Check List for the Prospective buyers

Posted on: September 27, 2016 at 12:42 pm, in

There are a number of options in the market for homebuyers interested in DDA’s Land Pooling Policy. This comprises of both Societies and builders. Also, there is no clarity on the legality of their existence and if they could sell the units before the commencement of anything concrete on the ground. So if one still feels keen in looking into the available options, we would like to offer a check list for the prospective buyers.

Understanding concept of the society:

A number of like-minded individuals come together and decides to take a route leading them towards a common interest. With time more people would join the bandwagon ensuring the sustainability of the idea. As far as we understand, societies have always worked on a similar principal. DDA’s Land Pooling Policy is one such lucrative concept which has lured people from public / private companies alike into forming such housing /welfare societies to take advantage of the policy. DDA too has abstained from taking a clear stand on the legitimacy of such societies.

One must take into account certain precautions before investing into any proposed society/builder project in any of the zones under LPP.

Registration and Mutation of Land:

First comes the NOC after which comes registration of the land. It is then followed by mutation which could also be considered the most important step towards the procurement. One must ensure that the society holds the required papers for the land they claim to be theirs.

Do a background check:

Not all societies would be formed by genuine beings. Try not to get swept away with the market sentiment and do a thorough check for the authenticity of the managing committee.

Societies are supposed to work on a no-profit no-loss basis and no commercial activity should be carried out by them. They are supposed to get their accounts audited after the end of every financial year. Better level of communication is expected since most of the times they get formed with the participation of known ones.