Hemant Gupta, a Noida-based advocate, explains the important aspects to check before signing the agreement with the builder or developer
There a number of important things one should check before signing the agreement for buying property in Delhi-NCR. Hemant Gupta, a Noida-based advocate, explains three important aspects:
1. Ways to know whether the project has legal approval
If banks are funding the project, then it may be treated that all approvals are in place. Normally, banks approve projects and start disbursement only after all the approvals are in place. Still, one must check the following:
- Ensure that title documents of property one intends to buy are clear. One must verify with the originals.
- One should ensure that the building that is being constructed as per the sanctioned plan and in case of any deviation, the same shall be within allowed limits. In case of reclaimed land, statutory NOCs from specific departments should be in place and one should possess a copy of the same.
- One should ensure that the builder/developer has obtained necessary and mandatory clearance certificates from the electricity board, water and sewage board and other concerned departments.
- Commencement certificate and occupancy certificate are other essential documents that are necessary to be verified while buying property.
- One should ensure that agreement for sale and sale deed should be duly stamped, executed and registered in possession of the buyer. The agreement should be unilateral.
2. When a builder is liable to pay compensation
One should check payment terms with construction stage/s. If the buyer delayed in making payment or did not fulfill the terms as per the agreement, getting any relief from any judicial agency would be difficult. If one is ready to accept the penalties awarded for defaults, one can demand specific performance on the part of the builder from the consumer grievances forum.
3. Legal aspects one should keep in mind while purchasing a resale property
For resale property, one should check whether the property is duly registered, date of construction, whether the property free from all encumbrances and debts or disputes and whether the title is clear. One should also verify NOCs from various authorities.