Are you buying home in Bangalore ? If Yes these are some due diligence needed from your end. Most of the first timers get cheated or miss important details while booking a new property finally compromising because they were mis-informed or had no prior knowledge or guidance.
- Define what you are looking for: This could be an individual villa or apartment. In both scenarios you need to look at distance from main city, traveling time based on traffic (Morning & Evening), Depth at which ground water was available. In general most of the new upcoming projects do not have BWSSB connection. I would recommend taking this as an important aspect. As per the BSWWB chief they do not have plans to extend Cauvery water to areas like Sarjapura for next 10 years.
Take the overall floor plan: Always calculate the overall area provided on the floor plan vs the total area. Cross reference this with the efficiency confirmed by the developer. Most of the time its a marketing gimmick vs actual efficiency.
- Get a lawyer to scan the documents: Its always good to have the entire document checked by a good lawyer. A layman, may not be aware on what the builder has committed to vs what is agreed on documents. A lawyer would ask for those proof’s which would further help safeguard your investment. Having a good lawyer by your side is always a plus.
- Do a comparative study: Do a comparative on spreadsheet to arrive at the best investment. More often our decisions are based on what we like. Having data on paper helps one to zero on the right property.
- Check for clearance certificates: Check for BBMP/BDA clearance certificates, ground water report, Khata certificate, Encumbrance certificate to confirm no loan on the existing property. Also ensure that you have the loan cleared by a nationalized bank for additional security.With these information handy go and book your dream home.
I would suggest you read through the links below. http://www.jagoinvestor.com/2013/09/undivided-share-in-land-uds.html