Being informed is important when you are making big financial decisions, and buying a home certainly is one of them. Read on…
Have you been sitting on the fence for a long time? Are you waiting for the prices to fall further? Do you fear that you will not make the right decision? Well, securing your dream abode is no easy feat. Hence, you would not want to commit any mistakes as well. So, what are the key things to keep in mind? What are the criteria that must not be overlooked? Which are the boxes that should be ticked? Two home-buyers who recently purchased their respective houses spell it out for us and pave the way for you.
Shreepad Madhukar Sakpal, flat-owner
One must ensure that the property one intends to buy is RERA registered. The increasing strictness of authorities is for the purchaser’s well-being.
This prevents one from the risk of getting involved into a fraudulent or illegal property.
One should buy only the property, which is ready for pos session to avoid any difference between the proposed project and the one that is de livered. RERA has come up with strict implementation of the congruence of proposed plans and the laid-out projects. Builders have to build the property exactly in the same manner as has been proposed by them.
Purchasers should collect information about the builders as to whether or not they are registered and well-established with a trustworthy image in the market.
W.r.t legal sanctions, I suggest that buyers procure all the documents well in time to avoid any false claims by any third-party. Reading and comprehending whether or not the land and project are cleared are very important.
One should also make sure to keep a record of all the receipts.
One can also get the documents cross-checked by a lawyer to avoid any loopholes in the agreements.
While buying flats on higher floors, say 8th or above, one should definitely check with the corporation whether these floors are legal or not. Generally, builders get the permission to construct seven floors. The floors above that might be illegal.
Franklin Salvi, flat-owner
I strongly suggest that home-buyers procure all the documents related to their purchase and property before taking possession. These documents should include agreements related to the land, development plan of the property, etc;
If the documents are not procured well in time, i.e. before the complete payment, the agency or the developer might not respond as promptly after they receive the money;
One should avoid buying properties that are under construction. Chances of the projects getting stalled are slightly higher, and then, one is forced to move into unfinished properties because of high rents and EMIs;
Ready-to-move-in properties hold advantage over under-construction properties as the risk attached to the former is bare minimum. Therefore, avoid unnecessary hassels by moving into a place, which is ready for possession;
With the strict implementation of real estate authorities like Real Estate Regulatory Authority (RERA), Confederation of Real Estate Developers’ Associations of India (CREDAI), etc, it has become increasingly easier for buyers to differentiate between authentic and fraudulent properties. One should ensure that the properties they buy are registered under these authorities;
To further differentiate between authentic and fraudulent properties, a home-buyer should also check as to which bank has financed the project.
Well-established banks finance any project only after their due-diligence.
This lessens the burden of having to collect information as one can rely on these banks’ information.
@Source: Mini Shukla, Times Property, The Times of India, Bangalore