Dear Readers,
Be Careful While Purchasing Your Dream Home - Beware of Riddhi Enclave, Bavdhan, Pune 411021 - Wrong Constructions in BAVDHAN PUNE
This
was the time during May 2015 & finally I found one within expected budget @
Flat - 8, Riddhi Enclave, Behind Crystal Honda Showroom, Mumbai - Bangalore Highway, Bavdhan (BK), Pune- 411021
Flat - 8, Riddhi Enclave, Behind Crystal Honda Showroom, Mumbai - Bangalore Highway, Bavdhan (BK), Pune- 411021
We went
ahead and dealt with Owner and considered the property as legal since his
loan was due with Axis Bank. I ignored the fact that one should not
get into Agreement to Sale unless Bank verifies property as legal. Till that
time, I had already paid the Stamp Duty & Registration charges. :(
Axis
Bank denied the loan for this property, due to certain facts that made us to
cancel the agreement those are as below:
1. There
was a significant difference in “SANCTIONED
AREA” & “CONSTRUCTED AREA” –
According to Sanctioned Plan & Floor Plan
2.
Building didn't have any registration with Gram-Panchayat – No records exists
3. Floor
Plan had 3 floors sanctioned - Actual
construction has 4 floors
4. Floor
Plan wasn't allowed to construct Shops - Actual
Construction has shops
I asked
bank, IF THIS WAS THE CASE, HOW DID YOU SANCTION THE LOAN
AGAINST SAME PROPERTY?
They
smartly replied - WE
SANCTIONED WHEN IT WAS UNDER CONSTRUCTION AND WE CHECKED & CLEARED IT WHEN
WE SAW 3RD FLOOR COMPLETED... :)
I
was
helpless, we cancelled the deed and I applied for Stamp Duty refund. I
had mentioned all the above ressons in the deed but owner refused to
return my token amount and asked me to remove those reasons and I did
the same as my token amount was much more importent to me. Every bit of
penny I had spent from my pockets. :(
I still think, if I could have gone to police that time, one of the biggest mistake I made.
I still think, if I could have gone to police that time, one of the biggest mistake I made.
My
intention to publish this blog is not to blame anybody neither builder
nor property owner but to make the buyers aware of certain things
and one should properly verify the documents first, let the bank (Axis,
HDFC)
certify it as legal and then only better to go for Stamp Duty &
Registry
payment.
Note:
Some cooperative banks were still ready to avail the Loan for same property but
it’s one of the most precious thing you buy in your life and you spend every
penny from your pockets to get it for you - it should be CLEAR TITLE by all
means by all the banks.
Lessons I learnt from this –
1. Don’t trust anybody – Neither Agent, Nor Owner - We had our advocate who couldn’t even verify the documents.
2. Verify all the documents properly & let the bank like Axis, HDFC
to certify the clear title
3. Get the search report
For all these things, I got my hands burnt and still don’t blame
anybody but myself for this.
Please
Please Please - save yourselves from getting fooled.
