Buying an under-construction property?Be careful

Q: Be very careful! what the builder is doing, other wise you will finally end up not getting Occupancy Certificate and A Khata for your property?

VKumar, Chennai

6th February 2015

Investment Advice in Chennai

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I wanted to purchase an under construction property on Sarjapur Road in Bangalore. Since I knew many builders in Bangalore do not provide OC/CC, I wanted to be careful and ensure that this building does get CC/OC before making the investment. I wanted to get some civil engineer's advise to understand the percentage deviations for the flat in question. I availed service from ZippServ where they had a package just for this. Along with the % deviation, the civil engineer also inspected the quality of construction and gave me a detailed report. The deviations were well within the accepted levels. Thanks to Zippserv for making this so easy and affordable. Check this out - https://www.zippserv.com/property-inspector/property-inspection-flat-bangalore.html. Hope this helps!

Karthik M J, Bangalore

8th July 2016

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Check that the builder has all the necessary clearances, like sanctioned plan, commencement certificate etc. After the completion of the project, ensure that the builder hands over whole set of documents to residents association Ensure that the builder doesn't violate the sanctioned plan/bye-laws Now, an under-construction property attracts same VAT as a completed apartment, so you won't save anything.

Komathi, Chennai

9th February 2015

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Murali Krishnan, Chennai

9th February 2015

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Hi all, I want to be some basic advise for buyer who are going to purchase under-construct project.
1..Ensure that the builder commits OC and A Khata in writing and make it as part of Sale Agreement / Sale Deed.
2..Make the payment schedule reflect the stages for actual completion of your flat and also till handing over all the legal documents like OC and A Khata.
3..Make the bank release payment only after completion of each stage.
4..Instruct bank to release payment only after receiving written approval from you (builder generally sends demand note to banker for payment release and puts pressure on bank for release of payment)

Anandraj Iyengar, Chennai

6th February 2015

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also Form an association along with other residents so that pressure can be put on the builder to deliver as per schedule and commitments.

Anandraj Iyengar, Chennai

6th February 2015

Hi, Buying an under-construct property is one of the important decision based on cost, location, developed, accessibility, quality, reputation of builder etc. It is common that The builder as usual promises moon to every buyer and buyer gets impressed by glossy brochures and sugary words of so called sales managers. So you start dreaming about living in your own dwelling.

Ravi Kumar, Chennai

6th February 2015

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