date in the agreement. They just mention, “Completion of the building is expected to be delivered by the date mentioned in the covering letter of this allotment. The delivery of the possession is subject to force majeure.” This directly says that no action can be taken against the builder if he doesn’t hand over possession of the project on given date.

In most of the cases where builders make delays, buyers put up with the delay quietly just to avoid the retribution, harassment and further delays by the builder. Further, there is no mention of any penalty or consequences for the builder. The agreement papers are in favor of builders.

What to do?

Don’t just relax on confirming the construction status with the builder. Visit the construction site often and start pressurizing the builder in case of delays. As it can be difficult to pressurize the builder alone, make a society of all the buyers and go together.

Artificial Scarcity

Have you ever got a paper from the builders saying that 90% of their units have already been sold and just 10% are left? Or with limited time offers on Diwali or New Year, where you get just 10 days’ time to book the property? These are just marketing gimmicks used by the builders to create a fake emergency. Buyers who are interested in the project feel left behind and make a decision in hurry.

What to do?

Most of the times, this is artificial scarcity just to push the buyers. Ask the builder for time to think, to do verification and make an informed decision. You can talk to different agents about the available units in the same residential project to get a real picture. If they are using tricks, the number told by them will be different.

So suggested project is Harsh Vihar Noida Extension in this project individual homes are developing by the builder and only ground floor would be developed after that you can expend according to your need. Harsh Vihar Villas are full of amenities and with best connectivity.