Verification is the key before making a house purchase. A lot has been said about the do’s and don’ts before investment. If you are still in a dilemma, then here’s a quick guide:
1. Check whether your chosen developer brand is a listed company. A listed firm is seen as transparent & accountable which directly impacts its share prices in the market
2. Physical and social infrastructure surrounding the property is astute. Not only will it ease the living condition of end-users but also help in getting good returns in future. Location of the property is important
3. Presence of street lights, police stations, fire stations and general security is an absolute necessity. High occupancy in nearby projects also ensures safety/security to some extent
4. The legal background of the developer must be checked to ensure that s/he is not involved in any legal hassles
5. The title to the land of the project and all the regulatory approvals should be in place. Verifying all documents pertaining to land title, approvals of building plans and commencement of construction is a good idea
6. Consider whether the place is a good investment and if it’s the kind of property that’s going to be attractive for the next buyer. For someone who’s planning to stay long, these details will help
7. Check the original papers, as in some cases people show only copies of the originals. Besides, this will also help to ascertain the usage allowed on the property i.e. commercial, residential or mixed. Also, find out if the property is freehold, leasehold or a government accommodation. The best practice is to get the property deed reviewed by an expert lawyer just to make sure there are no loop holes
8. Ensure all taxes have been paid on the selected property and the seller has all receipts. Before buying the property, ensure the owner has the Encumbrance Certificate. Finally, for a valid ownership, a registered Sale Deed needs to be executed, in the absence of which you will not get a valid title to the property
9. Other documents to be checked carefully include Encumbrance Certificate, Release Certificate, Surveyor's Report and finally if the owner is an NRI or is not present, then the Power of Attorney
10. The property buyer can also file an application to the PRO of the authority in order to verify the land title, approved building plan and the Completion Certificate of the property
11. All terms, conditions and stipulations pertaining to the agreement, including the delivery schedule, should be mentioned in the Sale Agreement. It must be ensured that at the time of handing over possession of the property, compensation for delay in possession, recourse to legal remedy, all are clearly mentioned. All future steps have to be taken in accordance with the same
It is imperative to make all checks before signing on the dotted line. To avoid hassles, be in touch with the builders/dealers to address or highlight issues immediately. In case there is no action/response taken, you can knock the door of the consumer court. Maintain a file of all communications.
Check out Properties in Thane by Squarefeet Group
Satyam Building, 2nd Floor, M G Road,
Opposite Navpada Telephone Exchange, Above Punjab National Bank,
Naupada, Thane West - 400601
Maharashtra, India
Opposite Navpada Telephone Exchange, Above Punjab National Bank,
Naupada, Thane West - 400601
Maharashtra, India
+(91)-22-25452903, 66543333
info@squarefeetgroup.in
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