CREDAI advises plan checks before rushing to buy flats
Pune: Some caution on the part of home buyers is necessary while looking up properties in the fringe areas, real estate experts have said.
Shantilal Kataria, president of the Confederation of Real Estate Developers Association of India (CREDAI), Pune Metro, said cases of illegal constructions happen mostly outside Pune Municipal Corporation (PMC) limits. "There is lack of adequate government machinery to check illegal constructions in gram panchayat areas," he added.
Kataria said home buyers should consult a good lawyer and a good architect before buying houses. "While buying a flat one must check if the sanction has been provided for a particular floor as well as the flat one is acquiring," he said.
One should insist on the document, and take a copy of the completion or occupation certificate. The purchaser can enquire with the PMRDA or the town-planning department or respective authorities about the sanction letter, he added.
He also advised caution if credit cooperatives sanction loans, or if they hand out a personal loan instead of an appropriate home loan.
"The fallout of illegal buildings or constructions in a city is severe. Since they are not a part of the original approved building plan, the entire project is effectively rendered structurally unsound," Anuj Puri, chairman and country head of JLL India, said.
One should be clued in to property prices__ they are usually lower than the current market rates in illegally constructed buildings, or illegally added floors and extensions, he said. "An even more important line of defence is to only deal with well-established developers known for transparent business practices," he added.
Kishore Pate, chief managing director of Amit Enterprises, said, "Consumers should be aware that illegal buildings are often constructed without the inputs of licensed engineers and architects. They usually fail safety codes."
Advocate Vinayak Abhyankar said the value of flats in an illegal construction is almost nil since the transaction between the builder and the buyer is also not valid.
"One needs to ensure that one buys in a sanctioned project before putting their entire savings into a property. As a buyer, one can also ask for an inspection of the sanctioned plan, a right the purchaser has," he pointed out.
Source: timesofindia.indiatimes.com, 16th June 2016