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.
