Before Buying a House/ Flat

PLANNING TO BUY A FLAT

VERIFY THE FOLLOWING : -  

• The title documents. Ask for proof of legality of land and clear title.
• The sanctity of the layout with the statutory authority.
• The seal of approving authority and the valid date on the approved plan.
• The number of floors which have been approved. No loan is given by Banks for Un-authorised flats/pent house etc.,
• Check out the previous projects by the builder to assess the quality of his work.. Ask residents of these projects about the work/dealings of the builder.
• Ask Architects and civil Engineers to rate the project.
• Visit the site during daytime.
• Check what percentage of common area is included in the chargeable area..
• Sign on the agreement of sale with the landlord / builder based on the flat number.
• The car parking number allotted to your flat should be clearly mentioned in the sale deed.
• Check what all amenities (Lift, sewerage, water, electricity etc.,) are to be provided by the builder and if he has made necessary arrangements/payments for the same.
• Specific clearly the type of flooring, fittings, wood work, locking system etc., to be used in the flat.
• If buying into a co-operative group housing society, check the credentials of the members.
• Incorporate a penalty clause for delay in completion of the project by the builder. 

In case of joint development of your property with a builder

• Ascertain the prevailing rate of your property to get the best deal.
• Check the permitted coverage and floor area ratio (FAR)of your property.
• Visit the sites earlier developed by the builder. Ask residents whether delivery schedules were met or not.
• Settle the terms of collaboration contract in advance.
• Settle the roof rights in advance.
• Take the deposit of earnest money at the time of agreement. Have a clear cut provision of forfeiture in case of non completion of the project by the builder.
• Incorporate a penalty clause for delay in completion of the project by the builder.
• Ensure that no construction is done after obtaining completion certificate from the concerned authorities.