Listed below are tips that a buyer should keep in mind while purchasing property from a Builder:
- Make sure all approvals are in place.
- Ensure that you don't miss out any point in the Sale
Contract. Seek professional help if needed. Cover the consequences
of late completion of the project and the Builder's liability
in it.
- When buying a new project, check the property layout plan.
It will contain details of the exact area of the property,
its location, the built-up area, the carpet area, the elevation,
and the flowerbed area if any.
- Ask the Builder to disclose the description of the materials
to be used in the construction of the building and the nature
of fittings, amenities (including the provision for one or
more lifts) that are to be provided.
- Check if the property has all supplies like authorized
power, electricity and water connection.
- Try and personally visit the construction site, if possible,
to check the quality of the material and workmanship employed
by the Builder.
- If buying a flat on a high-rise building, ensure that the
floor that you are going to buy is authorized.
- Ensure that the property is fire-insured and protected
against loss due to other natural calamities.
- Match the specifications like measurements written on the
'Agreement to Sell' with the actual measurements of the building/flat.
Check if there are discrepancies between what is being promised
in the brochures and what has actually materialized.
- If you have to pay the Builder for a common meter till
such time that you are allotted a separate one, ensure that
you collect a receipt for the payment. Also, ensure that all
previous dues are cleared.
- After completion of construction, ask for all applicable
documents from the Builder, as given below:
- Letter of Possession
- Letter of 'No Objection'
- Certificates of Completion and Occupation certificate.
- In the sanctioned plan, make sure that the project has been
fully approved by the concerned authorities of the Government.
- Check for the building bye-laws as applicable in that area
and ensure that the Builder is not violating any norms of
front setback, side setbacks, height etc. as laid down by
the concerned authorities.
- Check if Urban Land Ceiling NOC (if applicable) has been
obtained.
- NOC from Water and Electricity Authorities are also required
to be obtained as also NOC from lift authorities.
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