Announcement

Collapse
No announcement yet.

Things to Keep in Mind While Making a Flat Purchase Contract

Collapse
X
Collapse

Things to Keep in Mind While Making a Flat Purchase Contract

Last updated: May 18 2009
16 | Posts
  • Time
  • Show
Clear All
new posts
  • #11

    #11

    Re : Things to Keep in Mind While Making a Flat Purchase Contract

    Originally posted by Natarajg007 View Post
    CMDA rules allow many deviations in a different way. For example many places like a toilet in the rear or a car park (covered) are not part of the calculation for FSI. Your builder has to price that too. So he will divide the entire super built area by the number of flats, proportionally and charge you. So if you sum the areas of all the flats and divide by land area the number wont be 1.5 as many on this forum seem to claim. It will be close to 1.85 for sensible builders, 1.65 for bookish builders and 2+ for super duper builders. U can live with 1.85 for sanity and below that u must be a typical Chennai patham pasali and 2+ is for gamblers. Cheers.
    Infact based on the above, if you want land price then take flat price subtract construction cost (all per sqft) and multiply by 1.85.
    So if cost of flat in Saligramam is 6500psft and cost of building with profit margin is 1500psft then (6500-1500)*1.85 is cost of land psft.

    Comment

    • #12

      #12

      Re : Things to Keep in Mind While Making a Flat Purchase Contract

      Originally posted by Sujatha View Post
      Guys,

      I am right now trying to purchase a flat in chennai. Thanks for all the tips above. However, the one i noticed, is the deviation in the plan from the CMDA approved one. The flat i am currently negotiating for purchase, is quoted as circa 1350 sq ft in dimension, but the CMDA approved plan does not reflect the same. On querying this to a lawyer friend he said such deviations do happen. Should i take some precautions while drafting an initial agreement with the builder?

      Thanks in advance,
      Sujatha.
      Sujatha,

      Could be that the builder has quoted the super-built up area of the flat in the agreement for sale purpose, and its not a deviation as you suspect.Clarify your doubt with the builder itself first.

      As Natraj rightly said,builders can easily achieve upto 1.75 FSI for multi storeyed buildings(upto 4 floors) legitimately.The additional cost of building sump, service toilet, compound etc are passed on to the buyer.

      Sadly, Deviations have become very common in chennai and everyone including the end users seem to care only whether the builder is able to get a construction completion certificate for the building from the respective authorities or not.

      Builders go about building an extra floor or flat and get approval somehow later.They flout rules everyway possible.

      As a customer, one should exert caution and be careful when looking at a ground floor/top floor flat.Always check whether UDS is in proportion to the builtup, check whether approval has been obtained for the plan.If you doubt deviation, do not buy until construction is complete and all approvals for deviation and completion certificate is obtained.
      Last edited by nabishek; May 14 2009, 04:37 PM.

      Comment

      • #13

        #13

        Re : Things to Keep in Mind While Making a Flat Purchase Contract

        Originally posted by Natarajg007 View Post
        Infact based on the above, if you want land price then take flat price subtract construction cost (all per sqft) and multiply by 1.85.
        So if cost of flat in Saligramam is 6500psft and cost of building with profit margin is 1500psft then (6500-1500)*1.85 is cost of land psft.
        Dear friend,

        Please take this case. Flat area total for 4 flats (G+1) = 4106 sq. ft.
        Land area = 3319 sq. ft. Sale price of flat per sq. ft. = Rs. 3400. What will be the UDS of land cost pl. This is Tambaram Sanatorium very near the Railway Station. A broker said Rs. 55 lakhs / 2400 sq. ft. for plots about 1+ KM from Rly. Station and says no plot for sale within 1 KM from station and it may be more if any is there?

        In this case, the FSI may come to 1.24 only and what do you call this builder?

        ks2071746
        Last edited by ks2071746; May 14 2009, 03:52 PM. Reason: spell & add

        Comment

        • #14

          #14

          Re : Things to Keep in Mind While Making a Flat Purchase Contract

          NOTHING SPECIAL! if approved under the first master plan

          Originally posted by ks2071746 View Post
          Dear friend,

          Please take this case. Flat area total for 4 flats (G+1) = 4106 sq. ft.
          Land area = 3319 sq. ft. Sale price of flat per sq. ft. = Rs. 3400. What will be the UDS of land cost pl. This is Tambaram Sanatorium very near the Railway Station. A broker said Rs. 55 lakhs / 2400 sq. ft. for plots about 1+ KM from Rly. Station and says no plot for sale within 1 KM from station and it may be more if any is there?

          In this case, the FSI may come to 1.24 only and what do you call this builder?

          ks2071746
          the FSI of 1.5 (for G + 1 ) building is a impossibility to achieve without deviations because the setback requirements and the clause of plot coverage
          of 65% will not allow a realisation of more than 1.3 FSI so KS the builder is a regular builder of G+1 nothing different about him.

          the new master plan which has given relief in the form of rear setback of 5 feet instaed of 10 feet.
          plot coverage has increased.
          5% of each dwelling for balconies will not be included in the FSI

          permission to build the area under stilts(parking) on the second floor.
          etc
          these have made acheiving the 1.5 FSI a reality.in the first master plan nobody with normal deviations would have achieved this.
          Last edited by abk; May 15 2009, 01:29 PM.

          Comment

          • #15

            #15

            Re : Things to Keep in Mind While Making a Flat Purchase Contract

            Originally posted by ks2071746 View Post
            Dear friend,

            Please take this case. Flat area total for 4 flats (G+1) = 4106 sq. ft.
            Land area = 3319 sq. ft. Sale price of flat per sq. ft. = Rs. 3400. What will be the UDS of land cost pl. This is Tambaram Sanatorium very near the Railway Station. A broker said Rs. 55 lakhs / 2400 sq. ft. for plots about 1+ KM from Rly. Station and says no plot for sale within 1 KM from station and it may be more if any is there?

            In this case, the FSI may come to 1.24 only and what do you call this builder?

            ks2071746
            Honestly even beyond what ABK said, even as per the first plan and even before, one who sticks to the last print of the rules can build such 1.24 FSIs. Such builders are to put it politely not fit to be in BUSINESS. Such folks disappear in the short run.

            Comment

            • #16

              #16

              Re : Things to Keep in Mind While Making a Flat Purchase Contract

              Originally posted by ks2071746 View Post
              Dear friend,

              Please take this case. Flat area total for 4 flats (G+1) = 4106 sq. ft.
              Land area = 3319 sq. ft. Sale price of flat per sq. ft. = Rs. 3400. What will be the UDS of land cost pl. This is Tambaram Sanatorium very near the Railway Station. A broker said Rs. 55 lakhs / 2400 sq. ft. for plots about 1+ KM from Rly. Station and says no plot for sale within 1 KM from station and it may be more if any is there?

              In this case, the FSI may come to 1.24 only and what do you call this builder?

              ks2071746
              Let me call those builders by one simple tamil word. Pozhakka theiryathavan.

              Comment

              Have any questions or thoughts about this?
              Working...
              X