Happy Life In Flats

Happy life in flats

It is a dream for everyone to have his/her own house. Gone are those days where people used to own and live in independent houses. Today, it is impossible for most of the population to buy independent houses in towns or cities. The option available is only flats.

We can live happily in flats provided we take required precautions and ensure certain things. Let us see all of them in this post.

Before executing agreement for sale.

·         Don’t compromise on the location of the flat. Only if you are thoroughly satisfied with the location, then proceed further.

·         Get the parent documents of the land on which the flats are being constructed, from the builder and study it thoroughly. Ensure that there is no encumbrance.

·         Confirm the ownership of the land.

·         Confirm the land is NA (non-agricultural) and ask for the relevant order issued by the collector.

·         Verify the approval of the township planning authority.

·         Check the authorization from the corporation to commence the construction.

·         Visit the location and satisfy yourself. Study the approach road and the constructions in the same locality.

·         Study the approved plans and find out the area of the flat – builders talk of different areas like carpet area, built-up area, saleable area, and so on. Satisfy yourself with the area you wanted to work up on.

·         Study the amenities being promised. Clarify all your doubts.

·         If the builder shows a sample flat confirm from him that your flat will be the exact replica of the same. Chances are that you may not get what are all there in the sample flat.

·         Find out from the builder that whether he will provide solar energy for the common loads.

·         Insist for ELCB (earth leakage circuit breaker) in the electrical wiring.

·         Find out the warranty for items like bathroom fittings.

·         Avoid any ambiguity in financial matters. Get everything clarified by the builder:

Ø  Cost of the flat and the basis for the same

Ø  Statutory liabilities like stamp duty, registration charges, GST, etc

Ø  Electricity connection charges

Ø  Lawyer fees

Ø  Maintenance charges – type and duration

Ø  Payment terms

Ø  Discounts, if any

·         Remember that if the flat value crosses a threshold limit, the responsibility of deduction of the tax (TDS) will be yours. You will have to deduct the same and pay it to the tax authorities. You can find out the threshold limit from the builder itself. It is not that you will pay the TDS after making the final payment to the builder. For every payment you make, you have to deduct the tax and deposit it with tax authority.

·         Get the commitment from the builder for the timely delivery of the flat.

·         Compare the prices of flats in the same locality and ensure that you get a fair deal from your builder.

·         When you are satisfied in all the above points, you can go in for agreement for sale.

After executing agreement for sale.

·         If you are planning for house loan, approach the appropriate financial institution, with the copy of agreement for sale. They will take their own time, 20 days to 45, to approve your loan proposal. Co-ordinate with them to help their charted engineer who will be visiting your site for valuation purposes.

·         Follow up on a regular basis, with the financial institution,  for the loan sanctioning.

·         Visit your site as frequently as possible and observe the progress. Compare it with the scheduled progress. (Try to get a schedule chart from the builder).

·         Once your loan gets sanctioned and when you get the demand note from the builder for payment, contact the financial institution and request for the payment. The payment will be directly made to the builder. Remember the TDS part, which is mentioned earlier, and take appropriate action to fulfil the requirement.    

Possession.

·         Once your flat is ready for possession, the builder will send the final demand for payment with the intimation of possession.

·         Visit the flat and inspect thoroughly. Confirm that everything is completed as per the specification agreed up on. Once you are satisfied, make the final payment and get the allotment letter and possession letter from the builder.

·         Demand a copy of completion certificate issued by the municipal corporation and a copy of the NOC from fire department.

·         Check the outsides of your flat and look for visible hazards like bare electric overhead lines, power transformers, etc. if you find any, discuss with the builder and ask him to mitigate the hazards by appropriate remedial actions.

·         Install a grill door for the main entrance, if not provided by the builder.

·         You can take possession when you are fully satisfied.

·         Get the contact numbers of all essential services like plumber, carpenter, maintenance people, builder’s representative, and the lift provider.

After moving in.

·         Ensure that the intercom remains always in working condition.

·         Get acquainted with your neighbours as early as possible.

·         If you are looking for a servant maid check her credentials – get her aadhar card and keep a copy of it for your reference. It is always better to get a maid through a known source.

·         Keep the sliding window doors properly locked.

·         Whenever strangers appear on your doorstep, ask for the purpose and their ID proof. Even if you have small doubt, ask them to come with the security person of your flat/building.

Refer my earlier posts on home safety for other relevant points.

Your happy living in your flat is assured once you fulfill all these requirements.

Wish you a happy living!