Dombivli has become a hub for investors and buyers with so many real estate projects coming up. There are a lot of ready-to-move-in properties and under-construction properties to choose from.
Many buyers may be cautious about purchasing under-construction properties because of concerns about delivery timelines, accuracy of the construction design, and other issues. You can purchase an under-construction property if you keep the pointers in mind.
The Land has the necessary approvals.
An environmental clearance, a document to show that the land is not agricultural, and a registration under RERA are some of the mandatory approvals for a residential property in Dombivli.
Make sure that the builder has all the required legal permission before you buy a property. Try to get answers if you find anything missing, talk to the builder. The builder-buyer agreement should be read and verified by a legal expert.
It is important that the terms of delivery, construction, layout, etc. are mentioned in absolute and definite terms. It's a good idea to wait a while or look for another Projects in Dombivli if the documents aren't in place yet.
You can visit the site to be sure.
It's important to visit a property under construction. If the construction is ongoing, you can see the basic structure and layout. If you visit the nearby locality, you can see if it has all the essential amenities.
It is advisable to check the connection to other parts of the city as well as the airport. You can conduct in-depth research online to find out about traffic congestion, the availability of power supply and water, and the property's security arrangements.
Be aware of your rights.
A builder is required to update the layout of the plan and all the specifications on the official MahaRERA website. Once approved by the authority, these specifications and plans will have to be displayed on the site.
The written consent of two-thirds of all the allottees or home buyers is needed if a builder wants to alter parts of the construction. Changes to the building's plan can't be made without the developer's consent. If home buyers are coerced or forced into giving their consent, this action will be void. Such a move can be challenged by the home buyer who can have the consent declared null and void.
There are things to look out for before buying an under construction property.
When searching for an under-construction property for purchase, the above points show how to proceed. There are more ways in which you can protect your interests when purchasing an under-construction property from a new real-estate developer.
A legal check is carried out.
If you have found a reputed real-estate developer whose property you want to purchase but are still sceptical, you may want to hire a legal expert. A lawyer will help you understand all the legal terms involved when it comes to checking government approvals, the project's title deeds and approvals from the authorities. Even if there are no legal disputes on the under-construction property, a lawyer's perspective will assure you of the developer's authenticity.
The developer's credibility needs to be checked.
If the real-estate developer you prefer doesn't have any past projects to check with, there are other ways to know their credibility. You can look at the project timelines to see how close they are to expectations. Good developers make sure that the timelines sync as closely as possible. You can check their quarterly and annual financials to see if they are able to complete the projects they have committed to.
There is a check for RERA compliance.
If you're concerned about delayed timelines, it's important to check for RERA compliance. You can keep track of the guidelines given on the website to understand if the developer is successful in maintaining a transparent relationship with its buyers. RERA facilitates accountability from the developers within 5 years of purchasing the house if you want to protect yourself against any issues with the under-construction property.
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