I would like to purchase an apartment with a renowned builder in chennai?

What are the things that should be checked in a sale deed.

If suppose after 30/40 years the building has to be rebuild or it is destructed due to some reasons, will we be the owner of the apartment. How will we claim to be the owner of the apartment.

7 Replies to “I would like to purchase an apartment with a renowned builder in chennai?”

  1. Nothing much can u do although many wud suggest a lot of precautions as the builders and brokers have a readymade standard agreement in which most of the clauses all in builders’ favour. You just ensure that the title of the land is clear and do not invest unless the land is already acquired by the builder with clear title.

    After 40 years even if they reconstruct they need to purchase the rights from the flat owners by promising them a new flat and/ or cash as the land value goes to sky after 40 years and all flat owners have a share into it. This is what happens in Mumbai.

  2. Go with the reputed builders and you won’t face any legal problems regarding the ownership of the property. I am an author of a real estate blog http://www.indiapropertyboom.com and would recommend Godrej Palm Grove in Chennai which could give you good appreciation over 2-3 years time frame

    Full details of the project given in the following link including location, price and other details:

  3. you should search online and contact peoples who deals in property deals.
    After that decide which one is giving you the best deal.

  4. Check the title through a Lawyer,
    Check the building permission and other approvals through a Chartered Engineer,
    Check the Building is constructed as per the sanctions.

    Regarding ownership after 30/40 years,
    You will continue to be a Joint Owner/Co-owner of the land to the extent of Undivided Share you own by your registered sale deed.

Leave a Reply

Your email address will not be published. Required fields are marked *

3 + one =