Ask For The Necessary Approvals From The Builder Before You Buy A House
If you talk about investments these days then even an average Joe would reply back in terms or real estate and gold
. For gold the investment process is easy. You buy gold as per the present rate and wait till rates get higher and sell it. You can again buy when rates are down. But for real estate its not a Childs play to select a land or get a land as per your need and buy it or sell it. Buying a house or plot requires lot of speculation from the buyers side. A single problem on builders part could follow up other problems and could cost you.Real experience:
Two years back my friend booked a house on loan in real estate Indore. He thought he just has to look that the land on which the township is coming is T& C approved on the basis of which he got a bank loan to repay the installments also. After one year he got the news that the work on the township has been given a stay order as the builders have not taken necessary environment clearance. Although the builder assured that it is their responsibility to overcome the issue but my friend was out of the blue as he never knew what environmental clearance stands for? Eventually the project was delayed and after all the necessary clearances delivery time differed. Mean time he had to change the flat he had rented till the completion of his own house. Though the builder paid the penalty but the time difference costed him in terms of both bank installments with interests and high rent for that extra time he had to stay till his house was completed. Unnecessary tensions were added things.
So you see how actually a mistake can cost you more. This is not the case with Indore property in fact with any property in India you buy; certain speculations are must to apply. Here is the list of some major ones.
Does the land have authorization of residential project? Does the builder have the non agriculture order?
Does the project have approvals and sanctions by local municipal authorities?
Does the project meets the security requirements for the floor plan and is it authorized?
Nocs given by respective state authorities especially the environment clearance and fire NOC.
Do the project has commencement certificate?
Approval for bank loans indicates that the land is legally acquired by builder which is very important.
Dont forget to ask the builder a fit for occupation certificate before the possession of property.
Real estate investment is long term investment of which you gain long term benefits but be a smart buyer to avoid any troubles during the purchase.
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