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What is a fit-out possession? Should you buy a house in 5:95 schemes? - Property Hotline
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March 1, 2017
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5:58Now PlayingExpert: Vinay Singh, Legal Expert
Q: Many builders have come out with 5:95 schemes, where without acquiring a home loan, you pay just 5% plus stamp duty and registration and 95% at fit-outs. But mostly the builder delays project after the payment is done. Is it the legal way how this scheme works?
A: There is nothing as fit-out possession. It is a term that was earlier implied in commercial spaces, wherein you would be given a notional possession, without the occupancy certificate or anything on paper. The builder used to allow that so that the buyer/tenant can do the interior and save on some time. But now the builders are misusing it.
Under MOFA Section 3 (2) (i), the builder cannot give you a legal possession up until the OC comes. Here if you see the paperwork, the builder will not give you a possession letter, but will ask you to give him an affidavit saying that you need keys to the place to carry out interior work. This is completely illegal.
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