A fair number of real estate gurus suggest investing in upcoming development projects since they hold a great deal of ROI potential. But, such properties also pose a considerable risk of delayed delivery. If you plan to buy an office for lease in Gurgaon, here is what you can do to prepare and protect your investment in the
case of delayed possession.
Check Your Refund Rights
Adding a refund clause in the agreement is a great place to
start. It helps in
circumstances where the property’s possession has been delayed
for too long. If employed, this little trick legally qualifies the buyer for
reimbursement.
Update Yourself on the State Laws
The government has laws in place that govern the rights of a
property buyer. However, those regulations vary by state and should not be
assumed.
Before you can get an office for lease
in Gurgaon, check the rights and duties of all involved parties
if the leased property is not handed over to the tenant on time.
Take note of the grace period allowed to the landlord as per the
state-mandated laws. Also, identify permissible reasons for a delay in possession,
if the state has specified any, to make sure that your claim gets validated
without any issues.
Weigh Your Legal Options
RERA, i.e., the Real Estate (Regulation and Development) Act of
2016, allows a buyer legal recourse in case the possession deadline is breached
time and again. If the office you took
out for lease in Gurgaon isn’t
handed over as per the plan, you can file a complaint with the local authority
for denial of service, apply for a
refund, or appeal for compensation against the inconvenience
caused due to the setback in scheduled possession.
Vet the Legal Paperwork in Advance
Prioritize paperwork in all stages of property purchase. In
addition to verifying the
legal documents, like occupancy certificate, property title,
government permissions, etc., also pay attention to the lease agreement.
Validating all legal aspects of the transaction before
finalizing the office for lease in Gurgaon will
help protect your investment in the future.
Always Notify the Seller Before Making a Move
If you choose to cancel the lease for an office in
Gurgaon due to delay in delivery, it is wiser
to inform the landlord/builder/seller in advance through a legal notice. A
forthcoming notice often plays the role of a stimulant in hastening the
delivery process, either via expressing due accountability or via the pressure
of legal recourse.
The Best Tip to Avoid Possession-Delay: Choose a Reputed
Developer
Galaxy Magnum Infraheights Limited is a leading Indian real
estate developer with notable projects sprinkled across Gurgaon, Delhi-NCR, and
Faridabad. Two of the
most innovative representatives of our diverse portfolio include
The Magnum Towers and Magnum Global Park, located in Sector 58, Golf Course
Extension, Gurgaon.
Magnum Towers is a high-tech commercial hub that offers
ready-to-occupy offices for lease in Gurgaon’s most
flourishing neighborhood. On the other hand,
Magnum Global Park is an under-construction property designed as
a business &
leisure hub with premium office and retail spaces spread over
5.80 acres. Positioned on a 200-feet-wide road, both the properties are
connected to Delhi-NCR via the
metro and national highway. Additionally, they offer:
- Three-level
basement parking
- Astonishing
architectural aesthetics
- Complete power
backup
- Security
- Building
management systems
- Energy-efficient
facilities
Contact our teams to know more about these premium office spaces for
lease in Gurgaon.
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