You may have taken a home loan approved after seeing so many properties down the line on a flat you want to buy in South Delhi, believing half the job is already done and wishing for a smooth transaction. Think again, because once you complete these conventionalities, you will have to safeguard you chosen from the legal pitfalls your builder might throw your way.
There are a few very significant details to consider when you are about to enter into an agreement to sell with a builder in Delhi.
- Location – The location of the builder flat is an important point to consider before buying. It should be located close to schools, markets, hospitals. Consider the common time taken to reach all these places from the property? If the distance is a lot, it would be a good idea to look for other better alternatives.
- Community – Is the property you are contemplating to buy located in a safe area? This is important to ensure your individual safety and that of your loved ones.
- Condition Of The Property – If you are buying a property in South Delhi, be sure to do a proper tour of the property to analyze its current condition. Check for leakage in the plumbing system, malfunctioning in the electrical system, cracks in the walls, infestation, rot in the wooden hardware, etc.
- Price of the Property – An agreement to sell details various costs that you will require to bear for buying the property. This would include the cost of utilities like electricity, water, parking space, many kinds of taxes (G.S.T), and in property registration charges.
- Size of the house – There would be a clause stating “plans, drawings, specifications are tentative and the builder reserves the right to make variations and modifications”. Therefore, you may agree on a certain size but the builder can give a different size.
- Possession Date – The agreement usually mentions a tentative date of possession. However, there can be a delay of few months for unforeseen circumstances. You can even ask to put a rental clause to be paid to you if the project delays after a certain period.
- Completion certificate: On handing over the flat to you, the builder also should provide you with a completion certificate. This is issued by municipal authority of Delhi that establish the building complies with its approved plan.
- Builders Reputation – Do some research about the builder’s previously completed projects. Talk with other property buyers (who have already purchased from the same builder) about problems faced by them if any. Best to buy a home from reputed builders like Metro Buildtech, Aarcon, Uppal, Salcon as you will never go wrong with the unmatched reputation and superb construction of these hand-picked builders.