We, at Nova, consider it our responsibility to empower our customers with thorough knowledge about the properties. Below, you will find a comprehensive checklist of the details you should be aware of and must cross-check before investing.
- FSI achieved in the project should be clearly explained.
- Total Construction area in the project should be clearly explained.
- In the Flat, Total Flat area includes: Carpet Area + Plinth Area ( Wall area) + Common area ( Stair Cases, Corridors, Electrical Room, Lumbar room + Clubhouse area). All these calculations should be clearly explained.
- If the Clubhouse Land area is included in your UDS and built up area is included in the common area, then the builder legally does not have any right to collect any other additional charges from the buyer
- No other charges including club membership fee should be paid to the builder if the clubhouse belongs to all the flat owners and builder does not have any legal holding or technical holding on the property. If Club membership payment is collected by the builder then the same should be transferred to the association for exclusive maintenance and refurbishing of the clubhouse facilities on continuous basis
- Terrace area in the apartment is common for all the flat owners and no individual owner has any exclusive rights over terrace area.
- Builder must handover all the property documents, approval documents and all equipment documents to the association immediately, as and when the association is formed
All technical decisions of the project should be properly documented and handed over to the association
- Builder must get completion certificate to handover the apartments in the project
- 9. CMDA approval and completion certificate ensures that the property is built as per approval. Customers can verify CMDA project approvals at www.cmdachennai.gov.in/ppapprovaldetails.html and project completion certificates at www.cmdachennai.gov.in/CCIssuedList/2014.html
- Customers can also demand a no deviation certificate from CMDA and indemnity bond from the builder if any deviation is found in the future.
- 11. Customer should always take a second opinion on the property title and parent document, and also on the builders agreement. Customers, at any point, should not sign a one sided agreement favoring only the builder.
- All the facilities and amenities in the project should be approved by CMDA / DTCP
- Know the Guideline value of your property in your area at http://www.tnreginet.net/guideline_value.asp.
Registration stamp duty will be paid on the guideline value of the property.
- Every customer is entitled for a fair compensation if the project is delayed except in case of an ‘Act of God’ incident. If the compensation clause is rigid, then customers should think twice about the property and genuineness of the builder.
- Sufficient time should be given by the builder to make the payment. In case of delayed payment, interest charged by the builder on the stage payments should not be beyond the Bank’s construction funding loan rate.
- Builder should form the association before handover and complete registration and association forming formalities. This clause should be mentioned in the agreement.
- Corpus fund payments should be directly paid to the association by Cheque. At any point of time, customers should not pay the corpus to the builder’s account for later transfer.
- All the room dimensions in the flat should be clearly explained in detail in the agreement.
- Common area details and its percentage should be clearly explained in detail and it should be convincing.
- Project Defect Liability and Project Maintenance by builder, and their scope, tenure and manpower to be deputed, should be clearly mentioned in the construction agreement
- Project maintenance cost should always be charged in sq. ft. rate on the total saleable area
- Ensure that your builder provides after sale service for at least first 5 years for the property after their defect liability period
- Builder should give a tour of the project to the association to prove that the project is built as per approved plans
- The builder should make all the statutory payments relating to the property till the handover.
- Builder should give all the contact details of the flat owners to the association for further communication.
- Builder should give assurance for the STP and WTP functioning for the first 2 years. Any technical and civil issues arising in that period should be rectified by the builder.