Delayed Aprovals: There are many cases reported where buyers are left wringing their hands in despair even after possession, since several sanctions for utilities like electricity connection, water connection, etc. were pending. Issues like plot in unauthorized layout or sub-divided land, building with land use violation, setback violations, floor area violations, etc. detected after agreement formalities and construction have commenced could lead to delay in other downstream approvals and title registration.
Top Tips for Real Estate Buyers
For property purchasers, who invest their personal savings in any realty project, no amount of caution is too much. Here are certain precautions you must take while purchasing property:
Hire services of a legal advisor: It is imperative to hire the services of a legal advisor and discuss all property-related documents with him before signing on the dotted line with the builder. “With the advisor’s help, ensure that all government approvals are in place. If the builder fails to show you the complete set of approvals or only has partial approvals in place, think twice before investing in such a project,” advises BankBazaar.
Check builder’s background: Make sure you do your own background check and research on the builder and their credibility. Use the power of the internet and social media to your advantage. Check their completed projects list, track records and ensure that they are members of real estate bodies like CREDAI.
This piece appeared in the print edition of The Economic Times.