Most of us aspire to buy a great home within our budget. However, it could turn into a big harassment with the flip of a coin if not done with thorough research and careful planning.
To be sure of the reliability of a builder and property, you can always invest in projects that are supported by banks. Financial institutions would never want to lend money for a property where the mandatory clearances have not been obtained. That way, you can be sure of the legitimacy of the property. Research can also be done through a lawyer hired. A smart buyer, however, scrutinises all documents by himself. Here is a comprehensive list of documents that you must go through before agreeing to buy a flat.
1. Make sure the builder has all the needed approvals without which the project would be illegal. There have been several instances where projects were stalled midway or levelled at the final stage. Unless the documents are looked into carefully, investing in property could be a bad idea. Government approval for constructing a housing complex on agricultural or non-agricultural land is required. Moreover, municipal and environmental clearances must also be checked. For instance, the project should not restrict access to roads or interfere with town and urban planning.
2. You must also check if the developer has the authority of transferring undivided land shares to every flat owner and the plot entirely to the society once the project is completed. Builders should also not have any right on any part of new flats for sale in Delhi or any city, such as terraces and balconies and you must check this in the documents provided.
3. There is always a discrepancy between final products and blueprints. Developers usually charge premium prices for designer furniture and amenities. However, unless what has been promised is delivered or there is a clause for penalty for non-fulfilment is there in the agreement, your ground is a soft one. Developers may show you sample flats,which are demolished later on prior to your obtainment of the house’s possession. You would be left with no evidence if this happens. Builders also often slip clauses in the agreement stating they reserve rights to alter any promised feature. For being on the safe side, you should look at the construction plans approved for ensuring if they match what has been promised to you. Make sure you see the requisite permits from the authorities concerned. All important papers are usually available in builder’s offices.
4. Sellers often need to disclose the various facts about the property, including the numerous permissions gotten by him. If a builder does not do so, you can take to the court for recourse. If the documents are missing or the builder refuses to disclose them to you, then it would be better to avoid investing in the property.
5. You should also go through the certificate of commencements, particularly for projects located in Mumbai. It is a certificate given to the developer for beginning construction after all the needed clearances has been obtained.
So, search for a house for sale in Delhi, but, prior to that keep these parameters in mind.
