A buyer must thoroughly check all related documents before buying this asset
As prices of single unit houses climb prohibitively higher, more and more people are opting to buy builder flats, both in Delhi as well as in the surrounding NCR area. Builder flats are easily available, and according to real estate market watchers, this year their sales have gone up 20-25% compared to the same period last year. Their prices have also risen 10-20% depending on the type of flat and the area where it is situated.
It is essential that buyers properly check the property papers before purchasing the flat so that they face no problems later. It is always advisable to buy a flat constructed by a reputable builder. Better still, buy from a builder who has been in the construction business for a considerable period of time. The buyer check the previous projects of the builder and visit one or two to judge the quality of work. This also gives the buyer a chance to speak to others who have bought flats constructed by the builder and get feedback about their experience.
However, good quality flats are made by lesser known builders as well.
Builder flats are available in various categories, including those which are ready to move in, or are under construction and others that have to be booked before the construction work has begun. Obviously, the best option is to buy flats that are ready since this gives you a chance to see what you are buying. Flats that are still under construction carry the risk of completion being delayed (though most reputed builders generally do not delay projects).
When booking a flat, buyers are advised to ascertain the builder's punctuality in delivering flats to avoid blocking of the booking amount. The easiest way to do so is by the builder's earlier projects and his delivery history.
Property papers that need to be checked include ownership papers. Check the entire chain of ownership of the plot right from the time the plot was allotted or purchased by the first owner, till the time it was bought by the builder.
Many builders make an outright purchase of the plot and the sale deed can be viewed. Others might build flats in collaboration with either the owner of the plot or another party. In this case, the collaboration agreement should be checked to ensure the builder actually has the rights to sell the flat. Check the terms and conditions of the agreement.
Says Anil Kumar, based in Malviya Nagar, who runs GMR Construction and has been in the business for over 12 years, property ownership papers should definitely be checked for ownership.
Also check that the building plans for the property have the requisite sanction from competent authorities and the flat conforms to those plans. Ideally, get a copy of the completion certificate issued by the local civic agency. Be aware, however, that many builders do not bother to get a completion certificate.
Additionally, a copy of the forms relating to electrical conduiting, and sanitation lines should also be obtained.
Other papers that need to be checked include property tax papers. Electricity and water connection arrangements ought to be checked to make sure separate meters for each flat have been installed.
Gurgaon-based Captain Manpreet Singh Chawla of Amarveer, a realty company, says it is vital that buyers get the property papers checked by a lawyer or a reputed property agent who can verify the authenticity of the documents. The fee required to get this done is hardly anything compared to the lakhs or even crores of rupees one is spending on the builder flat. Do not accept the papers' authenticity at face value. Check it meticulously.
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