Are you ready to buy a home, but are you equipped with the knowledge and information you need before investing or buying a home? Home is like something that you’ve ever desired for, but before you make a decision, take some time to consider few things. Before you engage an an investment on a property, make sure you research and verify all information as it is an effort to make informed decisions in regards to protecting themselves.
After all, it is better to be a step-ahead and be prepared than to be trapped and left red-faced. Background checks are a reality in today's realty market. The homer buyers or investors are keen to get the right fit for their desired property as it is their right to be informed.
Commencement Certificate (CC) - A commencement certificate is issued by the local authorities to authorize the builder to begin construction once all norms, licenses, permissions and consents have been acquired from the concerned legal authorities. If the commencement certificate is on hold, till then the construction is illegal or may never happen. If you don’t cross check the project’s commencement certificate, you could lose your money for a property that will never be constructed.
Intimation of disapproval (IOD) - Some of the developers start constructing and selling properties even before receiving the CC. In such cases the buyer or investor needs to check if the developer has received the Intimation of Disapproval (IOD). IOD is an order issued by the Municipal Authorities, disapproving the developer's application for permission to commence construction and is asked to comply with many requirements first, like clearances like clearance from Environment Authorities, Tree Authorities and Fire Officer, etc. In order to get the CC, the developer is entitled to fulfill all the requirements.
Title certificate - You can get a copy of the Title Certification for yourself or ask your lawyer, to get it for you to examine the certificate, which is generally issued by a lawyer who has been appointed to investigate ownership history of the land on which the property is being developed. The Title Certificate gives the assurance that the project or property is owned by the developer to whom you are dealing with as it will have the complete details of the land and the project and also state that the developer has the right to construct the project.
Approved Plan - One should examine the site layout plan as well as the floor plan and apartment plan (blueprint) as approved by the local authority (and matching with corresponding CC), Check if the developer is in compliance with the plans presented in the brochure or at the time of sale to ensure the sale in an efficient and transparent manner and to protect the interest of your investment in the real estate sector. This is important because once the plans are approved and has been followed, the developer cannot change them.