Want to purchase a Flat?
If Yes, Please Be Careful so you may not fall prey to the frivolous offers by deceitful builders and developers .
While purchasing the Flat Property you should take the following care/ due diligence.
- Prefer a ready to move property rather an under construction property.
- If property is ready to move see that if the project has any tie ups with nationalised banks ,if so the project is safe to invest because bank offers assitance to a project or scheme, after due diligence.
- Or else first thing to do is,to get the title search done.
- If title is clear than go for bank loan, because banks while granting loan takes due diligence while lending financial assistance. This again will be a safety check for verification and authentication of builder as well as project, if there are any existing encumbrances on the said property.If the bank is ready to sanction loan means there is absence of encumbrances like mortgage or lease.
- The next comes in the checklist, is verification with RERA.whether the builder/ scheme is registered with RERA, if so, confirm that he has not been blacklisted by the Authority.
- Another thing to take into account while considering ready to move property is whether the scheme has been assigned completion certificate and occupancy certificate which validates, that it is ready to move property.
- If it is under construction property before giving the token amount, check whether builder has got commencement certificate and other approvals from the public authorities like MSEB,MUNICIPAL CORPORATION or N.O.C from environmental dept.as well as fire and safety department.
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