TEST POST

TESTING POST


VOLUNTARY PAGE TO HELP NEW BUYERS.

DONT TAKE EXPERT OPINION, TAKE PRACTICAL OPINION.

PRERE QUISITES FOR BUYING A DREAM HOME

RERA REGISTRATION

1 To safeguard their interest, buyers should ensure that the builder/real estate agent with whom they are dealing is registered under the Real Estate Regulation Act (RERA). As per the provisions of the Act, no promoter should advertise, market, book, sell or offer for sale any plot, apartment or building, in any real estate project or part of it, in any planning area, without registering it. Under the Act, builders/agents are accountable for their business activities and practices and are liable for punishment if they do not comply with the laid down norms.

TITLE DEED

2 After shortlisting a property, one must check the title deed. This is one of the most important documents the buyers should see, most preferably the original copy of the deed. The document confirms if the builder or agent showing the property being sold has the right to sell the property. The document will also show if the property is under any litigation.

BUILDING APPROVAL PLAN

3 The building plan is sanctioned by the local authorities without which, the construction of the building is illegal. The buyers need to examine the approved building plan as there have been cases where the builders deviated from the approved plan making illegal changes such as constructing extra floors.

NO-OBJECTION CERTIFICATES

4 Always check t h e NOCs issued by the electricity department, pollution control board and environment department. It is mandatory to have NOCs of different departments.

CONVERSION CERTIFICATE

5 A large number of housing projects are constructed on agricultural land. The buyers should ensure that the builder has got the land converted from agricultural to non-agricultural. Any project constructed without getting the land use changed is illegal.

COMMENCEMENT CERTIFICATE

6 The certificate is issued by the local authorities after inspection of the site. It certifies that the project meets the laid down rules and the builder can start construction. If a builder fails to take the commencement certificate, the construction is deemed illegal. For starting a construction without the certificate, builders are penalised.

ENCUMBRANCE CERTIFICATE

7 The document certifies that the builder has cleared all the dues and the property has no monetary and legal liabilities. The certificate is available at the sub-registrar’s office where the property has been registered.

STABILITY CERTIFICATE

8 To ascertain whether the building is safe and quality material has been used for construction, the buyers should check the copy of the structural stability certificate issued by the structural engineer. The certificate will tell whether the building has been designed and built as per the sanctioned load.

OCCUPANCY CERTIFICATE

9 This document certifies that the construction has followed the building code and the structure is in a condition suitable for occupancy. The certificate is issued by the local authorities after inspection of the building on completion of the construction.

COMPLETION CERTIFICATE

10 A completion certification is a legal document certifying that the building has been constructed and completed according to the norms. The document is important at the time of purchasing a property and seeking a home loan.

VERIFY THE BUILDER

11 The buyers should also check the track record of the builder. They should verify the past and ongoing projects of the builder. This will help in ascertaining his/her credibility as a builder.

BANK FINANCING THE PROJECTS

12 There are a large numbers of builders who are not provided bank loans. Before shortlisting a property, buyers should find the banks which are ready to provide home loans at the lowest rate.

TAKE IN WRITING

13 For promotion of a project, the builders usually make many promises which they fail to keep. To safeguard your interest, ask the builder to incorporate all promised features in the agreement.