Few important things buyer should know before buying under-construction property in Maharashtra.
(1) Check whether property is registered under maharera or not ?
The biggest risk in buying an under-construction property is a delay in possession. A home buyer should always opt for projects registered with the Real Estate Regulatory Authority (Rera), which was aimed at bringing transparency in real estate deals. It is worth noting that the model Act and the apex court judgment giving home buyers equal right with the other creditors have made the under-construction house attractive. Here under maharera buyer has right to claim for possession delay.
(2) Developers Reputation in the market
Buyer should check the past delivered projects review from the market. Before you buy a property, it is advisable to check whether the builder is financially sound or not. A home buyer should avoid developers that got into trouble with other projects. You should check the maharera complaints not registered under that developers & if registered check the status of complaint whether it is resolved by developers or not. Furthermore, a buyer should find for how long the builder has been in business, and also keep in mind that chances of delay are higher in bigger projects.
(3) Builder-Buyer Agreement clause
It is crucial to read thoroughly the papers of the builder-buyer agreement and ensure that the completion time of the project mentioned in no uncertain terms. Plus, a buyer should verify whether the builder will adequately compensate the buyer in case of delay in completion of the project. Look closely the clause pertaining to delivery or possession date.Buyers should aim to invest in a property which is already 40-50 per cent complete and shows visible construction progress.
(4) Location Development
Location is very important factor when buying house buyer should visit the site location or check on google map about outside infrastructure development. Also check the future development is coming in that area. You should check the location coming under any corporation limits. Nearby development gives the appreciation to under-construction project.
(5) Master File (Legal Document)
Before investing into real estate property get the all document file from developers and verified it through legal consultant. Projects are in litigations even though registered under maharera, buyers should check the legal status of that litigation through legal advisor and ensure that litigation is not that harmful to the project in future.
(6) Changes in the building plan
Before investing in a project, read the fine prints carefully especially about the provision regarding the change in building plan. Rera guidelines clearly state that any alteration can only be undertaken with a buyer’s consent. If changes have to be made to either the design or the layout of the property, the approval of two-thirds of the buyers in the project must be obtained.
(7) Bank loans
For those planning to buy an under-construction property on loan, it is always advisable to choose bank-approved projects. Here, banks evaluate the developer and the project before sanctioning the loan. In an approved project, lenders will ensure the project is completed and the realtor doesn’t default.Also, approved projects may subsequently be disapproved for new buyers if there is a substantial delay or construction is not in accordance with the approved plans or a serious court case is filed against the realtors.
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Mr.Siddhu Adhav.Property Consultant Since 2010