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to the Society formation or creation of another
body representing the interests of the residents,
a process of getting the property tax is initiated.
Normally the Municipal Authority / local body would,
after carry out survey to fix the rateable value
for the complex and this is communicated to the
residents for them to commence paying property tax. |
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are now in a position to enjoy your new home. Once
you have executed the agreement and registered the
same, you are the legal owner of the property. At
this stage, in the event you are taking a loan for
the purchase of the property, the bank / financial
institution would be willing to disburse the amounts
paid. We were to add a word of caution here. Though
bank may have carried out due diligence on the property
being purchased by you, the basic responsibility
of satisfying yourself remains entirely yours. Kindly
do not assume that just because a project is being
funded by a leading bank, there would be no problems
in terms of title / delivery of the project. |
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agreement would also mention the payment schedule,
which would give you a picture of time linked to
the construction schedule, in the event that the
property being purchased is under construction.
In the case of your ready property, this payment
schedule could even be “Immediate” or
is mutually agreed upon by you and the seller. For
under construction properties, the payment schedule
as mentioned earlier would link your payments to
the construction of the property. As you make the
payments, you may wish to also cross check on the
status of further approvals received by the developer.
This would safeguard your interest on the likely
delivery date of the building, as also precipitate
any issues, which the developer may be facing as
far as the approvals of the building, are concerned,
subsequent to his having received the initial part
approvals. |
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