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What are the precautions I should take if I'm thinking of buying a no-name builder flat?

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What are the precautions I should take if I'm thinking of buying a no-name builder flat?

Last updated: November 24 2012
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  • What are the precautions I should take if I'm thinking of buying a no-name builder flat?

    Being a first time buyer I am unsure about how to decide on a no-name builder. I have seen a flat which I like and can get possession of by March. It fits my budget and is an area that I prefer. But the builder is not a renowned builder or anything. So my questions are:
    1)What should I look for to make sure its a safe bet?
    2) Do I consult with a property lawyer?
    3) Should I ask to see their approvals? If yes what do I ask for?
    4) What are the basic requirements that a property MUST have?

    Please help all you experienced buyers on the forum! All input is welcome and much appreciated.
  • #2

    #2

    Re : What are the precautions I should take if I'm thinking of buying a no-name builder flat?

    1. Ask to get the listing of buildings they have finished earlier.
    2. Try to find buyers of the same apartment project and discuss with them.
    3. Ask details of all approvals.
    4. Try to get a loan even if you have money to pay...
    5. Hiring a property lawyer is always better.

    hope this helps.

    Comment

    • #3

      #3

      Re : What are the precautions I should take if I'm thinking of buying a no-name builder flat?

      Lawyer will charge you 3-4K max, and will save you from trouble.

      And only buy ready to move.

      Comment

      • #4

        #4

        Re : What are the precautions I should take if I'm thinking of buying a no-name builder flat?

        check BMRDA approval-- if no walk out

        Hi
        new builder/old or small/big does not make any difference as soon as you have BMRDA approval
        check on what state the BMRDA approval is and what units/plots are allowed to sell
        Make sure builder is not selling illegal property like--builder has approval for 5 floors but he might have constructed illegal pent house

        and use your common sense like,, if you are getting any property with below market price and then it smells some bad thing into the deal

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        • #5

          #5

          Re : What are the precautions I should take if I'm thinking of buying a no-name builder flat?

          Hi ajvaad007,
          I am also in a similar situation. Can you please let me know which property u have zeroed on.. U can send me private msg.
          Would be very helpful if you could pls share ur knowledge.
          Thanks

          Comment

          • #6

            #6

            Re : What are the precautions I should take if I'm thinking of buying a no-name builder flat?

            Originally posted by jeetcp View Post
            Lawyer will charge you 3-4K max, and will save you from trouble.

            And only buy ready to move.

            Can you give any good property lawyer contact details?

            Comment

            • #7

              #7

              Re : What are the precautions I should take if I'm thinking of buying a no-name builder flat?

              Praveen,
              Pls share the lawyer details once u get one.. Which property are you considering.. I am also on a hunt to find a property of choice for myself..

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