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Buying Property - Learning the Tricks to Save you from Duping

The real estate sector has no entry barrier. With the economy booming and no let-up in demand for real estate, a number of players have entered the sector . Though not all new developers are dubious, many investors fall prey to unscrupulous companies. Bangalore's real estate industry is infamous for absence of transparency, the big builders who thrive on big advertising and lot of marketing do not share even the legal papers with Buyers.  



As a result many Buyers find themselves stuck with defective properties or with properties that are not built with all the currently applicable laws. Also Buyers often pay extra for the brand names and features they don't need. Very few builders like CMRS Group also exist in Bangalore which swear by transparency, build enough features which you will always be able to use and offer you a brand built on trust, ethics and modern homes.


CHECKLIST FOR BUYERS

Here is a common checklist that you should refer to avoid falling into the trap of tricks property developers use.

1. APPROVED PLANS

All constructions in the Bangalore have to be done according to the BDA norms. Though all good developers get their plans approved by the authorities, many do not do the constructions as per the plan. As a buyer, you should seek if there are any violation. A trustful builder will be truthful and will also inform you about the consequences if any. Some of the violations can be regularized by urban local bodies after akarma sakarma rule. 

All the projects currently offered by CMRS Group are built as per guidelines and they offer a Guaranteed A Khata to buyers.


2. AMENITIES

Recreational clubs and other amenities such as gymnasiums are offered by many builders, but some make them so small that they are practically useless. Some highly marketed brands build thousands on apartments in a single building and generally offer a good size amenities but it does not suffice to the number of apartments. What's worse, in some townships/projects that promise a grand lifestyle, developers do not transfer ownership of facilities with commercial value, such as club house, gymnasium and tennis court, to resident associations.

CMRS Group consciously restricts the number of apartments in a building and create large enough amenities. CMRS Group does not retain rights over facilities in the builder-buyer agreement and profit from it. Such practices ensure accessibility and ownership rights.


3. SALE-ABLE AREA

In a building, the maximum built-up area is linked to the land area. The ratio of built-up floor area to land area is called the Floor Area Ratio (FAR). Some spaces, such as terraces, voids, open parking lots and circulation areas, are not included in the FAR calculation. Many developers calculate the super built-up area incorrectly and charge based on the wrong super built-up area.

CMRS Group shows the maximum transparency by showing the approved plan which clearly lists the built up area and educates customer with super built-up area.


4. BWSSB+KEB CHARGES

Developers have to pay additional charges, to the government for civic amenities such as roads, water/electricity supply, sewerage and drainage. But there have been cases of projects running into trouble as developers did not pay the amount collected to the authorities. 

CMRS Group has handed over more than 1 million square feet of property to buyers and has always ensured that the charges are paid to goverment.


5. CERTIFICATES

When the building is ready, the local authority awards a completion certificate stating that the approved plan has been followed. This is mandatory for getting basic amenities such as water and power. One also needs an occupancy certificate, which is awarded after authorities check that the rules for fire safety, elevators, electrical wiring, water supply and waste disposal have been followed.

CMRS Groups assures all the certificates for all their new projects.


6. PARKING

Parking space is very common example of many builder's obsession with maximizing profits. Many builders over allocate parking or sell it to non-residents or being allotted unfairly to some residents. Some builders do not not even share the parking plan or allotment plan.

CMRS Group is in property business since last 12 years and has never allocated more than available car parks, also it has never allocated it to non-residents.


For any property advice, free legal advice and any other assistance while buying a property, feel free to call at  +91-7676-122-000 or send an mail to info@cmrsproperties.com

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