Counseling is a critical requirement before one plans for constructing a building on owned site, whether is a dream home, residential/commercial /industrial complex intended for renting/leasing or selling for profit.
Again one needs to approach a qualified professional having exposure in all related aspects of construction, to seek guidance on understanding overall requirements of construction, including need, area to be built, usage, detailed estimate of construction, planning finances – margin money and possible construction loan, approvals to be obtained, hiring a contractor, materials procurement, deploying labour to construct, construction supervision etc.
Updating required documents:
Before one plans to undertake construction of a building, a lot of home work needs to be completed. First to compile property documents, such as ownership documents (sale deed/gift deed etc.) and collect latest property tax paid receipt, Khata extract, Khata certificate and Encumbrance Certificate etc.
If site is recently purchased from Developer/Owner, bifurcation/change of Khata process needs to be completed to have Khata endorsement, certificate and the Khata extract.
Technical Aspects, Approvals and Post construction formalities:
Once you decide on the required built-up space, you need to have detailed discussion with Architect/Engineer to plan your building in accordance with your needs, life style, Vastu compliance and probable budget for construction. After verifying 2-3 options given, you and your family members need to finally select the most suited plan. For better visualization on how the building looks after construction, your Architect can provide 3D plans and ‘walk through presentations’.
Normally, Architect provides two sets, one as selected by you, which is termed as ‘working plan’ and another set, drawn as per byelaws of BBMP or local sanctioning authority, once approved by BBMP, it will be termed as ‘approved plan’.
The estimate of construction is a scientific way of calculating the cost to be incurred to construct a particular building. It is prepared by a Registered Engineer/Architect. An estimate provides details of specifications of building materials required, cost of materials, quantities required, workmanship details and cost of labour involved. It also mentions the cost of each item, the amount required at each stage of construction, probable time of required funds and the total cost required to complete the construction. If the construction loan is opted, the estimate of construction is required for the funding bank to decide on the loan amount.
Planning and managing the amounts required through the span of construction is also important. It requires professional skills of proper planning considering feasible funds flow and needs to be executed carefully by optimizing the margin money available and release of loan installments as per construction progress and other related factors.
If loan is availed, it is necessary to review the loan statements often to assure that the lending bank is charging interest prevailing in the market and to plan for optimising benefits available under Income Tax laws. If present lender is charging higher interest, even by 0.5%, it is necessary to shift to another bank, to save lakhs of rupees on interest outgo.
We have leading Architects/Chartered Engineers on our panel offering best of best solutions for planning and supervision of construction. Our Associate teams consisting of Property Advocates, Bankers, and Liasoning experts will make it easy for clients to procure required documents from various Govt. offices and follow up rigorously to complete all required formalities, such as getting plans approved, optimising loan facilities, obtaining completion certificate, getting water, electricity and sewage connection, issuance of Khata etc.