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- Generally, the Construction Agreements are made by the Developers and those agreements would invariably one sided favouring the Developers. Therefore, please do not just go by the terms dictated by the Developer. Please take help of an able lawyer who has experience in this field (pls note that all lawyers may not have enough experience to handle this kind of work).
Make sure you get a title report for the land (from a lawyer appointed by you and not from the lending bank's panels advocate - indepdent scrutiny is essential) and ascertain whether your developer has sufficient right to develop the property by verifying agreements, power of attorneys, etc. given by the landonwners. Check whether planning permission has been obtained from the appropriate authority. If it is not available, make suitable security arrangement in the construction agreement.
Make sure, your construction agreement - stipulates time lines for completion of the building in time as per the sanctioned plans, prohibits the Developer from making any deviation, makes the developer pays money compensation for the delay, developer obtains completion certificate.
These are only some of essential areas to be looked into. Your lawyer should be able to guide you properly.
All the best.CommentQuote0Flag