Common Pitfalls to Avoid When Finalizing an Under-Construction Flat in Delhi NCR
When you are in the process of finalizing the purchase of an under-construction flat in Delhi NCR, it is crucial to be aware of the common pitfalls that can lead to costly mistakes. This article aims to guide you through the essential steps and checks you should undertake to ensure a smooth and hassle-free transaction.
1. Verify Land Papers and Title
One of the first and most critical steps is to verify the land papers and title deeds of the under-construction project. These documents serve as legal evidence of ownership and can prevent future disputes. It is essential to request copies from the developer and thoroughly review them to ensure there are no issues. Consulting a legal expert can provide additional assurance.
2. Check for Necessary Approvals
The construction of any building must meet certain regulatory requirements. Before proceeding with the purchase, it is imperative to verify that the project is RERA (Real Estate Regulatory Authority) registered, which is mandatory in Delhi NCR. If the project is not RERA approved, it is advisable to refrain from buying. This ensures that the project complies with building codes and regulations, protecting your investment.
3. Developer Track Record
The developer's track record is a crucial factor to consider. Inquire about their previous projects and whether they have a history of delivering on time and quality. A developer who has successfully completed similar projects in the past is more likely to deliver on their commitments. This information can often be found through online reviews or by contacting previous buyers.
4. Bank Loan and Collateral
If the developer is using the land as collateral for a loan, this can pose a significant risk. In such cases, the developer may face financial difficulties that could affect the completion of the project. If the land is fully paid up, the risk of builder defaulting is significantly reduced. Solid financial backing is a key indicator of a developer's reliability.
5. Site Connectivity and Infrastructure
The connectivity of the site and the infrastructure available in the locality should not be overlooked. Ensure that the project is in an area with good road connectivity, access to utilities such as water and electricity, and essential amenities like schools and hospitals. A well-connected and infrastructurally sound location will enhance the value and convenience of your purchase.
Additional Considerations
While the above points cover the major aspects, there may be other questions or concerns you need to address. Don't hesitate to reach out to our team for further guidance. Our team is here to provide the information and support you need to make an informed decision.
For any queries or further assistance, feel free to call 91 9971912999.