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Builder Buyer Agreement: A Comprehensive Guide
Introduction When purchasing a property, signing the builder buyer agreement (BBA) is the crucial first step. This agreement formalizes the buyer’s commitment to the property and establishes the terms and conditions of the transaction, ensuring legal protection and clarity for both parties involved. In this article, we will explore the significance of the BBA, its…
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Registration of Construction Agreements Made Compulsory in Tamilnadu.
COMPULSORY REGISTRATION OF CONSTRUCTION AGREEMENTS Undivided Shard of Land (UDS) will be registered only if the Registered Construction Agreement is produced. Rule comes into force on October 1, 2013. Registration of Construction Agreements between the builders and the buyers of new flats have been made compulsory in Tamilnadu,with effect from Oct 1,2013. The registration expenses…
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UNDIVIDED SHARE OF LAND – UDS
Undivided Share of Land Undivided Share of Land or UDS is the concept of owning land by a group of people. No part belongs to any individual. This concept is behind the development and promotion of Apartments/Flats.In an Apartment complex, all the Apartment owners own the land. This includes Land underneath the building structure. It…
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LAND MEASUREMENTS
LAND MEASUREMENT UNITS Various terms denote the extent of an area of landed property. The common terms are Hectare, Acre, Cent, sq.meter, Ground etc. Always, it is better to have an idea of these terms to understand the offer of a seller. Because this will help calculate the value of land negotiated. This way one…
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THE ENCUMBRANCE CERTIFICATE
The IMPORTANCE AND LIMITATIONS OF ENCUMBRANCE CERTIFICATE Encumbrance Certificate (EC) is a document issued by the Registration Department. It’s an important one in investigating the Flow of Title and in determining the status of the Title of the property The procedure to get an EC for a particular property is simple. An application shall be…
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IS CHENNAI SET FOR EXPANSION?
[INSERT_ELEMENTOR id=”13131″] Following is a news item appeared in the TOI on 10th August, 2012. Investors may take the plunge and invest in places which may eventually fall in the expanded CMA. Look for low budget properties that may fetch you a good return in the short/medium term Chennai looks at the National Capital Region…
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JOINT DEVELOPMENT AGREEMENTS
Is Joint Development Agreement(JDA) beneficial to the Land Owners? Joint Development Agreement (JDA) is an Agreement entered into between the Promoter/Builder and a Landowner. It’s for putting up a Residential or Commercial Building Complex. The land can be a vacant one, or one with a building, or one with a building complex. And the Land Owner…
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THE SALE DEED
The SALE DEED The Sale Deed is the most important document in transferring a property. It is essential that a Sale Deed is drafted very carefully and with utmost precision. An error in this Deed may even fail to transfer proper title to the property from the Seller to the Buyer. Only the UDS is…
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CARPET AREA, PLINTH AREA AND SUPER BUILT-UP AREA
How the Saleable Area of an Apartment is Calculated A buyer of an apartment should understand the meanings of these terms: Carpet Area, Plinth Area, and Super Built-Up Area. There may not be any difficulty in understanding the meanings of Carpet Area and Plinth Area. But it is the concept of Super Built-up area that is…
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The Chennai Peripheral Road
The CHENNAI PERIPHERAL ROAD The Tamilnadu Chief minister has announced in April 2012 the building of the Chennai Peripheral Link Road(CPLR). CPLR will link Mahabalipuram with Ennore skirting Chennai.CPLR is part of the Government’s initiative to ease congestion in Chennai. The Route The road will be 162 KM in length. It will connect the East…
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