Here are the most critical aspects to consider when buying a flat.
Verify the Documents
The ownership documents of the land on which the flat is built must be carefully checked. Copies of the title deed, previous deeds, and records proving that the property is free of liabilities should be thoroughly examined, preferably with the help of a legal expert. If the flat is being built on land that does not belong to the builder, you must verify the Power of Attorney document that grants the builder permission to construct on the property.
Ensure Construction Permits and Compliance with Rules
One of the most shocking incidents for apartment buyers was the demolition of flats in Kochi’s Maradu area due to violations of coastal regulation laws. To avoid such traps, ensure the flat has received all the required legal permits. Confirm that the construction has been approved by the relevant panchayat, municipality, corporation, planning authority, or government departments. Investigate whether the road access, waste management, water supply, distance from boundaries, and the classification of land comply with legal requirements.
Research the Builder
Since purchasing a flat is a significant investment, it is essential to select the builder carefully. Get a clear understanding of the builder’s credibility and reputation. Review their track record, completed projects, quality of construction, adherence to deadlines, and any previous complaints or issues. Thorough research will help you make an informed decision.
Handle Contracts and Payments Carefully
Beyond the flat’s quoted price, check for any hidden charges, including monthly maintenance fees or other costs. Only proceed with signing the agreement and transferring funds after clarifying these aspects. Additionally, ensure the contract includes provisions for compensation in case the builder fails to complete the project on time or if there are any construction-related legal violations.
Extra Caution for Under-Construction Flats
It is common for buyers to book flats under construction by paying an advance. In such cases, you must monitor whether the construction is progressing as promised and ensure that the builder is honoring all commitments made in the plan. If the flat is not handed over on time, you have the right to file a complaint under the Real Estate Regulatory Authority (RERA) guidelines.
By following these key considerations, you can avoid pitfalls and make a secure investment in your dream home.