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Before Buying a Property

Caution is one word that buyers of today need to etch into their minds before even thinking of buying a house in Chennai as there are many builders in Chennai who mislead the buyers. Investing in gold and houses are the main capital investments that people tend to make and futuristic appreciation is the reason for both.


Many Chennai flat builders misuse the ignorance of buyers for their benefit. People should be advised and educated against the same. There are certain things to be done before buying a property. These precautions need to be taken as there are many properties in the city which have undergone legal litigations after the completion also.
Record of the Property must be carefully verified in case one is interested in purchasing the same. This is nothing but the original signing over document of the property from the previous over to the builder/current owner with proper ownership rights. The originals deed should be further supported by tax-paid receipts, and other taxes or payments made on the property. Further selling or allotment right should also be explicitly mentioned in the deed. In the case of an already existing constructed building, the approved plan, completion/occupancy certificate etc., from competent authority should be verified.


Precautions to be taken by prospective property buyers — The list can be unending. However, some of the major comprehensible precautions can be:
•    Independent legal scrutiny of title with particular reference to sale/partition deed, mother deed, allotment order from authorities like Housing Board, land development body, original gazetted layout sanction papers etc.
•    In the case of buildings/apartments, the original construction plan sanction.
•    Survey/village maps
•    Tax assessment/ tax-paid receipts
•    Completion certificate in the case of apartment complexes
•    Occupancy certificate from competent authorities

Buyers should be well informed about what they are getting themselves into. Referring to newspaper advertisements will also help to further broaden one’s scope of choice; however caution is required while choosing the same.

 

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Newsletter - Feb 17