If you are a buyer looking to purchase a new property in Pune, there are certain things you must keep in mind before proceeding. These are the due diligence steps you are responsible for before the purchase to ensure you are not duped and making a good decision. One thing you can do is check the builder or developer’s past projects and the trajectory of their work and completion. This should give you a good idea of what to expect this time, and you will be able to ask the right questions to ensure your peace of mind. But how exactly does one verify a builder’s past project completion record?
Verification of the Builder’s Past Project Completion
There are methods to verify the rate and pace of a builder or developer’s previous projects, so one can get an idea of how well they keep projects on schedule and whether they are prone to certain problems, such as cash flow issues. The verification can be done through the following factors much easily-
1. RERA Registration on the MahaRERA Website:
Any property that is constructed in Pune will have to be registered on the RERA website and must eventually be approved by the Maharashtra RERA. Having an RERA registration is proof that all the particulars have been provided and uploaded to the official websites, and that, more often than not, complete plans and layouts are also presented. Any change in the building plans is subsequently updated by the latest change, and everything else is verifiable. RERA approval is granted only after the required documents and permits have been submitted, and thus serves as proof of the quality and management of the construction.
2. Verification of key Documents:
You need to verify the most important documents yourself. These documents include the Commencement Certificate (start of construction) and the Occupancy Certificate (OC) or Completion Certificate (CC). All of these documents are issued at different times during construction and, together, will give you a clear idea of how well the building followed the sanctioned plans. The existence of these documents is very important, as they make the sale and subsequent resale of the property easy for the buyer. So it is very important that a buyer verify these documents themselves and take steps to re-verify them if possible.
3. Checking Past Performances:
If the current project has RERA registration, then chances are that they will have RERA registration for their previous projects as well. You can see how well they followed their previous schedule from the first day of construction through handover of the property, and you can expect a similar schedule for the present project. If there were too many delays or a large gap between the advertised date and the actual handover date, you would know the time and the possibility of a postponement. Looking through their past performance will also give you an idea of how the developers operate generally, not just the construction part, but everything related to it.
4. Site Visits and Resident Reviews:
It is best to perform site visits during the construction so that you can keep an actual eye on the pace and speed of the construction and know how well they are keeping to the proposed timeline. Regular visits will also give you the impetus to offer advice or select certain facilities in your property, making your personal space truly yours. You should also absolutely check any resident reviews you can find for the developer’s previous projects, as they will be more open about any difficulties or problems they might have faced after construction, which may even involve legal work. So you would basically need to keep a close eye on how the construction goes and how things work out after it’s finished.
5. Legal and Public Records:
You should also do your best to find out the legal history of the developers, and see that there are no pending litigations against the developers or any ongoing case in the court regarding anything related to their projects, right from land title to the authenticity of the materials used. Go through their past projects with a fine-tooth comb and satisfy yourself that there is no illegal activity in their history. Legal and public records are open to the public. It falls to you, as the buyer, to vet and research everything, everywhere you can. Buying a property is a very serious business that involves a lot of money, time, and effort. So the onus is on ensuring that the house you are moving into is free of any liability that might arise after purchase.
6. Local Authority Verification:
Along with RERA registration and approval, a building must also have a collection of approvals and verification from the local authority so that you get water in your apartment, so that the garbage disposal system works for your area, and so that you have full security and safety in your house after taking possession. These permits and approvals may not be included in the RERA registration, so, again, it falls to you, the buyer, to check that everything is in working order and that you will not face any problems with these areas after possession. If you are unable to obtain the verifications from the developers or builders, it might be best to verify them with the municipality authorities who issue these permits and approvals.
Conclusion
It is very easy to see that buying a property is not easy, nor is it something that can be done in haste. To get the best property you can, it is best to keep an eye on the construction and ensure, by your own means, that everything is done correctly. Once you have taken possession, there will be no way to redo things. This is the property you are buying, so verifying everything before purchase is just good sense, after all.
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