Remedy for Project Delays


Will the prices of real estate come down? Should you be buying commercial property? Is the government’s negligence of roads and potholes impacting the price of your property investment? Watch incisive debates on Burning issues of the Day. Listen to the biggest voices in the Business, Government and urban planning only on ‘The Urban Debate’.

What is Partial Occupancy Certificate


What is a Partial Occupancy Certificate?
Partial Occupancy certificates are granted to large residential projects in part or for the part completion of the project or blocks of it. Once the specific phases of the projects are complete the local authorities like the BBMP or the BDA issues a Partial OC after due inspection of the completion of that phase. Eventually as the next phase also finishes being constructed another partial OC is issued. When the entire project is being completed the authorities issue an OC in replacement of the Partial OCs. In short the Partial OC allows the part occupancy of the project. The validity of the Partial OCs will be till the project construction is complete and the final OC is issued for the whole project. The provision of the partial OC is given as per the enactment as laid down in the bye laws of the Section 5.7 of the Bengaluru Building Bye-Laws 2003. The concept of the issuance of Partial Occupancy Certificate is not new but it is gaining more recognition as the construction of phased buildings are in to vogue more and more.
Pros and Cons of the Partial Occupancy Certificate
The Partial Occupancy Certificate can give  the developer a biggest financial advantage as before the completion of the whole project the possession of the few of the blocks can be delivered. With this one can apply for electricity, water and other connections.
But the disadvantages and the difference with an Partial Occupancy Certificate is that one can’t apply for home loans or neither can one apply for Khata Certificate as they can be issued against the OC only. In this respect the expert realtors caution the buyers that one has to see whether the occupier is given the Partial OC or the OC at the time of occupancy.

Home builder delay may need legal action


When to take legal help

Generally, most home buyers remain in a dilemma: to file a case against the developer or not? Most don’t want to get involved in a long drawn legal process. Some are even scared of going against a builder. “The larger and less wholesome truth is that the current legal dispensation is ill-equipped and under-regulated to offer complete consumer protection in matters related to real estate,” said Anuj Puri, chairman and country head, JLL India. But, “many examples of customers obtaining favourable decisions upon approaching consumer courts exist, and the power of these forums should not be underestimated,” he added.

So, if you are an aggrieved home buyer, you should not hesitate in taking legal help. “Once the due date for possession is over, the buyer should visit the site and take stock of the situation by trying to assess whether the period of delay will be negligible or considerable. If the buyer feels that delay will be considerable, it would be pointless to wait further, and she should immediately file a case,” said Jehangir Gai, a Mumbai-based consumer activist.

You can also approach the court for other issues as well. “When it comes to deviations from the original project plan, which can result in a shortfall of common amenities or drastic changes to the units themselves, the customer should take action as soon as these deviations come to light,” said Puri.

But do remember that there is a stipulated time frame within which a case has to be filed by home buyers. “The consumer court will not entertain a complaint after the limitation period of two years is over from the date of cause of action. Hence, the consumer has to be very alert and should immediately file a case in the consumer court. Don’t keep the matter pending,” said Arun Saxena, president, International Consumer Right Protection Council. However, “with regard to real estate, since there will be a continuous cause of action, this provision (2-year timeline) may not strictly apply,” said S. Saroja, director, consumer advisory and outreach, Citizen Consumer and Civic Action Group.

There are different avenues that you can take. “A homebuyer can approach the consumer court, civil or criminal court, or the Competition Commission of India (CCI), depending on the nature of complaint,” said Saroja.

Things to do

As in any legal matter, you should posses evidence to prove your stand or allegation. Get all papers and documents ready—advertisement brochure, booking receipts with payment details, any letter sent by the developer, signed agreement, all payment details, emails exchanged, photographs collected, and others. Avoid verbal communication.

“It is important that the consumer maintains written correspondence with the builder at regular intervals during the course of construction, highlighting issues then and there, as this will be a strong point in her favour when she approaches the Consumer Fora at a later stage,” said Saroja.

However, before going for legal action, you should have raised the issue with the developer. “Buyers should always send a legal notice before approaching any forum or court with their grievance. They should have taken objection with the builder against violations or illegal demands by sending a letter so that evidence can be created in their favour to be produced at the time of proceedings,” said Pathak.

So, if you are an aggrieved home buyer, contact others and form a group. Note down the issues and information available with each person. Approach the developer as a group. If no resolution is in sight, take legal advice from an expert.

Delay of six months to a year has become commonplace in residential real estate, and most buyers expect it. But a longer delay puts additional financial burden, and filing a suit against a developer is justified.

Doors To Knock On…… Read ahead this article

 

4 Home Loan rules most of the investors don’t know about


Can you claim tax deduction for your under-constructed house? Can you claim tax for the home loan taken from your friend and not from Bank ? These are some of the questions which are not generally discussed over and lot of investors have no idea about actual rules. In the video below I will talk about four not so known rules of home loans . Keep reading ! . Readers on email can watch the video on this article.

