Few points to consider before investing in real estate
Oct 29, 2013
Source : The Times of India


HYDERABAD: Buying property requires knowledge and information, and given the magnitude of investment, one has to be well-aware of the important aspects related with the transaction. Here is a quick list.

Track record of the developer: As to what other projects have been completed by the developer prior to this, if it was delivered on time, if he had delivered what he had promised. If possible, take out time and visit the project and check the quality of construction and also the maintenance facilities in the project. Also, speak to a few home owners residing in the project regarding the support and services from the developer.

Get a copy of the Application Form and Agreement of Sale checked thoroughly by yourselves or a qualified individual to ascertain on important points such as the following:

  • Possession Timeline and the Grace Period mentioned in the Agreement of Sale.
  • Penalty Clause – In case if the builder defaults on timely delivery of the project how and to what extent would he be liable to compensate the customer.
  • Payment Default Penalty – What is the interest the customer would be liable to pay to the developer in case of delay in the payment as per the payment schedule
  • Check the payment schedule thoroughly to check if the payment is distributed and linked to the construction progress.
  • Check the Carpet Area against the Super Built Up Area, the Undivided Share of Land and Open Area in the project to understand if they are as per the market norms.
  • Check on the possibility of Internal Modifications, Power Back Up, Additional Car Park, Source and availability of Water Supply, Forfeiture Clause in case of Cancellation etc.
  • Exit Clause – In case you want to resell your apartment to a third party or exit from the project before the registration is done what is the exit clause and if any transfer fee has to be paid to the developer and what it would amount to.

Last but not the least seek professional help. There are many things which cannot be jotted down in words but can only be ascertained and disclosed by a professional real estate consultant on a case to case basis, who is a specialist in his area of operation. Look for a registered member of a professional realtor association governed by certain code of ethics and bylaws. For example, a consultant in Andhra Pradesh could be a member of Andhra Pradesh Realtors Association (APRA) and similarly other realtors could be a part of other esteemed associations in other states.

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