January 2018

 

In the wake of recent cases of insolvency proceedings against big developers, home buyers are a jittery lot. With many of them having burnt their fingers by investing in projects which couldn't see the light of day, a large number have veered towards ready-to-move-in projects.

Magicbricks gives a lowdown of what a buyer should look for in a completed project today to avoid heartburns at a later stage:

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1. If you buy from a renowned developer then worrying about paperwork is the least of your concern. Apart from ensuring that there is a builder-buyer agreement, date of registration, completion certificate, possession certificate, the buyer should clearly be also in the know about the allotted car parking number in the agreement.

2. Noida-based lawyer Atulay Nehra says the physical inspection of the flat before possession for any defects is a must. Khaitan and Co Partner Sudip Mullick advises a home buyer to engage an architect to measure the apartment and check the carpet area and also to ensure that the property is in accordance with the sanctioned plan and environmental laws. "In case one can't engage an architect due to financial or any other reason, he should himself measure the size of the unit as much as possible," he adds.

3. Mullick also recommends the hiring of an advocate to check whether there is any encumbrance or cloud on the title of the property. "If it's not possible to hire a legal expert, he should secure a loan from a bank or financial institution since financial lenders generally does the due diligence of title of the developer before lending money".

4. The buyer should carefully go through the disclosure made by the promoter on the website of the project to ensure there are no litigation/impediments/encumbrances on the project and the rights of the promoter to sell the project to the buyer. "The buyer should also seek full disclosure with respect to details of the project including entitlement to common areas and the rights in the undivided interest of the land," says Hardeep Sachdeva of AZB&Partners.

5. Mullick also advises to "check the agreement to ascertain if the developer has retained any right towards any future development touching the property in question."

6. A buyer should check the amenities mentioned in the agreement by the developer have been provided. "The buyer should check whether the parking space, terrace or open space of the unit are sold and/or exclusively granted to but not sold, an applicable law relating to such exclusive grant or usage" explains Mullick.

7. A buyer should also check the mechanism and the quantum of maintenance and outgoings that he would require to pay for his unit.

8. Checking the builder-buyer agreement is mandatory. "In the agreement, a buyer should check whether there is any restriction on future transfer by the allottee or is there any expenditure attached to future transfer," says Mullick "The promoter of the project is duty-bound to provide all such details to a buyer," adds Sachdeva.

9. If you happen to buy a resale flat, you must look into the title documents, approvals, occupancy/completion certificate and valid and subsisting registration of the project and the promoter with the relevant real estate authority. "Apart from checking the complete chain of builder-buyer agreement, cross verification of all the documents from the builder's office and issuance of new builder-buyer agreement should also be done," says Nehra.

Remember, if a house has some issues with its location it is sold last. The issues could be related to its price, vastu compliance or sun study (study of sunlight in/on the flat).

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Source: magicbricks.com