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Find out the number of successfully delivered projects by the builder.
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Visit , the already developed project and ask from people living in the flat about their experience with the builder.
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Duration in which the projects were delivered by the Builder.
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Find out weather the location is popular with people and weather people are willing to invest in the project. If more people
are interested in buying the project , then builders will not face any constraints in completing the project.
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Compare the value for money.
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Chanses of getting refund from the builder and earlier stats for the same.
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Cross - verify any litigation on the project and from when the project was started.
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Visit the site and cross - check the work going on in the site .
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Talk to people , already invested in the project.
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Locate the development authority office and get the approved layout for the project. Tally the approved layout and the
one shown by the builder. If the tally is not working , then inquire about the validity of the project from the builder.
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Find the details about the bank financing the project.
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Title Deed : Check whether the concerned builder have the rights over the property.
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Encumbrance Certificate : Check whether the concerned builder have the rights over the property.
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Go to the Authority Office and verify weather the construction company is a defaulter or not. You should check
whether authority dues have been paid regularly or not.
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Measurements of Apartment : Usually super buit up area is specified by the builder which includes staircase lobby etc. One should consider
the carpet area while buying the flat , which includes the area within the walls.
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In and Around Developments : Find out major establishments around the area like market, school , metro , bus stand , companies , gardens. These
factor , would result in great re-sale value in future.
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Allotment Letter : After payment of 15-20% initial amount , flat allotment letter is provided. This letter lists the
1. Size of the Apartment.
2. Payment Plan for construction downpayment , Flexi Payment and Construction Linked Plan.
3. Project Delivery Date.
4. Penalty clause for late payment by Buyer. Do verify the late payment charges.
5. Penalty clause for late delivery by Builder.
6. Extra payment charges for PLC , or any facilities provided by the builder.
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Clause protecting the builder for late delivery.
1. Increase in raw material price.
2. Shortage of Construction material.
3. Labour Shortage .
4. Downturn and non availability of funds.
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IMPORTANT LEGAL DOCUMENTS.
1. Title Deed : Establishes the fact that ownership lies with the seller.
2. Approved Layout : Contains the details about the approved building plan by Authority.
3. Completion Certificate : Specifies that the construction was done as per the approved layout.
4. Tax Receipts : Find out whether the tax have been paid regularly to the government , if not then the government might impose fine on the
property.
5. Encumbrance Certificate : Sub registrar issues this certificate , which details out any legal dues on the property.
6.
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IMPORTANT DOCUMENTS FOR RESALE FLAT.
1. Sale Deed.
2. Bank Clearance Certificate , in case if loan is taken from bank.
3. NoC from society.
4. Title Deed
5. Completion Certificate.
6. Approved Layout.
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