Red alert: checklist before investing in a property!
Home buying is an enduring decision and proper due-diligence is like a no brainer. Here’s how we have designed a comprehensive check-list for our clients to run-by before investing in any property.
Copy of intimation of disapproval (IOD) and commencement certificate (CC) from builders.
Copy of approved drawings of the project for an under construction project.
Land title verification to ensure that land is free of any litigation or any kind of associated debt.
Copy of functional water connection and electricity connection
Check if the property to be bought is mortgaged with the lender such as bank or housing finance company. In that case, ask for a NOC (no objection certificate) from the lender.
In addition to the base selling price, there are other additional costs associated with the project and should be included in the buyer agreement in order to avoid price escalation in future:
Stamp duty verification
Car parking charges
Society and club membership
Electricity and water charges
Power Backup charges
Infrastructure development cost (IDC)
External development charges (EDC)
Monthly maintenance charges
Carpet area and super built up area
Penalties if project is delayed
Penalties in case of size deviation in the house
All in all, ensure the assessment of the project, terms and conditions is verified and stated as is in the agreement. If need be take the help of a professional and reputed real estate agency or lending institutions in order to make sure that your all-time savings are being invested wisely and securely.