Home buying is as much an emotional decision as it is a financial one. So it is very important to make the right choices. With the RERA (Real Estate Regulatory Authority), the regulatory mechanism has been put in place. But sometimes the legal jargon becomes difficult to comprehend, making the decision making more tedious.
So, to bring solace to the buyer, we have put together a small checklist for you to help your property-buying decision. While investing in any of the Kasu properties, our team is always available to support you in every step of the way, but still, we urge you to use this checklist so that you’re confident and comfortable while making the final call.
It has been a buyers’ market for a while as the interest rates are favourable. So here’s what you can do –
- RERA Compliance –
Don’t look at any properties which are not RERA compliant. The RERA seal is very important as it denotes that the developer has complied with all mandates of RERA. You can then find all development updates, plans and details on the developers’ website. The developer is required to maintain the up-to-date status on construction stage, number of floors, number of units to be developed etc.
- Document Compliance –
a. Completion Certificate
This depends on what kind of property you’re planning to invest in.
– Ready-to-move-in/Secondary market – Make sure you have the completion certificate. This document verifies that the developer has received all approvals for the property in question.
– Under-Construction market – With RERA in place, now the interests of the buyers are hedged as the builders are expected to complete the projects as per their pre-defined timelines else they’d incur a penalty
b. Title Deed and Other Paperwork
This is probably the MOST important part of finalizing a property. Before you zero down on a property, make sure that the title is clear. This can be done at the office of the sub-registrar. Check that there are no known cases, pending disputes, lien on the property etc. It is best to use the services of a lawyer in this case.
c. Allotment Letter/Agreement of Sale/Sale Deed
Once the initial payment is made, if the property is bought from a builder, make sure you get the “Allotment Letter”. Similarly, if the property is bought from the secondary market, get the “Agreement of Sale” from the seller. The purchase transaction is deemed incomplete without a “Sale deed” being executed and registered with the Registrar. If you avail of any financing options, this sale deed is hypothecated with the financer and you’d be issued a photocopy.
- Neighborhood and Accessibility –
So you may not always visit your neighbours, but having a good neighbourhood is very important. Another vital issue to look at is access to shops/stores, schools, hospitals and other major utilities. Having an effective transport system to/from work is also of paramount importance.
- Possession and Maintenance –
As mandated, maintenance of the building is the responsibility of the developer for a certain period from the date of receipt of Occupancy Certificate (OC). After this said period, the builder will commence formation of the society with the elected representatives and register it. The elected representatives will then take over the maintenance of the society on a regular basis.
So What Next?
Once you’ve got your checklist covered, enter the market as an educated buyer. Once you find something you liked, use a methodical way to go over your checklist and get your due diligence done on the property in question. Thus, you decide better and save yourself of unnecessary strain.