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TALES FROM AKSHAYA - CHAPTER 41

29th Mar 2022

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When it comes to home ownership, there are two assets you need to maintain in pristine condition.

1. YOUR HOME.

2. YOUR DOCUMENTATION.

 

Arguably, your home is easier to maintain than your documentation. For one, your home is right in front of you. You can see it everyday. Your documentation however, resides in files and folders deep inside a cupboard or a locker, rarely taken out for any purpose. The only two occasions you see them are the day you sign to invest, and the day you handover to divest.

 

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In a world that is increasingly going paperless, maintaining documents has become a challenge. 

 

Especially when it comes to proof of critical investments like homes. Take a look at the images on the left and below. Look how delicate the documents look. Handwritten and drawn documents like these, need to be preserved like antique artefacts. They are after all worth as much as your home is.

 

It is thus of utmost importance that you maintain your documents and keep checking on them regularly. From the Parent Document, the Sale Deed, Elevation Drawings, Encumbrance Certificates, Patta, Legal Heir Certificates... the list goes on. And more importantly, you need to understand what exactly is yours.

 

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Before you go in for redevelopment, refer to your SALE DEED / PATTA and understand: WHAT IS THE EXTENT OF THE PROPERTY?

WHAT IS THE WIDTH OF THE ORIGINAL ROAD?

WHAT IS YOUR BUILT-UP AREA?

WHAT IS YOUR CARPET AREA?

IS THERE ANY DEVIATION FROM THE DRAWINGS?

The fifth in our series on UNDERSTANDING REDEVELOPMENT, this article will give you an insight of what to expect from your developer, both as a HOME OWNER AND A HOME BUYER, in terms of transparency in documentation so what you see is what you get - which can get very tricky especially when it comes to calculating carpet area, common area and UDS. Real estate documentation is an exhaustive process. It is very easy to look focus half way through and just blindly trust the developer. So read on and understand what needs your attention.

 

1 YOUR DETAILED AREA STATEMENT MUST ACCOUNT FOR EVERY SQUARE INCH OF THE PROPERTY

 

AREA STATEMENTS reflect the break up of CARPET AREA, the BUILT-UP AREA of your home (which includes the wall thickness) and SUPER BUILT-UP AREA where the common areas and amenities areas are included. A detailed area statement will provide the exact break up of these areasandwillgiveyouexactlywhatyougetforwhatyouarepaying- whichistheSALEABLE AREA. It is your right to know about the break up of saleable area in whichever form the developer sells, even if the areas mentioned are in any form of the above mentioned nomenclature. Remember, however the above data is given to you, the total area built should match when the individual values are added up. Then you know your developer is transparent.

 

2 UNDERSTAND CLEARLY YOUR CARPET AREA AND COMMON AREA

Most often, developers market residential projects with a generic “70% carpet area and 30% common area” hook. Which may not be the case always. In the real world, no two projects can have the exact same common-to-carpet-area ratio to the dot. In fact, common areas can vary within a project between blocks. So you need make sure your developer gives you a clear working of the exact common area. Not just a percentage. While your carpet area can easily be measured wall-to-wall, common areas simply cannot be. And this is where the catch is. You need a COMMON AREA WORKING STATEMENT - which details out area utilised for common facilities like elevators, stairs, EB room, security room, loft-head room, overhead tank area, clubhouse area, corridor area et al. Refer to the workings and make sure the ratio is exactly what the developer claims it is. At Akshaya, we give you the exact ratio, which is more accurate than the absolute value that is traditionally given by others.

 

3 INDEMNIFICATION FROM DEVIATION

Any violation or deviation leads to no other choice than demolition. As per the Development Control Rules (DCR), the permissible total built up area in any project is a proportion of the total land area and this proportion depends on the road width, frontage, locality etc. Any project exceeding this permitted built-up area will be a deviation and liable for demolition. In some cases it is the quality of construction itself. Even newly constructed buildings which do not adhere to Standard Building Codes / Construction Practices sometimes tumble down like a deck of cards posing a grave danger to the inhabitants. So think wisely and spend some time before you buy a new home to ensure that your dream home is built as per norms. After all, you cannot lose your hard earned money. At Akshaya we have never, ever deviated by even one millimetre.

 

The more detailed documentation your developer gives you, the more transparent they are. It is wise to avoid a developer who promises documents and area workings that pertain just to your home alone. Every home buyer within a project has the right to know what every inch is utilised for, and more importantly have a copy of every single document that pertains to the land itself. At Akshaya, every home buyer gets a bound book that has every single document pertaining to the land and in-detail area workings. Every buyer has every inch of the project documented for reference in perpetuity. Remember, when you live in the home, carpet area is vital, but when you sell your home, the saleable area is important. Understanding everything between these two values will make your investment that much wiser. And for that you need a developer you can trust, who values ethics as much as your relationship.


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