Did the Builder Mortgage your property without your Knowledge – Ways to Know the Truth

Many home buyers have been reporting instances of project delays in the recent past. This has hurt the budget and time of home buyers. Many buyers have also been duped by unscrupulous realtors. 3 bhk in Indirapuram

In case, you are looking forward to buying a home in the near future, here are some things you must take into account (most importantly, you must ensure that the builder has not already mortgaged the property):

As a property buyer, it is your right to know that the builder cannot mortgage the units already sold out to buyers. Additionally, you must be very careful while purchasing a property to ensure that the builder has not mortgaged the property to the bank.

The Registrar Office

According to industry experts, buyers can easily verify the records at the registrar's office. In the present time, it is mandatory to share mortgage details with the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI). This database can be accessed by the buyer to check the property details and whether their property or. flats in Vaishali to be purchased shows up against any loans issued. property in Delhi NCR

No Objection Certificate (NOC)

A homebuyer reserves the right to demand a No Objection Certificate (NOC) from the builder for the property that is being bought. This document must be made on a 10 Rupee stamp paper and duly notarized. real estate companies in Delhi NCR

Protection

The Act is apt for protecting investors from the errant actions of the builder. If you believe that an agreement requires being re-written, ask the originator to do so. This should be done without any delay to avoid any confusion in the long run. Experts suggest keeping close tabs on visible signs of bankruptcy. Developers should not demand extra. They owe you a valid explanation for the same. You hold the right under this act to raise the issue. The act also gives investors the right to file a police complaint or reach out to a consumer court in the event the builder threatens to leave the project midway under the pretext or due to lack of finance. flats in Delhi NCR

When a building project is being funded by a bank, it is crucial that the homebuyer takes additional precautions to understand the financial health of the developer. It also helps one understand the legitimacy of the project. real estate developers in Delhi NCR

Is RERA Really Helpful For Homebuyers?

Yes, this act is very helpful for home/property buyers. Under Section 31 of the Real Estate (Regulation and Development) Act (RERA), 2016, a distressed homebuyer can file a complaint with the real estate regulatory authority of the State. The Act provides that the issue must be resolved within a period of 60 days of the filing of the complaint. In the event, a buyer is unsatisfied with the investment passed by the authority; they hold a right to approach the court of law and the High Court to seek redressal. As per experts in the industry, RERA is very uncompromising in maintaining transparency with the property investors. When it comes to registering a project, the promoter must declare whether or not the property on which the project is being developed includes any encumbrances. It is the duty of the promoter to submit the declaration with RERA on an affidavit. This helps a homebuyer to access all details of the encumbrances on the official website of RERA. The investor can decide whether or not to buy an apartment after going through the details. 3 bhk in Indirapuram

To Sum Up

It is true that the real estate law has come to the homebuyer’s rescue now and then; it is always advisable to read the initial signs. In case your developer has a lot of unpaid property taxes, you can assume this as a warning sign as well. Finally, before you decide to take a plunge into the realty market, make sure you do a background check of the developer and negotiate the deal well. real estate companies in Delhi NCR