To Do list while purchasing an apartment

1)      1) Verify the link documents of the land in which the apartment is built. 

Link documents: They state the legal implications associated with the property. Link documents are documents issued by revenue dept for a particular land or survey numbers at regular intervals revealing the information of buyer seller within that period. These docuuments are called Pahanis in real-estate jargon. The documents constitute all the sale deeds exchanged between the previous property holders.

Generally, development of housing projects is carried over in two formats.

a)      The real estate developer takes the land “on development” basis. The land owner is given a stake in the venture. This is similar to equity stake owned by investors in a project. If the property you are interested in is taken on “development” basis, it is suggestible to verify the agreement between the developing company and the land owner.

b)      If the firm that is selling the apartment owns the land on which the apartment is built, you can check the land ownership documents, link documents pertaining to the land.  (same as point 1). 

2)      2) Check the government approved layout plan, building plan, ownership documents.

3)        3) Also, verify the bank approvals for the project to avail home loan facility. Generally, banks approve projects and issue loans against only approved projects.

4)          4)  It is suggestible to verify the history/reputation of the builder.  You can look up previous projects carried over by the builder or just talk to people who bought apartment from the builder.

By doing all the above 4 steps carefully, you can be a happy home owner. One can also contact an advocate to do the same thing.