Property in Patna: Documentation

See, there are regulations and laws earlier too. The important point is that as buyer of real estate in Patna do we go through the documents prudently. Yes, a buyer of real estate in Patna is overwhelmed with documentation no doubt but there are some very important points to be noted while purchasing a residential property in Patna.The year 2013 could be a game changer for the real estate in Patna with some pending bills expected to be passed in Parliament. The passage of two bills, namely Real Estate Regulation Bill and Land Acquisition Bill could be important for the sector.

It is imperative that a buyer of property in Patna reads the terms and conditions of the sale-purchase agreement thoroughly before signing it. Like any other agreement in the sale-purchase agreement all the terms and conditions of sale and purchase are mentioned. Since only one party, that is builder in Patna is involved in drafting that agreement, so the buyer of property in Patna must read and understand all the details of those agreements. Usually, builders sell the flat in Patna on the basis of super built-up area, which is known as sell-able area, it also includes your area of balcony, your lift area, passage and dry area etc.

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First, it is important to ensure that in the agreement the breakup of each room size and carpet area is mentioned. Second is delivery of the flat in Patna, that should be mentioned there and also the payment schedule. Then what would be the penalties, if there is delay in delivery by the builder in Patna because usually there are penalties mentioned or interest mentioned for delay in payment by the buyer of property in Patna. If buyer is not making payment in time then he has to pay certain interest on the amount. However, what about the penalty for the builder in Patna if he is not giving delivery of the flat in Patna in time? That should also be there in the agreement.

Then is the commencement certificate; every builder in Patna before starting a building project in Patna has to obtain commencement certificate. Now this commencement certificate is given in the part. In the plan, it should be mentioned how many floors have been approved. Suppose, you want to buy a flat on 11th floor and commencement certificate is issued only for seven floors then you should ensure that the floor on which you want to buy the flat should be approved which is also very important.

Apart from these other things like title deed of land, other approvals etc are also important but basically since the builder writes the terms in his favor, buyer of property in Patna should look for all the above details carefully.