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When booking a flat apart from location, possession date and price there are other essential things one should keep in mind before finalising a deal. When we are comparing properties we normally look at location, price and possession date. These are important parameters for shortlisting but there are many more important things to check before finalising a deal. Granny Flat Solutions provide you all the information you should have about the Granny flat approvals process.
Legal Documentation And Clearances
Always ask for copies of necessary permissions before making any financial commitment. Check the documents and clearance certificate to avoid any legal tangle in future.
The most important document is the title deed as it gives details about ownership, obligations and mortgages on the property, rights. So it clarifies whether the land, where the project is coming up is registered and development rights are transferred. From the builder get a copy of it and cross check the information with the land record office.
A certificate of commencement is necessary to commence any construction of a property. This certificate is issued by the department of town planning engineering after through inspection of the basic foundation for a building boundaries and superstructure. It means that the builder has obtained the required licences, permissions and sections for the map that are required before you can start excavating.
It is good to check and verify that the building plan and layout plan is approved and no bye law applicable in the area has been broken. Be sure that the floor where you have booked the flat is approved in the building plan.
Land Use Certificate
To have residential properties on a commercial or industrial zone is illegal. You should Apply to the Urban Development Authority and check the certificate to ensure that the property you are purchasing is in a residential zone. Frequently the land will be in what is called the converted zone. Agriculture land is converted for non residential usage by paying fees to the government as the cities are expanding. In such a case you should check for the endorsement order given by the deputy commissioner of the zone that licences residential construction on this type of land.
Mostly builders claim future infrastructural development of the areas such as upcoming Highway or Metro near the project. You need not believe everything blindly. Find out the areas master planning to verify. Such plans are easily available with the town planning department.
No objection Certificates: The Builder should give you a copy of the urban land ceiling NOC, electricity, water and lift authority's NOC, as well as an environment clearance NOC.
Ask the Experts
Expert verify that the project has clean paperwork in an easy way is to see if it gets loan approval from banks and other Financial Institutions. NBFCs and Banks have stringent lending rules and do their necessary diligence before clearing loans. This is not error-free always and there are many cases in the past where the Builder had Bank support, but the project faced legal troubles. It is therefore recommended to get professional help. If essential get a paid opinion from a lawyer specialised in property transactions and get all your documents verified.