Investing in real estate comes with extensive legal documentation and processes. When you purchase luxury flats in India, the developers help you through much of the process. However, as an individual, it is always better to be legally well-informed. This article highlights the legal aspects like documents and processes that are necessary to make a truly valuable investment.
As you are investing your entire life savings on properties, it is up to you to be smart and verify the title of the property. Not just the title, but the very existence of the property. Check who the house belongs to, and how they acquired it. This requires careful scrutiny of the legal documents associated with it. You can take the help of a legal professional who is well versed in real estate law and documentation.
Verification of Seller:
The seller can be a developer, a private individual, or the sale could be happening via a broker. The reputation of the seller should also be checked out. If you are buying luxury flats in Chennai, you can check with the current residents of the developer’s previous projects, and the ones in the current project. If you are buying from an individual, ask for their identification if only to check they are who they say they are.
Land use documents:
The type of land is a deciding factor when it comes to what you are going to use it for. This is also very important in terms of property transfer laws. The land in question should be clearly labelled as non-agricultural land, to qualify for construction of homes or other buildings on it. Check with the developer if the project has been built on non-agricultural land.
Any construction both residential or commercial needs to be approved by the Government of India. Any construction that is done without the approval of the government can be reclaimed by the government, or condemned to demolition. You need to explicitly check if the developer has acquired the proper approval documents from the local authorities. If you are buying a home from its previous owner, then again ask them to produce the construction approval documents.
Certificate of Occupancy:
The Occupancy certificate is one other document that is as important as Approval for construction. The certificate of occupancy is issued by the local governing body, certifying that a certain building is compliant with the regulations and is fit for occupancy. It is issued by the local municipal authority.
Several older properties come into a legal dispute with time and as they are passed from generation to generation. When you buy a property make sure that it is dispute free. When you buy luxury flats in Chennai, the developers ensure that the property is dispute free, but if you are buying it from an individual, then it is imperative that you verify this, as your legal rights to the property come into a dispute as well.
Physical property survey:
If you find any physical flaws with the property or find any boundary issues, your legal rights are diluted after you have bought the property. When buying a constructed property, check for physical integrity. Employ a civil engineer or a structural engineer to inspect the property.
All residential properties that are registered for construction approval post May 2017, have to be RERA compliant. RERA is the Real Estate Regulatory Authority of India. It checks on the authenticity of the developer, their financial ability to complete the project, the soundness of their projects, etc. If you know a property is RERA compliant, then you can rest assured that the developers are reputable and will be held accountable for any delays.
Lifestyle Housing is a reputed developer of luxury apartments in Chennai. Our latest projects include a gated community in TNagar and 3 BHK flats in Porur. We ensure that our customers are entitled to a fully transparent process in buying their dream piece of real estate. Our website hosts several resources on all things real estate and how to elevate your lifestyle at home.