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Saturday, 10 October 2015

Documents to be Checked Before Buying Property in lucknow

Lucknowe is a thriving real estate market which sees a large number of property transactions. However, for any legitimate property transaction, there are certain procedures to follow. If you are thinking of buying an apartment of your own in Lucknowe and are pondering over what the legal documents for buying property in Lucknowe area, then this checklist provides you with all the requisite information.

The Sale Deed or Mother Deed
This is the most important document that you must have access to as it traces the land ownership. It provides all property details, including its acquisition at the initial stage and the subsequent transactions it has been subjected to. Prior to booking property in Lucknowe, you should also look into the original sales agreement that shows the developer or builder as the registered owner of the property.

Tax paid receipts till the time of transaction and Khata Certificate
For joint ventures, the Khata Certificate must be obtained in the name of the land owners. If you buy the property directly from a developer, then the Khata certificate should bear the name of the promoter or developer.
Joint Development Agreement
The agreement must be scrutinized thoroughly if it is a joint development, where both the developer and the landowner are involved. You should understand clearly the ratio in which the built-up area is divided between the landowner and the developer.

Encumbrance Certificate
The latest Encumbrance Certificate bearing the details of the past thirty years must be checked. It can be gotten from the office of the sub registrar.

Building Plan
Checking a copy of the building plan approved by the respective government authority is a must. You should specifically inspect the portion of property in Lucknowe you are buying.

Sanctioned Plan
Not only should you verify the building plan sanctioned for real estate Lucknowe but also check the sanctioned plan’s validity. You should also check the certificate of commencement and obtain a confirmation from the municipal corporation that the structure adheres to the laws.

Prior to having your property registered, you must obtain No Objection Certificates or NOCs under the Urban Land Ceiling and Regulation Act and Income Tax Act.

Occupancy Certificate
The CMC or Lucknowe Development Authority issues the Occupancy Certificate for properties whose construction has been completed. The occupancy certificates are only furnished to those developers whose constructions meet the norms set by the BDA and BBMP. There have been several instances where occupancy certificates were not given to the developers, yet they gave possession of the property to buyers. Therefore, you should have the document with you if you are purchasing a ready to move in apartment.
 Apart from these documents, you should also ensure that the developer has all the approvals from Electricity Boards, Municipal Corporation, Sewage Boards, Area Development Authorities and Water Supply Boards. It is advisable for flat owners to file joint declarations under the Karnataka Apartment Ownership Act of 1972, get registered and obtain legal rights and safeguards.