Results 1 to 2 of 2

What are the specifications in a property builder to choose before buying property?

This is a discussion on What are the specifications in a property builder to choose before buying property? within the Member Discussion forums, part of the Community Center category; It's the biggest investment of your life and usually requires immense sacrifices. But staking your savings and signing on for ...

  1. #1
    Member
    Join Date
    May 2015
    Posts
    36

    Default What are the specifications in a property builder to choose before buying property?

    It's the biggest investment of your life and usually requires immense sacrifices. But staking your savings and signing on for a bank loan do not guarantee that your dream home will materialize. As a home buyer, you need to run many checks on the property you are eyeing.

    Checking credentials :

    The major set of approvals that must be obtained by a builder are building plans and floor plans, structural safety certificates, no-objection certificates from the civic authorities, environment clearances, urban land ceiling certificates , commencement certificates and title deed. They will also have to secure an NOC from the water authority to use water for construction.

    Written agreement :

    You must insist on a written agreement with the developer. It should clearly mention the specifications of the apartment and all the terms and conditions, including payment plan, time of delivery and quantum of penalty if any party defaults — construction deadline in the case of the developer and payment schedule in case of the buyer. This will also take care of hidden costs, if any. If one is buying a house in a completed project, the buyer should physically check the occupation certificate, fire safety equipment and mechanism, water and electricity connections and property tax receipts for the project.

    Using bank for checking

    If you are planning to buy a flat, the best course of action is to buy it through a bank loan.

    So, even if you have adequate money, take a small loan from a bank so that it too is involved in the whole process. Later, if you want, you can prepay the loan as this does not attract any penalty

  2. #2
    Member
    Join Date
    Oct 2012
    Location
    Los Angeles
    Posts
    62

    Default Re: What are the specifications in a property builder to choose before buying propert

    Great info you have shared. I will take care of these things.