Buying a home is one of the most meaningful and emotional decisions a person can make. It is not only a major financial commitment but also comes with social and family responsibilities. That’s why a thorough inspection is crucial before purchasing a house to avoid any legal or financial problems.
Are you considering purchasing a property directly from a developer? The checklist recommended by Ravi Nirwal, Sales Director and Principal Partner at Square Yards, might be useful for you. This can make the process more secure, transparent, and hassle-free when purchasing a home. Let’s go through it step by step.
Regulatory and Legal Reviews
- RERA Registration: Verify whether the project is registered with the state’s Real Estate Regulatory Authority (RERA). This offers you reliable information and legal security for the project.
- Title Deed: Ensure the land is owned by the developer and has no outstanding disputes.
- Land Use Permission: Verify whether the land use is residential, in accordance with the local master plan.
- Municipal Approval: Inspect documents such as building plan approvals, commencement certificates, fire safety clearances, and environmental clearances.
Evaluating the Developer’s Credibility
- Past Record: Review the developer’s completed projects, including their punctual delivery, construction standards, and customer reviews.
- Legal Disputes: Verify if there are any current court cases involving the developer or the property.
Project-Centric Elements
- Possession Timeline: Confirm the date you will take possession and understand the penalties for delays.
- How would you rate the construction quality?
Ans. Visit the site for self-assessment or have a third-party quality inspection conducted.
- Layout and Specifications: Review the approved plans alongside the promised ones, assessing the carpet area, floor plan, and amenities.
- Phase-Wise Development: Determine when amenities will be ready, within the current phase or in the future.
Aspects to Examine in Financial Issues
- All-Inclusive Cost: Verify if fees such as GST, maintenance deposit, parking, and clubhouse fees are included in the total.
- Home Loan Approval: Find out which banks have sanctioned the project. This indicates the developer’s reliability.
- Payment Schedule: Ensure the payment plan aligns with the construction progress, so the financial strain doesn’t escalate in the event of delays.
Paperwork and Agreements
- Builder-Buyer Agreement: Carefully read the agreement, paying special attention to the sections about possession, default, compensation, and refunds.
- Allotment Letter and Sale Agreement: These must be completed on time, explicitly including all unit information.
- Occupancy Certificate (OC): Do not assume ownership until you get the OC. It confirms the legality of the building.
Other Noteworthy Points
- Location Assessment: Investigate local facilities, transport links, schools, hospitals, and planned developments in the vicinity.
- Post-Possession Arrangements: Be aware of who will manage maintenance after you acquire the property, the builder, an agency, or the RWA.
Read more through the links below to uncover the key trends and market leaders driving this growth:
Jagran: http://bit.ly/40wzuUc
Published Date: 21 July, 2025
