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    Before buying flats or apartments take these precautions. Read this.

    Before buying flats or apartments take these precautions. Read this. Yes when our hard earned money is being invested to purchase a flat or apartment, we must verify many documents and that includes : Market reputation of the builder, his reality ratings having published by the real estate association, quality certificates of his previous ventures, approved blue prints and plans, Financial stability of the building and compensation capabilities. If these things are satisfied, then going for purchase of his built flats can be considered.
  • #600099
    Yes one should take more precautions while buying flats in apartments. Some builders bulits apartments with less quality goods to finish construction in low budget. Those building will collapse in less time or when even a small earthquake occurs.

    So one has to check the quality certificates of the building first and need to know feedback from others about the builder and his previous projects.

    And one ahould also take care of flat documents, should verify whether they are original or not. Now a days many people are making fake documents and selling the flats and lands. If we buy those flats or lands with out verifying or believing that person blindly, later the original owners will come and we will loose our money.

    And one also veryify whether their is water connection in that area. And should know about sorrounding area.
    Having a own home is everyones dream. So before fulfilling our dream, we should take more precautions.

    Regards,
    Vamar

  • #600102
    I think you mean 'realty' ratings and not 'reality'. Realty ratings, reputation of the builder & the like are all very well. Far more important are checking out the no objection documents & approval papers. One must know whether the plot on which the apartment is being built is in a Coastal Regulation Zone notification (CRZ), an Eco-Sensitive Zone (ESZ) & the like. If yes, then one should check if approval from the Environment Ministry has been obtained. It is also risky to buy in an area where major public infrastructure is upcoming, such as an airport or a Metro. In such a case, it is possible that the land around it would be at risk of being taken over by the Government.

    It is highly advisable too to check if any of the projects of the builder are in litigation and always check reviews on the Net. There are sites which provide the true picture of projects completed by a builder, where you come to know, for example, how within just a year, there is seepage through the walls or plaster dropping off. Don't get carried away by pretty photos at the builder's website or in their brochures. Go physically and check out their earlier projects, speak to residents staying there if possible. First-hand knowledge is better than even online reviews.

    Keep smiling...one day life will get tired of upsetting you.

  • #600105
    Yes. It is true. We should check all papers before going for the purchase. We should ask for link documents. We should get encumbrance certificate through a lawyer after making actual search. We should make a construction agreement with the builder in which we have to mention all the specification of all the items that are going to be used in construction. What are the stages of payment and what are at extra cost. Then it will be without any problem. I have purchased an apartment in Hyderabad. At that time I have taken all these steps and I got the apartment without any problem. Of course later on I sold that apartment and I have shifted to my own independent house. When I have purchased this independent house also, I have taken all the precautions and I got the house without any problem. From last 12 years I am staying in the same house.

    But I too had a bitter experience. My co son in law is living in Kakinada. He advised me to take an apartment in that city. He told me that he knows the builder and there will not be any problem. With the assurance he has given I decided to purchase apartment. He advised me to give Rs.1,00.000/- as advance. This happened in the year 1996. But I had given only Rs. 50,000/- only. 3 years gone, no activity started and all of a sudden the builder says the rates are increased. I told him it is not my responsibility. Then he said he will give back my money. I accepted for it. Another 1 year gone. No use. I started putting pressure. Finally he registered 1/7 undivided share in a apartment and he told me he will start construction. Another one week, the builder vanished. Not traceable. Then I have gone to municipal office and obtained a copy of the permission he obtained for the construction. There was no permission for 4th floor. The documents are lying with me without any use. I approached many people but they said there is no use.

    The moral of the story is we should be careful in these matters and we can't depend on even our close relatives.

    drrao
    always confident


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