Investment on real estate is a risk that is born by the buyer, as he puts in all his savings and expects benefits for long-term. Unfortunately, many of the buyers do not take the pain in questioning the dealer about all the legal formalities which leads to regret after buying the property. There are many problems which are faced by the buyers like delay in possession of the property, poor construction quality, incomplete documents etc. One wrong decision of the buyer can lead to huge losses for him/her. A buyer should be well aware of the dealer and the property on which he/she is investing. He should have a proper interrogation session with the dealer so that he can be sure about the quality of the project that he will possess in the future. Certain necessary questions that should be asked by the buyer to the seller before he is ready to sign the agreement of the real estate:
Is the property under any litigation?
The buyer should check that the property does not have any litigation from any third party. The buyer has all the rights to ask the builder for proof and the other related details. This is an important concern because sometimes the construction process comes to a still because of the litigation issue.
What will be the final cost?
The developer might give you the exact price of the estate. But with the implementation of GST, the market has also changed and the tax will also be included in the final cost. So, try to get the cost verified and make sure that the addition of all the extra charges is definite and the calculations made are right.
Are you being rightly charged for the carpet area?
The buyer should definitely ask about the area in which the estate is being built. The developer charges on the basis of per square foot, thus it is important for you to know the right price that is being charged per square foot. A builder or a developer cannot charge more than the price fixed by RERA.
What is the time required for the completion of the project?
The buyer should make sure that he asks about the exact time that the developer would need to make the project. In case of delay of the submission of the project, it might prove to be a loss for the buyer in terms of the payment of the regular EMI. Fortunately, RERA has helped the buyer; it states that the developer must ensure the completion of the project within the deadline so as to prevent any problems later.
Ask for the OC and CC
Occupancy certificate (OC) is a certificate that is given to ensure that the project is handed over safely to the buyer without any problems. And the Completion Certificate (CC) is handed over once the project is completed and this certificate is issued by the municipal authorities.
Is the developer providing any Payment plan?
Sometimes the developer also allows the buyer to have certain payment plans. If the buyer chooses to seek the payment plan offered by the builder then he must compare the rate of interest with the bank as well.
The safety of the buyer is in his own hands and he should be well aware of the power he has.