Bravo! You are, at last, on the threshold of realising a long-cherished dream -- having a home you can call your own. (It's also probably the dream of millions of Indian families!)
But if you thought that striking a deal was just about walking to the builder's office with a cheque from the housing finance company, think again.
There's a lot more you need to know -- and do -- before paying up and moving into that "children's-park-facing" apartment.
Most people seem content just knowing about the bare essentials such as the rate they would pay per square foot, the carpet and built-up area of the flat, other amenities they can avail of, and most importantly, at what extra cost.
Naturally, one needs to be extremely clear about the going property prices at the location where you intend acquiring the flat.
Take a look at what price the developer is seeking per square foot along with the other add-on amenities on offer, and see how it compares with those being offered by other developers of the same market ranking. It can give an indication of what you should opt for, given your financial position. However, it's not enough.
Following are a few pointers to consider before zeroing-in on the purchase of any property:
Be extremely certain about the credit-worthiness of your builder. There are many who are out there to make a quick buck by selling plots and apartments without procuring the necessary sanctions. All buildings are to be developed as per rules and regulations laid out by authorities such as the municipal corporation, the development authority, the regional planning authority or the town planning department. Insist on a true copy of the development agreement from your builder.
Check for the ownership. This is called a "title check". The builder has to disclose his title to the land and the building in which the apartments are to be constructed. Take copies of the relevant papers and ask your advocate to do a title check.
Check for encumbrances, if any, on the land or building and any right, title, interest or claim of any person over the land or building.
Ask your builder to disclose in writing, all outgoings (including ground rent if any), municipal or other local taxes, taxes on income, water and electricity charges, revenue assessment, interest on any mortgage or other encumbrance, if any, in respect of the land, building and apartments.
The builder should disclose in writing, plans and specifications approved by the local authority or the urban development authority of the entire building.
Get your builder to disclose in writing, the nature of fixtures, fittings and amenities that have been or proposed to be provided.
You should also ask for the particulars in respect of the designs and materials which have been or are proposed to be used in the construction of the building, together with the details of all agreements entered into by him with the architects, engineers and contractors.
Ask the builder to supply in writing a list of all the apartments already taken or agreed to be taken, together with their distinctive numbers , names and addresses of the transferees, either actual or intended and the prices paid or agreed to be paid there of.
An apartment may be transferred by the builder only after obtaining the required certificate of completion and the certificate of fitness for occupation from local authorities concerned.
The water works department and electricity department may supply water and electricity temporarily on production of the plan approved by the local authorities and if the promoters proceed with the construction of the building contrary to the sanctioned plan, the supply of water and electricity may be cut off on an intimation by the local authority.
The agreement to sell should precede receipt of the advance payment. Take a copy of the "agreement to sell" and get the opinion of your advocate before entering into a deal. In fact, read all the papers at least twice before signing. And, sign on any paper only after consulting your advocate.
Get the builder to specify in writing, the date by which possession of the apartment is to be handed over.
Bravo! You are, at last, on the threshold of realising a long-cherished dream -- having a home you can call your own. (It's also probably the dream of millions of Indian families!)
