Risk-free Processes of Buying a Flat

Any individual investing his life time savings in purchasing a property never intends his good-night sleep to turn into a nightmare, wooed by uncertainty of bank loans, fraudulent transactions etc. To avoid stepping into these traps, few methods mandatory are to be followed.

In our country, many properties still do not bear proper titles as the government is yet to prepare an ownership registry for all. Plus the poor clarity of land acquisition policy along with layers of multiple agency approvals adds to the hassles blocking the way to legally claim a home as own. To summarize, people should thoroughly scrutinize project credentials, legal documents, banking agreements, developers’ details and previous records, quoted prices and mode of transactions, apartment features including square-foot area, design and layout.

Agreement proofs, a very vital factor in determining the authenticity of any transaction, varies from place to place. Even in closely connected areas like Delhi-NCR, Noida and Gurgaon, required documents like land ownership, licenses and approvals, allotment letter, sanctioned plans as well as certificate from the society vary specifically. Especially NOC from societies, municipal clearances and joint development agreement between the land owner and the builder should be checked thoroughly before indulging into any investment. Other clearance approvals that matter during this phase of cross-checks are structural safety certificate, urban land ceiling certificate, title deed, environmental clearance and water and electricity connections and property tax receipts.

During advertisement campaigns the purchaser should be careful enough to monitor the claimed features against existing structural and finishing specifications. If built property differs that being publicly spelt out, one can approach the consumer court with a formal complaint. A thorough background check of the concerned developers also gives a potential investor an overall idea about the credentials as well as the assurance of home loans guaranteed by the bank.