It is important to check whether all facilities are in place before buying property rather than believing in the promised infrastructure.
Buying a residential property is a long drawn process which has many steps from choosing the right place till checking whether all the promised amenities delivered by the builder. First time buyers do not know many things that they should consider while buying a property. It is one of the single largest investments that anybody makes in their lifetime. Understanding the process and taking the necessary steps will make it smoother.
The buyer has to choose location by keeping the convenience of travel to workplace, amenities, price and prospective growth in the value of the property. Many assume the promised infrastructure from the government will be delivered by the completion time of the property. However, the infrastructure like roads, water, transportation facilities are getting delayed in and around the City. It is important to check whether all facilities are in place before buying property rather believing in the promised infrastructure, said R Chalapathy Rao, vice president, APREDA.
Checking the land records is other important aspect. According the government, the buyer has to see the title link documents or clearance of the property from 1950 in Telengana region. However, financial agencies request for link documents for last 13 years to verify the property. It is also important to see the land does not have any civil disputes. The financial agencies and banks approve and clear the property during the venture. The buyer can ask builder to provide the copy of clearance from the financial agency or the file number (assigned by the agency) which will clear the doubts about the land documents to a large extent. If one can afford, he can also cross-check the documents with an experienced lawyer who is dealing with real-estate issues, he said.
The quality of the project can be verified by the reputation of the developer and contractor in the market. If the development of the property is assigned to the contractor, the buyer has to check the credibility of contractor as well. The developers are also hiring project management consultants in checking the quality of construction, said Rao.
The buyer has to make sure the super build-up area that he is buying is clearly mentioned in the agreement. The payment schedule should be linked to the progress of the construction and delivery of the project. All the amenities promised by the builder have to be mentioned in the agreement. This will help the buyer to cross-verify and demand if the amenities are not delivered in the future. The buyer also can link some payment to the to the completion certificate that is provided by the government.There should be indemnity clause in the sale deed which will empower the buyer in case of future legal problems with the land. According to the clause, if the title of the seller is defective, he has to compensate the entire amount to the buyer, he added.