123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Real-Estate-and-Foreclosure >> View Article

Real Estate- Get Sued While Investing …

Profile Picture
By Author: consume helpline
Total Articles: 51
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Consumer has very little knowledge of real estate business whether in public sector or in private sector, so, they are victimized due to their lack of knowledge. These are some important advised issued by National Consumer Helpline to check the following before finalizing any deals:
• When buying property from existing owner, check clear title of deed, certificate of non-incumbency i.e. free from any dispute, all dues including municipal taxes, electricity, water etc paid.
• Do extensive survey about the market rates and negotiate.
• Ascertain and Conform the target competition date.
• Ascertain the date of possession when the property when the property will be handled over to the buyer.
• When buying property from the developer/builder check carpet area, built up area and super built up area, payment terms, possession schedule, penalty clause etc.
• Check if any loans are offered by banks for the property.
• Study complete technical specifications of the design, material and other promised amenities.
• Ensure that the design offered is earthquake resistant, floods ...
... and other natural calamities.
• Verify whether the concerned realtor has obtained certificate of C.L.U. from the competent authority.
• The consumer should ensure that he get proper receipts for full or pat payments made to the realtor, apart from obtaining a written agreement from him. This written agreement will shield him at all times against exploitation by the realtor.
• Charging of more money than agreed.
• Delayed in handling over possession even after making full and final payments.
• Wrong measurements and usage of sub-standard materials.
• Consumer can file his case in Dist. Consumer Forum within two years of the purchase. If there is delay due to valid reasons, the consumer may file a “Delay Condone” request to the forum.
• The consumer may also file a request to the consumer forum for the hearing or decision in case he feels that the same is getting for any reasons.
• In normal cases the forum gives decision within 3 months from the date of notice and in technical cases they will take five month from the date of notice. The forum consumer can file for execution of the judgment, after the expiry of time stipulated.
The committee constituted by Ministry Of Urban Development has already recommended Government of India to consider setting up of Regulatory Authority in the Real Estate.
National Consumer Helpline - A Project of University of Delhi, supported by Union Ministry of Consumer Affairs - A Telephone Helpline for Consumers, Consumer Redressal, Consumer Empowerment, Consumer Advisories , Consumer Tips.
Toll Free 1800-11-4000 (BSNL/MTNL Users), Other Users Dial: 011-27662955-58 (Mon-Sat, 09.30 AM to 05.30 PM)

Total Views: 228Word Count: 415See All articles From Author

Add Comment

Real Estate and Foreclosure Articles

1. Lavender – Elegant Homes For Modern Families
Author: Dishant

2. Discover Your Dream Property: Edmonton Homes For Sale
Author: Haupt Realty

3. Ace Divino: A Premier Destination For Relaxation
Author: Invest Mango

4. Aipl Joy District: A Premier Commercial Hub In Sector 88, Gurgaon
Author: AIPL Joy District

5. M3m Capital’s Fitness And Wellness Amenities: A Healthier Lifestyle
Author: Khushi Singh

6. Flats For Rent In Phase -9 Mohali
Author: Ravinder Kumar

7. Flat For Rent In Pancham Society
Author: Ravinder Kumar

8. Write For Us-nirwana Estate
Author: Ravinder Kumar

9. Flat For Rent In Gobind Apartment
Author: Ravinder Kumar

10. Real Estate Agent Akash Singh
Author: Ravinder Kumar

11. Real Estate Prices Fall In Mohali
Author: Ravinder Kumar

12. Property Maintenance And Repair Management In Bahrain's Rental Market
Author: Hannan

13. Total Environment Jakkur
Author: Total Environment

14. Redefining Spaces: The Role Of Architects In Dehradun With Heritage Architects
Author: Heritage Architects

15. Dholera Solar Park: Shaping The Future Of Clean Energy In India
Author: Tatvam Dholera SIR

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: