Is it not so that buying a home has given you a headache about the complicated documents and still you have no idea how to go about it?
It has long been said that real estate is a very dynamic industry – but what does that mean? What are the implications of such an industry? This industry is regarded as dynamic as it comes with its complex laws, rules, and documents – all that must be carefully studied and obeyed to its fullest extent. Where some may get into trouble is being able to ascertain what is the correct method of getting things done and what is problematic. For first time home buyers, this can be even more difficult.
The first thing you should know is that there will always be an excess of paperwork. If you are not being given more paperwork than you can handle, there is something else going on. For example, even a moderately sized project (this can be 50,000 square feet and above), there will always be several hundred pieces of documents that will take even the most experienced advocate days, if not weeks to go through, to give you a report on the exact process of your home.
How should you handle that? If you continue reading, you will see that I will offer you tips as to how to handle this issue, as well as granting you a list of seven documents that are critical for you to look over and read before agreeing to anything.
- WBHIRA Certificate – when one decides they want to book a flat in the project, the absolute most essential and critical document they need is the WBHIRA certificate. Not only can you go onto the WBHIRA website and find the certificate yourself, but you can also go to the builder and ask for the certificate directly – they are bound to give you a copy. This document is crucial, as it clears the builder, as well as the project, of any negatives to that point.
- Sanctioned Plan and Commencement Certificate – you will also need the Sanctioned plan and Commencement certificate from concerned authority. The Sanctioned plans are several plans that an assigned authority checks over and grant their sanction. If you are a layman or a first-time buyer, as you have little to no experience or knowledge with Sanctioned plans, you should only check a single master plan. It will contain the area statement, and you have a personal copy for future reference. The Commencement certificate is a document that is especially needed, as it shows that the municipal corporation acknowledged and gave permission for the builder to start work on the submitted (sanctioned) plans.
- Municipal Corporation Tax Papers – Each plot where the project is being built needs to be assessed by the concerned authority —Corporation or Municipality. It charges quarterly tax on the said plot, and up to date tax receipt needs to be procured before booking a flat.
- Conversion Certificate or BLRO Mutation Papers – Each plot in the Municipality area needs to have BLRO mutation papers that show the nature of land like – Shali, Bastu, Danga, Pukur, etc. A project can be built on the land, with its nature being Bastu or Housing. In case of anything else, a conversion certificate needs to be there, stating the nature of land being converted to Bastu or Housing.
- Bank Approval Certificate – Generally, every builder gets the project approved from various banks to facilitate home loans for prospective buyers. These banks do a thorough check with their legal department on the authenticity of the project documents. So an approval certificate from a PSU bank like SBI and one from a private bank like HDFC/ICICI gives an assurance of the authenticity.
- Fire, Environment, Airport Clearance – There are various NOCs that a builder needs to procure before the start of construction. NOCs from Fire department, Environment board (only if the area of the project is above 20000 sq meters), and NOC from Airport Authority of India for height clearance.