Pre launch offer
Jegatheesan
(Querist) 04 March 2013
This query is : Resolved
Hi
I am from Bangalore and one of the new builder has gave me a Early bird/pre-launch offer. This is the real situation now
1) His first project is nearing to completion (June 13). His first project customers are happy with his commitment and delivery.
2) I have given an booking amount of 1 Lakh for his second project for which the BDA approval is in progress for the land.
3) I have been told that the second project is on his own land and it will take 3 Months to complete all the process before they start the work.
My Questions:
1) What kind of documents I should verify before I give rest of the amount (20%)?
2) How can I ensure the land for which the project is going to happen is not under dispute?
3) For booking amount of 1 Lakh he is just giving a receipt. Is that fine?
Thanks
Jega
+91 8050723028
Devajyoti Barman
(Expert) 05 March 2013
Check the title deed and sanctioned building plan.
Do engage an advocate and cause all necessary searches.
Do force him to enter into an agreement for sale
Raj Kumar Makkad
(Expert) 06 March 2013
Generally it is very dangerous to invest in pre-launch offers so better to clearly go through it and invest at your own risk.
prabhakar singh
(Expert) 06 March 2013
Buying property is the decision of a lifetime and you need to be equipped with the right know how. It’s important to learn of the origin of the property, continuous flow of the title and present status of the property before buying the property. Buying a property for self occupation or investment is perhaps one of the biggest investments made by a person during his lifetime. A landmark decision like purchasing property need a well thought out.
1.So you need to look into the document he holds just now by which he is claiming to be owner of the land proposed for his new project.He must have a sale deed in his name from previous owner.Then how previous owner got it,and this search should continue to link it back up to origin of title.
2.Then check the map proposed and its' progress before sanctioning authorities.
3.Then check 30 years record of registry to ascertain that property is free of encumbrances.And to ascertain there is no court dispute first inquire in the locality
and then in civil court.
4.He is just giving receipt for what?He should specify the reason for which he is receiving the amount,such as 1/2/3 bhk flat
on ground/1st etc.floor of ...sq.m.for a total consideration of sum Rs.....etc.
It would be very good if you engage a property law practitioner for checking all this and to have his report in writing.Coughing out a little more for such a big investment would prove good for financial helth.
