5 rules to stick to while buying property under construction
Some investors are attracted towards investing in newly launched project for several reasons. Either they compare the pricing which is usually less in the beginning. However, there are many things that need to be checked before paying for property under construction.
Newly launched residential projects remain tough to judge unless the builder is well-known of popular in the real estate industry. The investor bears the responsibility to check for the following things before registering the property.
Rules to stick to while buying under construction property
1. Check for Allotment Letter
Allotment letter is an important document which has to be provided by the builder to the buyer. This letter bears the complete details of the property information, seller and buyer information, name of the project, block, and floor and apartment number. This specific letter is the initial proof showing a particular apartment that has been reserved for the buyer.
2. Increase Your Personal Visit to the Construction Site
Personal visit to the construction site is a good idea to get in touch with the live status of the property under construction. For instance, people who reside in Ahmedabad city where they have booked a 3 or 4 bhk luxury apartments in Ghandhinagar orresidential apartment at Gokuldham can spend some time to visit the site at least once in a month or once in two months.
3.Check For Additional Costs if any will be added in Future
Sometimes it happens that the builders have to abide by changes in construction charges hence, they may ask for additional charges for amenities or apartments while the consumer makes final settlement. It is the duty of the builder to inform in advance with reliable proof regarding changes in rate so that investors can feel better to manage financially.
4. Make Sure of the Promised Specifications and Amenities
One of the risks in booking under construction apartments is the list of amenities that need to be checked for. Though it may take time to check for the same, the buyer should see that the list of amenities are included in the allotment letter as the later can claim for the same if he finds anything missing.
5. Check for Documentation on Land, Plan Approval
Land documentation is the prime thing that has to be checked for while deciding to book newly launched project. Checking for plan approval will easily let the buyer make sure of the documentation procedure done by the builder as plan approvals are usually not easy to obtain unless the land documentation is appropriate.
Pacifica Companies is a popular real estate developer that has and has been offering variety of residential projects in Gujarat, Chennai, Hyderabad, Bangalore, etc. We have gained excellent reputation through number of successful projects. Asset hunter can seek reliable property choice from the list of new projects we have launched in top Indian cities.
Reputation of the property developer is a compulsory fact that needs to be checked by the investor. Property buyers can perform research over portfolio projects of the builder, ranking obtained by the real estate developer and existing consumer reviews. These features will certainly reflect the genuine approach of the builder.