Checklist - Buying a  Residential Apartment

(A)SUITABILITY OF LOCATIONS

 

1.Present and future road network (as per development plan)to connect markets/commercial centers, schools, hospitals and other localities of the city

 

2. Availability of educational institution, markets, convenience stores, medical facilities in the vicinity.

 

Proximity to existing railway station/metro stations/airport.

 

3. Availability of public transport (Bus, rickshaws/taxi, metro etc.)And connectivity to other areas.

 

4.Availability of NMT (Non motorized transport) and pedestrian facilities like footpaths/cycle/rickshaw tracks etc.

 

5. Existing and future planning of potable water supply, power supply, sewerage/drainage system.
 

6.Presence of high voltage electric line in the vicinity posing hazard

 

7.Presence of nala or water course in the vicinity potential health and flooding hazard

8.Noise pollution due to  industrial activity or heavy traffic movement

 

9.Air pollution  and ambient quality 

 

Whether the area is low lying and prone to flooding

 

Is the area located in the flood plain of a river?

 

General security and law and order  in the area

 

Presence of  protected  archaeological monuments in the vicinity   restricting /development at site

Parks, green space and recreational facilities in the vicinity   (Existing and planned)

 

Check land use  as per master plan  of the city
 

(B)  VERIFICATION OF CREDIBILITY OF THE BUILDER / PROMOTER / DEVELOPER 

Market Reputation ; Details of projects completed , quality, timely, delivering, area of operation , redressal   of buyer’s complaints/  grievances

Experience  in the Real Estate Sector
 

Organizational   structure  and management of the firm 

Annual  turnover and net worth

Time and cost overruns in completed projects

Machinery available
 

Post  Completion track record ( Getting  completion certificate, Rectification of defects, maintenance, arrangements for handing over)

Transparency in booking and allotment
 

Customer care set up

Terms of sale agreement – whether equitable or one sided

Property transfer and  registration  facility 
 

Grading of Builder if any ( Given  by a reliable grading agency)

(C ) PLANNING ASPECTS – Collect  brochures of the projects in chosen  localities / locality and check the following:

Layout plan of the project – check approach road / access to site, orientation of buildings, common facilities, open spaces, internal roads / parking etc.

Dimensioned plan of different types of apartments in the project- check the following  from the plan

 

  1.  Whether the numbers and sizes of rooms meet the requirement.

  2.   General arrangement   & layout of room’s accessibility and circulation.

  3.  Size and arrangement of kitchens and toilets.

  4.  Availability of built in space for cupboards modular kitchen and household appliances.

  5.  Size and number of balconies.

  6.  Natural lighting  and ventilation

  7.  Availability of space for washing machines and drying clothes.

  8.  Ceiling height ( preferable  not less than 9’-6”

  9.  Access from common areas – Lifts, Staircase, lobbies.

  10.  No.  Of apartments served by one lift and capacity. Also the existence of service lifts in the apartment block.

(D) specifications 

Type  of structure  , walls, flooring, doors and windows, wall/ ceiling finishes, kitchen , sanitary / water supply fittings / fixtures (preferably with brand  names)
 

Provision of services such as gas pipe, cable TV, access control. Broadband  internet, arrangements if any  for renewable  energy source ( solar  panels ) storm water recharge structures (water harvesting)

Areas- Built up area, plinth area, carpet area   super built or saleable area with detailed breakup for each type of apartment.

Common  areas and  Amenities – Details of common areas and amenities  ego community centre, clubs, swimming pool, Gymnasium, jogging track, parking  ( including parking for visitors)

Security  infrastructure

Basis of costing Based on carpet area / Built – up area

Availability  of backup power supply

Compliance with codal requirements relating to earthquake  resistant design etc.

Fire fighting and other safety or emergency arrangements.

(E) FINANCIAL ASPECTS 

Rate  per unit of built area / super built area / carpet area

Availability  of carpet area per unit of saleable area Approval of the project by Financial institutions ( for sanction  of housing loans)

Additional costs if any for items like parking, club membership  deposit, Eternal / Internal development charges, service connection  charges, registration  costs, service tax  etc.
 

Check the following financial aspects in the agreement 

 

  1.  Cost as calculated  ( Rate ,area)

 

  1.  Payment terms (instalments) - whether in proportion of the  progress.

 

  1.  Interest on delayed payments –whether it is as per market rate

 

  1.  Penalty for delayed possession – whether it is nominal  or in relation to the actual Anticipated  losses due to delayed possession

 

  1. Provision for depositing instalments   received from the purchasers in and Escrow Account for the project.NOC from bank if the project is mortgaged with a bank.

 

(F)STATUTORY &  LEGAL ASPECTS

  Title  search  /Investigation of Title  - Verification of absolute  Ownership of a property   ( land or building)  free from  liens, mortgages, encumbrances purchases, legal conflict  ( Title search is  carried  out by verification of registered deeds  and revenue records maintained in the  offices  of Revenue / Registration authorities for ascertaining  the chain  of ownership. Title search is usually Done through a legal professional appointed by the purchaser or bank or financial institution providing financial support for the project or housing loans.

 

   License of the project   ( If required under the Regulations of the state )

Land use as per master plan.
 

(G)AVAILABILITY OF STATUTORY APPROVAL

  • Approval  of Building  Plans and layout  by the municipal  authorities  / development authority   ( valid  IOD  - information of disapproval )

  • Clearance by  Civil Aviation authority  ( if required) 

  • Clearance by  Archaeological Survey of India (if located in the vicinity of a protected monument)

  • Environmental clearance (if required)

  • Clearance   of  forest Department ( if  required)

  • Commencement certificate issued by

  • Development Authority  / Municipal corporation

  • Occupation  certificate (after completion )

  • NOC  from Fire Fighting authorities   -Fire clearance

  • Exemption  under Urban Land  Ceiling  Act  (ULC )

 

(H)Verification  of the terms of the sale agreement – Important Terms to be  checked

  1. Description of the project ( Land / Property )

  2.  Names of parties.

  3.  Identity of the apartment (Flat no. floor no. building no etc.)

  4.  Financial  Provisions –As listed in the paragraphs 4.5

  5.  Provision  for substitution  of name of allottee

  6.  Provision  for registration  and conveyance after completion 

  7.  Existence of one sided clauses in the agreement safeguarding the interest of only the seller and not the purchaser.

  8.  Existence of  ‘No Sale ‘ Clause for a  specific period

  9. Stipulated period of completion

  10. Conditions relating to force majeure.

  11.  Schedule of maintenance  ( post completion) Plans  and specification  ( Ail details as mentioned  under “Planning aspects”)

  12. Has the Builder reserved the right to construct beyond originally approved plans? ( A clause unfavorable  to the purchaser)

  13. Has the builder reserved the right to modify or alter the plans and specifications? (  A clause  unfavorable to the purchaser) 


NOTE  - For second or subsequent sale, it is important to verify the chain of previous agreements/sale – deeds and other documents relating to transfer of property under Transfer of Property Act including wills/gift deeds/Relinquishment deeds.(To be done through a legal professional)

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