Buying a home is a decision for life. And if you’re buying a home for the first time, there could be a lot of jargons and terminology that could prove dauting. Below are a few list of questions / issues one needs to look into before investing or taking that big decision of your life.1. What’s the land use?
You need to check the land use of the property on which the project is being developed i.e. whether the land is being developed for residential or commercial purpose. Ask for a proper licence of the property from the developer.
2. Has land acquisition been completed?
Often, developers start selling apartment before acquiring the land. You need to check the official docs of land acquisition before committing your savings to the developer.
3. Does the developer have legal title?
You could hire a lawyer for conducting the title search. A unique khasra number is alloted to every property. Ask the developer to show you the papers demonstrating his ownership of the property and check in the registration name and number. With the help of lawyer, you can also find out if there is are legal disputes happening over the land.
4. Are all approvals in place?
Other than property licence, check whether the developer has received the following approvals: building plan, water, environment and pollution, and height clearance (if the building is situated near an airport).
5. Estimated date of project completion
Often, the project is completed within a certain period, say, 36-42 months from the start of construction. Get a written doc from the developer stating the date the construction will start.
6. Is there a Penalty Clause?
If there are any delays in handing over possession, the developer has to pay a penalty to the buyer, provided the penalty clause is there in the builder-buyer agreement.
7. Any extra charges involved?
The developer often collects preferential location charges (PLC), external and internal development charges. Find out if there are any hidden costs involved. Ask the developer for a written assurance stating that no further charges will be levied.
8. Developer’s Track Record
Do your homework properly. Do a complete study on the background and past projects of the developer. Try and avoid novices as they usually lack the financial strength to weather a downturn. Have a word with residents of earlier projects to find out if the developer delivered the possession of the apartment on time. What were the on-campus facilities and the specifications promised within apartments? How well is the project maintained? In case of an under-construction property, visit it with a civil engineer and have him evaluate its construction quality.
It’s important to understand these factors before you make a commitment to the developer and buy your dream home. At SARE Homes, we offer our customers with top quality assurances like transparency in all dealings, higher efficiency of space utilization, quality of material, established architects and contractors, professional management and personalized customer service.
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