To own a house is like a dream come true for most people and due to this there is a constant demand for housing. To cash in on this demand, real estate developers offer special schemes to attract prospective buyers in the projects being developed by them.
Usually, various payment plans are offered, such as construction-linked payment plans, timebound payment plans etc. However, in almost all such payment plans, a specific percentage of the total price of the booked unit is payable by the prospective buyer on receipt of a letter from the developer offering possession of the booked unit.
Here’s a look at Deemed Possession of a housing unit due to which maintenance charges, holding charges etc. are payable by the prospective buyer to a builder.