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Home / Legal / Due Diligence / Hi i wanted to buy an apartment which is yet to start construction is it safe and what are the details we need to check before payment
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Hi i wanted to buy an apartment which is yet to start construction is it safe and what are the details we need to check before payment

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0 2020-12-24T17:04:51+00:00
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Buying a property is definitely a tedious process and when it comes to unlaunched projects, being extra careful is actually important. So, here are 5 important points you should remember before investing in under-construction project or yet to start construction project: Is property Rera registered? Firstly, check if the project is RERA registered. You can ask the builder or the representative about this. Each project has its own RERA registration ID. So you can cross check it online on RERA website. Check if the builder can be trusted or not Always buy a property from a trusted builder or developer. You can get reviews from people who have bought property from the builder in the previous projects. Builder-buyer agreement It is crucial to thoroughly read the documents of the builder-buyer agreement. You should ensure that the completion time of the project is mentioned correctly. Changes in the building plan This is another issue faced by many buyers. So, before investing in a project, you must read the fine prints carefully especially about the provision regarding the change in building plan. Rera guidelines clearly state that any alteration can only be undertaken with a buyer’s consent. Bank loans Lastly, always choose projects which are approved by some or the other bank. If a bank provides an approval for the project, it means the builder is reputed and trustworthy. So, you won’t face any delay in getting possession of the property.

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