NRI Property Purchase guide


What you should keep in mind before purchasing a house in India: 

Ask some things to your builder which will save your hard money from troubles.

1) First thing is to ask builder about the title clear of the land on which the building/ society is/ will be built up. The intermediate way is to ask for important documents like Intimation of Disapproval (IOD) and Commencement Certificate (CC). questions to ask builder before buying property in India. If property is an under construction, you can ask for approval of drawings and plan of project. It will make sure that the property is built up on undisputed land. IOD indicates all the terms and condition based on which the property is built up and CC is issued by local Municipal Corporation which gives permission to builder to start construction. CC is issued when all terms and conditions are satisfied.

2) Check with builder about the actual price of the property. It would include the cost for utilities like electricity and water, parking space, various taxes, any legal charges and registration charges etc. Otherwise, the builder may then impose some extra charges for any of these.

3) Inquire about the actual size of house. Discuss about carpet area, built up area and super built up area. The area within the walls where you can actually lay a carpet is known as Carpet area. It’s the actual usable area of an apartment/office unit/showroom etc. minus Wall thickness. The built up area is described, in which walls and balcony are included along with carpet area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden etc. is described as super built-up area.

4) Request information about the undivided share in the land which has to be registered before commencement of construction. It should be correctly transferred to all the owners without retaining any share for him for future use.

5) Question if any famous banks like HDFC, ICICI etc. has tied up with builder as most banks tie up only with reputed builders. You can be assured that you will be safe from any kind of fraud.

6) Always demand to visit sample flat/house which will give you idea of how the flat will look and this way you can check the quality of construction and material he used. In some cases buyers can upgrade materials by paying some extra in advance to the builder. Also, the interior plan of an apartment can be little bit modified on payment of an additional amount to the builder. However, builder must be intimated at the very beginning itself. Please note that not all builders allow for such requests. Furthermore you can ask for floor plan so you will get idea about surrounding & spacing.

7)  Try to know when the project will be completed and which will be the tentative date of possession of property.

8) Discuss about all utilities / in built facilities the builder will give you upon sale like kitchen furniture, fans, home UPS, any other furniture, any electronics home appliances etc.

9) Ask for Occupancy Certificate (OC). This certificate is very important, it is given to the owner or the tenant once the building is completed mentioning that property is ready to occupy. Property without OC faces bank loan problem for common man.

10)  Lastly, the most important document is “Completion Certificate “. On handing over the house to you, the builder must also give a completion certificate. This is issued by Municipal authorities of the particular area which confirms that the building is in accordance with the approved plan. You would require this certificate for registration of your property and other government formalities.

9 comments:

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