Buying an apartment in Chennai is apprehensive with risks. From making a right choice in builder to ensuring that the land on which he develops the home belongs to him, there are many factors that you need to over-look before deciding to invest your life’s savings in a project.
What’s the land use?
Check the license of the property on which the apartment is developed. The license states the purpose; whether it is for developing residential or commercial property or government property and so on.
Has land acquisition been finished?
Often developers begin to sell apartments before land acquisition is over. Ensure that the complete land is acquired by the developer.
Does the builder have legal title?
Ask the builder for legal title number and check in whose name the plot is registered. You can also hire a lawyer to conduct the title search. He can also find out if there is a legal dispute over the land.
Are all the approvals obtained?
Ask for the license, which is proof that he has obtained permission from Chennai’s town planning authority to develop the project. Every license has a unique number and those who have obtained the license often print the license number in their ads. Also check whether the developer has received the following approvals: building plan, water, environment and pollution.
What are the terms Â and conditions in the application form?
In the application form, pay attention to the payment schedule. Follow a construction-linked payment plan. Nowadays many builders offer plans where a substantial portion of the cost has to be paid after possession. Such plans are favorable to the buyer as they force the builder to hand over possession at the earliest.
Is there an escalation clause?
Builders often include a cost-escalation clause in the builder-buyer agreement. It says that if the cost of building materials or other inputs goes up, the developer reserves the right to hike the cost of the project. Choose a developer who does not include an escalation clause in the builder-buyer agreement.