28th Feb NCP Buyers Unity


Unity is strength… when there is teamwork and collaboration, wonderful things can be achieved.
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211Where there is unity there is always victory.

 

NCPBA is made for the betterment of Flat Buyers. All members are on same platform. . There is no discrimination among the members. Every member is being treated as friend and as futureNeighbour. We are here not just for our common goal i.e. our Home, but also for the sake of better relationship among the Neighbours.

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Next Registration-NCPBA -Buyer Registration

Date: March 5th ,2016  Time :11 am to 12.at NCP site.
Kindly come forward with your following documents  of each flat buyers:
1. Two Passport photographs
2. Address and ID proof..Aadhar Card
3. Driving License/Passport
4. Sale and construction Agreement xerox copy with NEL of each flat owner
5. Rs.1000 cash towards membership fee.
Note:Outstation Buyers registration drive will be later …when we as group are ready for managing online payments and managing online documents.
While unity lies in diversity and strength comes only in being united; so join hands and show your support by becoming your NCPBA Registered members.

Buyers and flat owners must join the below forums to stand united 

Email:ncpbassociation@gmail.com

Blog: https://ncpbassociation.wordpress.com

Facebook Group: https://www.facebook.com/groups/493665760779280/

Google Group:nitesh-caesars-palace-flat-owners@googlegroups.com 

 Join the association and share your details one time only-Click Here

Suggested Check List for the Handover -Nitesh Caesars Palace Buyers


Suggested Checklist from NCPBA… feel free to add and help the group

pic_article_Apartment-management-functions-prashant-kamat

  1. Decide whether you want to take handover before OC approval for your block or not and act accordingly.
  2. Make sure that the Maintenance Agreement corrections are in place before signing it.
  3. Calculate and deduct TDS for the full sale value from the final payment. Include delayed TDS payment penalty in the deduction, if applicable. Check with your CA
  4. During inspection, measure and record the actual Capet Area of the flat with a tape. Verify that the Carpet Area as a % of Super Built Up Area is within acceptable limits promised/agreed (usually Carpet Area should be >=75% of SBA)
  5. Service Tax and Vat Charges by Nitesh Estates Limited (NEL)
  6. Check everything thoroughly and record a jointly agreed and signed snags
    o Windows, Doors, Handles, Locks, Electrical Switches, Fan Regulators, Taps (working water), Flushes, Mosquito Nets, Cleaning, Water Seepage etc
    o Tiles – randomly check for any hollowness by knocking, any broken tiles?
    o Mosquito net – is it torn anywhere?
    o Lighting
    Lighting fixtures like holders are fixed
    § Check all lights & points (including geyser point) works correctly with DG power
    o Doors
    § Main door polish
    § Peek view glass fixing to the main door
    § Door stoppers
    o Kitchen slab quality
    o Hole cutting for kitchen fume exhaust pipe fixing
  7. Ask for necessary Certificates / Letters / Documents
    o Fire NOC copy
    o Completion Certificate of flat by BBMP / Architect / NEL
    o Completion Certificate of block by BBMP / Architect / NEL
    o Handing over certificate / declaration by NEL
    o Lift Safety NOC
    o OC Application for the block with latest status
    o Garbage collection plan in writing by NEL
    o STP working declaration by Nitesh Estates Limited
    o Make sure to get a soft copy of all engineering drawings / plans of your flat – Electrical, Plumbing etc. Will be needed for any subsequent repairs, later
    o No-encumbrance letter / certification / undertaking from NEL for your flat i.e. a letter guaranteeing that once registered, you will have full and final ownership on the flat irrespective of any other parallel commitments / liabilities of NEL with any other institutions or investors.
  8. Gas
    o Gas line plumbing till kitchen slab with meter
    o Gas line work ability
    o Gas bank
  9. Security allotment to block
    · Ensure that Car parking is allotted, numbered, accessible and well-lit
    · Collect and check all door / window keys
    · Make sure that you get a copy of ‘every’ document you sign during handover / registration

Do share your points if still some missing,lets together make a comprehensive list   350+Nitesh Caesars Palace Buyers.Comment and Email to NCPBA:ncpbassociation@gmail.com

Click here on Facebook logo to join NCPBAfb

 

 

How much a delay can cost you


tax

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Form a buyers’ association: An individual’s plea can fall on deaf ears but forming a group could make the builder stand up and take notice. Form a joint front to put forward your demands. A collective effort would yield result in larger projects. Leverage the power of social media. An association of buyers can be started with two members. However, to add legitimacy, it is necessary to register your association. Consult a lawyer to help with the legalities. If you are lucky, t ..