The process of buying a Flat in India is possibly one of the biggest personal investments and tedious process.
At the outset, any set of tips for buying a flat say that one needs to fix on a budget, location, and requirements as per personal or family needs. However, beyond that when it comes down to making the final decision, we enter the world of the legal process of buying the flat in India.
While some people have peripheral knowledge of the legalities involved in this process, others are confused and worried. Homebuyers are often misguided by ill-informed brokers or shady builders, resulting in loss of money and other legal risks.
To help you understand it better, we’ve tried to break it down into simple steps. Think of it as a property buying guide – except it covers the legal aspects and not the general ones. So let’s take a look at –
The Legal Process of Buying a Flat in India
1. Decide your Budget and Location.
2. Visit the Location of the Flat and ensure you are satisfied with the flat unit design and Market price. Be satisfied with the builder’s reputation.
3.verify the original documents and ensure the ownership of the seller and saleable rights of the builder if the property is developed in a joint venture. It is always advisable to get a legal opinion from qualified Legal experts.
4. Verify the Approvals from the concerned authorities and ensure there is no deviation from the approved plan.
5. If the Apartment complex consists of more than 8 units than Ensure the project is registered with RERA.
6. Understand clearly about your flats Carpet Area
7. Clearly discuss with the builder about Possession of Flat, terms of payment, amnesties, specification of materials used, maintenance charges, UDS, Direct and Indirect cost of the flat, Registration cost, penalty clauses if the builder failed to give possession of flat as agreed and ensure everything you discussed is in your Agreement.
8. Ensure the apartment progresses and finishes as per the specifications agreed.
9. Know the Architect and structural engineer of the project. Be aware of BIS (Bureau of Indian Standards ) guidelines for Design and construction
10. Know the Banks which are pre-approved home loan for the project, be aware of the home loan interest rates.
11. If the project is completed ensure the builder got completion certificate from the concerned authorities since it is crucial to get the facility like water, EB and Drainage