Do not be taken in by tempting offers. Run your safety checks
Often, consumers are so taken in by the lucrative offers during Navratra that they rush to buy into the project and forget to do their due-diligence. So don’t get misled by lucrative advertisements and promises of builders. Do your research and then take a call.
If your developer offers you additional benefits on the purchase of an apartment, get it in writing with his signature. You can then threaten legal action against him if he goes back on his promises. Most of the time, developers promise you more than they can offer. So, it’s advisable to get everything written down.
Don’t get taken in by lucrative offers even if your developer tells you that it’s the tradition to announce freebies and special offers during Navratra. The fact is that the realty market is going through a slump right now and developers might be desperate to attract customers. So they make false promises to lure buyers to make purchases.
Many developers have duped homebuyers by launching residential projects on land which they don’t own. In some cases, even though they own the land, many developers launch the project without getting the land use changed from agriculture to residential. Remember, the concerned revenue department and development authority can authenticate title and land use so you can contact them to get the details.
Of late, RTI is the best way to get your due- diligence done. It has not only helped unearth many cases of real estate fraud, but also helped homebuyers make a safe buy. So file an RTI with the principal information officer of the concerned development authority and find out every- thing you want to know about a project. It’s very important to do, as many well-known developers are involved in several types of malpractices.
In many areas, a developer first gets a licence followed by approval for the layout plan. In the next stage, his building plans are approved. So a homebuyer must find out whether the developer has got all the mandatory approvals.
Even well- known developers have violated building norms and constructed over and above the number of flats they were authorised to build. Apartments for which approvals have not been acquired are illegal and the concerned authority can demolish them should they decide to do so.
In some cases, developers have purchased extra FAR during construction which means they can use more area to build apartments. You might have chosen an apartment because it overlooks a park, but remember that with extra FAR the developer can build on it without taking permission from you.
A developer must submit his land title, all encumbrances, approved plans and specifications, details of all common areas and facilities etc to the development authorities. However, this has been violated everywhere. Find out if the developer has made a true disclosure and if the competent authority has endorsed it.
While going for a ready-tomove-in flat or secondary flat in any project, a homebuyer must find out the status of the completion certificate of the project. It’s the only document which ensures that the developer has taken all approvals from the concerned authorities and rotects a homebuyer’s interests.