Check list and steps to buy under construction property?

Q: Hi,
What are checklist to buy under construction home from a builder and how whole process is done considering:
1. i'm first time buyer :) (so a bit nervous)
2. Builder is new builder and has completed 1 project on time with good construction quality and 2 ongoing projects.
3. Possession is on Dec' 17.
4. 2 lacs token amount
5. 20% down payment - 80% loan

Abhijit Shetty,

3rd February 2016

Buying property in Mumbai

Follow Discussion

Also see discussions for

Mumbai Buying property Buying property in Mumbai

Replies (3)

Thanks everyone for your valualble comments.

Abhijit Shetty,

4th February 2016

Comment

Apart from due diligence, there are some more points which one should consider while buying property. Check the connectivity, neighborhood issue, water and electricity condition in the locality, basic amenities such as Veggie Market, School/Colleges, Bank/ATMs, Hopital and Bus/railway Station from the project site. This will help you a lot in your daily life needs.

Kishore Pathak, Mumbai

16th February 2016

Very useful points Kishore has mentioned.
Secondly, You should always buy an investment property based on analytical research. Will it provide the gains and returns you requirement? It is in the best location to attract quality tenants? Will it appeal to the owner occupier market that sustains property prices in the long term?

Ashish Bhoite, Mumbai

16th February 2016

HI Abhijit,
Hope this will help you in buying your property. List of documents one should ask before buying under-construction property:- Mother Deed/Sale Deed, Encumberance Certificate, Loan approvals, Authority approvals, IOD & CC, Master plan approval, Building approvals, Land approvals, Bank approvals, Environmental approvals, Airport Authority approvals, Floor Plans, Khata Documents ( NA/Non-NA), Land, Conversion Charges, DC Conversion Charges(if land is agricultural), Floor rise charges, Lease Hold Certificate, Stamp Duty & Registration and Society clearance and membership.

Gautam G,

4th February 2016

Comment

HI,
Here is the checklist for Under Construction home:- 1) Intimation of Disapproval and Commencement Certificate, 2) Title Search Report, 3) Approved Layout Plan, 4) NOCs from Government department, 5) Project / Land is Mortgaged, 6) Tri-Party Agreement, 7) Completion Certificate, 8) Occupancy Certificate, 8) Noc from Fire Dept.,

Deepankar Godbole, Mumbai

4th February 2016

Comment

Yes,
If you are buying an under-construction property, you must go through the approved sanction plan, IOD and commencement certificate issued by the municipal corporation. Again, the key is to establish whether the builder has clear ownership of the land on which the project is taking shape. 'An agreement between the builder and the original owner is not sufficient. The project also needs to have an IOD. This is a set of instructions that a developer needs to comply with so that he can legally construct the project. It is valid for one year and needs to be reissued if the project has not been completed in a year's time

Ashish Bhoite, Mumbai

4th February 2016

Ask a Question

Related Forum Discussions

Jual Obat Aborsi Lebak 082323607616 Harga Cytotec Gastrul Mifepristone COD

Jual Obat Penggugur Asli 087738575225 Cara Menggugurkan Kehamilan Secara Alami

Where is the Castle rock project located in Powai? and what is the price

REPLIES

I recently read about 2bhk balcony homes by Hiranandani in Powai, any details?

REPLIES

What kind of offices are available at Hiranandani business park Thane?

REPLIES

View more Discussions(+)

Follow A Topic

CommonFloor Property Search Mobile App now available on Android, iOS and Windows!