The property has to be freehold, where the complete
ownership lies with the owner, as against leasehold. This will avoid legal
hassles of property transfer in the future.
A buyer has the right to ask the builder for the
construction schedule and approval certificates from the municipal corporation.
You must always check the carpet area, because that is
what you are paying for, and cost for built-up and super built-up area must be
calculated wisely.
It is also very important to consider the hidden expenses
involved, such as car parking, service tax, value-added tax, etc. The final
payment amount should factor in these extra costs.
The builder’s track record, background and ability to
deliver other projects on time should be the deciding factor for investing.
The builder’s institutional tie-ups matter. For example,
which financial lender is he seeking help from for construction.
Most buyers do not know their rights and are not aware of
concepts like construction-linked payment, where one pays according to the
status of the project, or checking documents before payments.
