The Dhaka Times Desk There are several legal issues that are absolutely necessary to know while allotting land to property companies or before buying a flat. Today those issues will be discussed.
It has become very difficult to buy land and build a house in the current context. On the one hand, the price of land is sky high, on the other hand, it is not easy to get land as per demand. In such a situation, many people are now leaning towards flats. Many developer companies are building huge apartments and reselling them. That's why many people buy flats in Dhaka without going into trouble and making a permanent place of residence.
But there are various risks and problems in buying this flat. For example: Being cheated, not delivering the flat on time can lead to various problems. But there is no reason to worry. By taking a little precaution before buying, such hassles can be easily avoided. And if one unexpectedly faces such problem then you can take help of Real Estate Development and Management Act 2010.
Benefits you can get under this Act as a buyer:
# This Act states that the contract must state all the particulars of the sale and purchase.
# The contract must specify the materials to be used. The approved design will also be provided by the housing builder to the buyer.
# will allot the desired flat on contract basis. Again you cannot change the allotted plot or flat without your permission.
# The buyer shall not be obliged to pay any additional amount beyond the terms stated in the contract. If addition of any advanced equipment is required, additional payment may be made by mutual consent of both parties.
# Within 3 months of payment of full price, the housing builder shall complete all the work of handover of possession, execution of deeds and registration. If the volume is more or less at the time of transfer, its price should be adjusted according to the purchase price within 3 months.
# Accommodation fee can be paid in lump sum or installments only through bank. If a buyer fails to pay the price in lump sum or in installments, the housing builder can cancel the allotment by giving 60 days notice. In that case he will be obliged to return the deposited amount together to the buyer by check within the next 3 months. Again you can repay the installments by paying interest at the rate of 10 percent on the installment amount for the delayed period. But you can't do it more than 3 times.
# If the housing builder fails to hand over the flat within the specified time, all the money including the compensation stipulated in the contract must be returned to the buyer within 6 months. If the amount of damages is not specified in the contract, it will be determined at the rate of 15 percent on the amount paid.
# If you want to cancel the allotment for any reason, the housing builder has to deduct 10 percent of the amount paid in terms of your application and refund the remaining amount through a one-time check or pay order within 3 months.
Things to do before paying down payment:
# Land Deed should be verified properly.
# developer should check whether the company has government approval or not.
# should see if there is a copy of the plan approved by Rajuk.
# developer company should also be verified as a member of Rehab or not.
# flat allotment schedule and all conditions should be well understood.
To do during last installment:
Get flat registration document within one month when # installments are over.
# But in case of delay in payment of installment due to any reason then follow the instructions of the authority.
How to get legal help:
According to the contract, if the flat booked by you is not on time or the construction materials mentioned in the contract are not used, if the company breaks the contract on various issues including design changes, then the matter should go to the arbitration tribunal as per the Arbitration Act 2001 if it is not resolved among themselves. The arbitral tribunal will then decide the matter. If both parties fail to form a tribunal within 30 days, either party can file a case in the appropriate court for settlement of the dispute. Offenses under this Act are triable by a Magistrate of the First Class or a Metropolitan Magistrate. During the trial, the court will conduct a summary trial in accordance with the Criminal Procedure Code. Violation of the provisions of this Act shall be punishable with a fine up to Tk 20 lakh or imprisonment up to 3 years or both.
While buying a flat, book the flat only after knowing the above points well. Still, if problems arise, seek legal help. Remember to think carefully before doing anything. Because an arbitrary decision may not be correct.
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