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Precautions while Buying An Under Construction Property In Second Sale

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Precautions while Buying An Under Construction Property In Second Sale

Last updated: October 15 2014
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  • Precautions while Buying An Under Construction Property In Second Sale

    Dear Members,

    I am relatively new to this community and observing trends in ggn before buying home for myself.

    I like to know what are key diligence check that one should focus while buying an under-construction property in second sell [not from developer]. I tried to google this, but nothing substantial is available.

    Regards
  • #2

    #2

    Re : Precautions while Buying An Under Construction Property In Second Sale

    Originally posted by kushendra View Post
    Dear Members,

    I am relatively new to this community and observing trends in ggn before buying home for myself.

    I like to know what are key diligence check that one should focus while buying an under-construction property in second sell [not from developer]. I tried to google this, but nothing substantial is available.

    Regards
    Though I am also new to the RE...but browsing thru different threads will give you very useful information which is actually helpful for people like us (who are new to RE)... Here are my thoughts :-

    1) From shortlisting the property
    That you have to undertake considering ur budget, locality prefrence, size of apartment, etc...
    Try and shortlist such type of property which has all approvals in place, construction started, banks disbursing home loans against such property apart from other criteria.
    Do check for builder's reputation...


    2) Fianlising the deal..
    when you are in process of finalising the deal...Just give the least token money and get the fotocopied docs(BBA/Allotment letter.reciepts, etc ) from the seller and go directly to builders office to confirm that yes the apartment is on that particular person's name and you may get to know the amount paid(as its showing on the reciepts)....Also check the layout plan if the charges charged on BBA is as per actual plan of builder or if there are soem recent changes in builders plan.
    Take a day or two's time for the same..

    Once confirmed then you can pay bigger amount. It would just reduce the risk.

    Senior members may add more points to this...

    Comment

    • #3

      #3

      Re : Precautions while Buying An Under Construction Property In Second Sale

      Thanks a lot. This was really helpful.

      Comment

      • #4

        #4

        Re : Precautions while Buying An Under Construction Property In Second Sale

        Once one has confirmed with builder than can one pay 10% amount to seller at time of signing agreement to sell. My worry is that say you pay 10% and sign agreement to sell and than if seller runs away. Given agreement to sell is only with seller and builder is not involved so there is a risk with seller. Have we seen any issues like seller running away with 10% amount not to be seen again and also any other reasons things can go wrong.

        Comment

        • #5

          #5

          Re : Precautions while Buying An Under Construction Property In Second Sale

          There's already a very exhaustive thread on this subject, go through this.

          https://www.indianrealestateforum.co...urgaon?t=16303

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