1. Check Rera Registration
First of all, make sure whether the project is registered in RERA – Real Estate Regulatory Authority. Investing in a project with registration without registration is legally wrong and it can stuck your money.
Verify the RERA number by visiting the RERA website of the state.
2. Take information about delivery timeline and late penalty
Many times developers delay delivery. It is a legal obligation for the developer to give timely possession in the registered projects registered in RERA. If there is a delay, buyers should get compensation – this condition should be clear in the agreement.
3. Read the Agreement of Sale, understand, and then sign
In the festive offer, people signs documents in a hurry. Do not do this Read the Agreement to Sell and Builder-Buyer Agreement carefully, consult a lawyer if necessary.
Note:
• Hidden charges are there?
• Is the difference between carpet area and super built-up area clear or not?
• The developer has not been given unilateral rights in the clause?
4. Learn the truth hidden in festive offers
Offers like free cars, gold coins, waived stamp duty seem very breathtaking, but their expenses are connected somewhere at the price. Schemes like “Lo EMI” or “No Pre-Mani Till Possession” can have a developer setting with the bank, in which the loan of buyers already starts.
5. Assess the valuation and market rate of the flat
In the name of the offer, it should not happen that the property is getting overprised. Evaluate location, connectivity, infrastructure and nearby deals.
6. Check bank approval and funding clearance
If a project is approved by a nationalized bank, it can be considered more secure but it is not a complete guarantee, so the documents are still investigated.
7. Ask the status of OC/CC (Occupance Certificate/Completion certificate)
Be sure to ask for OC/CC in ready-to-move property. Buying a house without OC can be considered illegal possession and the basic facilities like electricity-water can be interrupted.
Venkat Rao says, “It is considered auspicious to buy a house in festivals, but this deal can be harmful without the knowledge of law and rights. Follow RERA guidelines, check the paper well, and do not hurry in any greed.”
