Goodwill of the Builder and overall Brand
Reliability of the developer is the most important aspect that one should focus. Before you buy a Property, it’s important to have a look at the builder profile and his overall history. How many projects he has already delivered, how much delay was there, Go to the Website of Builder Company and check old projects and ongoing projects. Search on internet with the previous project name and you should be able to find some important information about it. See what people are talking about the builder and property.
Make sure you do your own background check and research on the builder and their credibility. Use the power of the Internet and social media to your advantage.
It might be a good idea to visit the site, ask questions, and validate previous research data
Resale Potential in Future
Before acquiring the property, buyers or investor should evaluate the property from the resale perspective and its potential to attract investors in the future. The buyer should aim for developed locality and growth prospects to ensure better return on investment. Also, Most of the people who are buying under - construction properties are very far from core city.
So it’s an important point to check about the future development around the area. Find out what’s the future development plan for Roads, Flyover, proposed malls, and other things which might come up in next 4-6 years.
A lot of times, people give their property on rent and move to some other location. At that time, if you realize that the property is not that attractive from rental point of view, you will regret your decision. If a buyer does not want to regret the purchase at a later stage, they should conduct extensive research related to future development and rental opportunities of the place.
While this may not be the sole deciding factor, it must weigh heavily on the mind of any prospective buyer before acquiring a property. If property is near colleges or centrally located, or close to commercial places, you will never find issues finding people to rent your property
One of the most important aspects to check while buying a property is the builder’s construction experience. More often than not, every builder has a list of completed, current, and forthcoming projects. Experienced builders generally have clearly laid-out processes, from project approvals to the actual construction.
When you go to look at properties, check the construction quality. What we mean by it is check the walls, their overall look and feel, how is the finishing done. Check the wiring, fitting, tiles quality etc. If its under-construction project, the only option you have is to search on internet about the builder and its past project experiences and what previous buyers are saying about it.
You should also check what kind of amenities are offered along with property. Things like club house, parking, lift, power backup, swimming pool, gym are some of the amenities. Now you might be a simple person who wants minimal things, but if you want to make sure the property has very good resale potential, you might want to look at these things.
After all, all these things will matter to you or people connected to you and if not anyone, may be the next buyer from you will look at all this.
Approval and Licenses
Check the builder’s paperwork ranging from commencement certificate for work, environmental clearance and approved building plans, is property RERA registered Also ask for the status of the land title and see if the builder has bought the land or has just development rights for it.
Here is a list of documents you should check.
(1). Title Deed: Check whether the builder has a right over the property. While buying a plot, see the title deed of the land to confirm if the builder has the full right to it. You can also take help from a lawyer to get the deed examined.
(2). Release Certificate: If you are buying a property in resale, remember that it may have been pledged to get a bank loan. In such a case, you will have to get a release certificate from the bank, which will prove that the loan on the land has been repaid. Check Encumbrance Certificate: It is also important to verify that the land is free from all legal dues.
(3). Verify land use: Verify the land-use zone as per the city master plan for the plot. You can get the plan from the local body office in your respective city.
(4). Approvals by Local Body: Make sure that the entire layout has been approved by the development corporation and the local body of the city.
(5). Property Tax Receipts: If you are buying a property in resale, ask for previous property tax receipts from the seller along with other bills. This way you can ensure there are no pending bills.