Blog Detail

WHAT TO CHECK BEFORE BUYING AN UNDER CONSTRUCTION PROPERTY?


1. CAN I CHECK THE RERA STATUS OF AN UNDER-CONSTRUCTION PROPERTY?

A) YOU CAN LOG ON TO THE RERA WEBSITE AND SEE IF A PARTICULAR PROJECT HAS ACTUALLY BEEN GRANTED REGISTRATION BY THE RERA OR NOT. EVERY STATE HAS ITS OWN OFFICIAL RERA WEBSITE. EACH PHASE OF A PROJECT HAS A DIFFERENT RERA NUMBER.

B) IT IS YOUR RIGHT TO ASK IF THE PROJECT IS UNDER ANY MAJOR LOAN FROM ANY BANK/FINANCIAL INSTITUTION/INVESTOR WHO MIGHT MAKE A CLAIM AT A LATER STAGE. IT IS ADVISABLE TO RAISE THIS QUERY THROUGH ACKNOWLEDGEABLE WRITTEN COMMUNICATION.

2. HOW TO ENSURE THE QUALITY OF THE PROPERTY?

A) IT IS EXTREMELY IMPORTANT TO HAVE WRITTEN COMMUNICATION ABOUT THE CARPET AREA & BALCONY AREA SEPARATELY. SOMETIMES 2 PROPERTIES HAVING THE SAME SUPER AREA (AREA THAT YOU PAY FOR PER SQ.FT) AND SAME COST ALSO HAVE DIFFERENT CARPET AREA.
B) PLEASE ENSURE THAT ALL FITTINGS, FIXTURES, SPECIFICATIONS, FACILITIES ETC. ARE MENTIONED IN THE AGREEMENT IN DETAIL.

3. WHAT TO CHECK IN THE AGREEMENT WHICH HAS TO BE REGISTERED?

A) FIRSTLY, YOUR EXCLUSIVE RIGHT TO YOUR PROPERTY MUST BE VERY CLEARLY MENTIONED IN THE AGREEMENT. IF THE AGREEMENT IS NOT AS PER THE PRESCRIBED FORMAT OF THE RERA ACT, YOU MUST CONSULT A REAL ESTATE LAWYER.  IT IS BEST TO ASK FOR A SAMPLE COPY OF THE AGREEMENT BEFORE MAKING THE PAYMENT. 

B) SECONDLY, PLEASE ENSURE THAT ALL DELIVERABLE OR FACILITIES PROMISED VERBALLY ARE MENTIONED AND INCLUDED IN THE AGREEMENT.

4. WHAT SHOULD BE CHECKED REGARDING HOME LOAN ON THE PROPERTY WHICH IS UNDER CONSTRUCTION?

WHETHER UNDER-CONSTRUCTION OR READY TO MOVE, IT IS IMPORTANT TO VERIFY WHICH BANKS HAVE GIVEN APF APPROVED TO THE PROJECT. YOU CAN ALSO ASK HOW MANY LOANS HAVE BEEN SANCTIONED TO CUSTOMERS IN THE RECENT PAST. SOMETIMES EVEN IN A PROJECT WHICH DOES NOT HAVE APF APPROVED; A PARTICULAR BRANCH MIGHT SANCTION A FEW FILES, WHICH IS NOT OKAY FOR THE PROJECT

IMPORTANT NOTE:

DO NOT DO CASH DEALING

• IT WEAKENS YOUR COUNTRY’S ECONOMY. 
• IT UNDER VALUES YOUR OWN PROPERTY.

• IF YOU WANT TO CANCEL THE DEAL MID-WAY, ANY UNRECORDED TRANSACTION CAN BE A BIG LOSS TO YOU.
Please fill your preferences

For assistance in best offers, kindly submit us your preferences!

Enter your name
Enter your email
Your Mobile No