House Buying: Are you buying a house from a builder? If you don’t know these things, you will drown Are you buying a house from a builder? Know these things IG News

Buying a home is one of life’s biggest decisions. If you are thinking of buying a new home, there are many precautions to be taken. Because buying a house..

Buying a home is one of life’s biggest decisions. If you are thinking of buying a new home, there are many precautions to be taken. Because you need to know the complete details about buying a house. Is the builder a man of faith or not? It should be known. Because many scams are happening these days. Frauds are especially common in the sale of such properties. There may be reasons such as lack of proper facilities, lack of development in the area where you buy, lack of proper prices etc. But selling the house to you on the trust of the builder will lead to trouble later.

According to property consultant Anarak, by May 2022, around 4.8 lakh houses are unfinished in the top 7 cities of the country. Its value is 4.48 lakh crore rupees. There are over 2.4 lakh stalled or overdue houses in NCR. But in Mumbai metropolitan area this number is 1.28 lakh. This includes Delhi-NCR, Mumbai, Kolkata, Chennai, Bangalore, Pune, Hyderabad, projects launched in 2014 or earlier. Noida and Greater Noida alone have 1,65,348 stuck houses, while Gurugram has 30,733 and Ghaziabad has 22,128.

Buying a home based on the builder’s word alone without a proper plan can land you in big trouble. Hundreds of people have to struggle to get possession of their house and register it. Like Hemant, you can also get to know your builder. They blindly trust the builder and pay the price. Not all builders are the same. But it is important to know whether your builder is reliable or not. Otherwise all your hard earned money will go down the drain. And many houses in the country are stuck in such problems.

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It is important to check the builder’s track record. If you are buying a particular project house, land or commercial property visit the place and inspect it first. Additionally research the builder’s past projects. Check whether the builder has delivered the project on time or not. Did they fulfill their promises? You can get the facts by talking to the people who live there. Also find out whether the builder has enough funds to construct the project or not

Are banks providing loans for the project? It should be clear whether or not. Major banks generally refrain from giving home loans on disputed properties. Banks conduct a thorough investigation before financing a project. They also check the builder’s profile to see if the builder has taken all necessary permissions or not. If the project is approved for home loan by the bank, you can buy a house there. In case of delay in construction of the project or any legal dispute arises..then the bank may reject fresh loan applications for already approved projects. All permissions including RERA should be checked thoroughly.

If the builder is a genuine person he should have no problems showing you the necessary approvals. If the builder hesitates to show RERA registration, completion certificate, occupancy certificate, other approval documents, you should be careful. Avoid buying. In addition to the property in such projects you should also verify the property title building plan, changes in land use, pending dues on the land. Also ensure that there are no legal disputes or debts against the land.

Usually a big problem is the builder not delivering the house on time. In such case carefully check all the terms and conditions related to delay in payment, construction. Make sure that the promises made in the brochure are also in the contract. So that you can take legal action if the builder does anything wrong. Talk to the builder to get out of the contract if you are not satisfied with any of the terms. A lot of precautions should be taken while buying a house like this. Otherwise there will be a serious loss.

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