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before booking an flat

What you need to do, before booking for a flat?

by Holistic Leave a Comment | Filed Under: Real estate investment

What factors do you look for, while comparing properties? Without any doubt, the property’s location, price and possession, will be the first and foremost parameters one might consider for his/her shortlisting. However, apart from these primary ones, a few more things are necessary to check before finalizing upon a deal.

Let us now find out those legal documents one must ask for, before making any kind of financial commitment. Asking and checking for the copies of the following necessary permissions and clearance certificates, will avoid you from being stuck into any judicial tangle in future.

Title Deed:

This, also called the land record, is a relevant document as it gives you the requisite information about the ownership rights, obligations and mortgages (if any) on the property. Therefore, this document is a validation of whether the property land is registered, and its development rights transferred. You can obtain a copy for this from your builder and get the same verified from the land record office.

Certificate of the Project’s Commencement:

This document is necessary to mark beginning of the property’s construction. Post the analysis of the construction’s foundation and inspection of its boundaries, one can get this clearance certificate issued from town planning and engineering department. This is also a good indication of the builder obtaining the required licenses and permissions for the map. Even before you actually start digging up, you must have all these things sanctioned.

Verify of the plan’s approval:

It is advantageous to verify for the approval of the building and layout plan. This is like running an additional check to ensure that the plan does not violate or break any by law applicable in the construction area. In addition, you should also make sure the floor area, where your flat is booked, approved well in the building plan.

The design plan must be in accordance with the NBC guidelines. NBC, or National Building Code of India, is a code to understand the regulation of building’s construction activities throughout the country. One must get this checked with the local municipal authorities.

Some construction projects also claim for a green stature. In this, either of the Indian Green Building Council, or GRIHA should certify of the project. GRIHA is Green Buildings Rating System India, which is a TERI University’s initiative. These certifications focus on a rating a building, based on energy, water and waste management. GRIHA stands as the most popular rating system available in India right now, also having standardized norms.

Certificate for Land Use:

Having residential property in a commercial or an industrial zone is illegal. Therefore, ensure that the property you purchase lies in the residential zone, by applying to the urban development authority and check the certificate for the same. With the expanding cities, you may often find agricultural land converting to non-residential purpose by paying some fees to the government. During such situations, check for the endorsement order from the zonal deputy commissioner (or tehsildar). This order is a license for residential construction on the land.

Master Plan:

Many a times, you will find builders claiming future infrastructural development planned in the area, such as a highway or an upcoming metro. Before believing everything blindfolded, you must look at the area’s master planning personally for verification. You can very easily find such plans available with the town planning department.

Check for the NOCs:

Wherever applicable, ask for a No Objection Certificate of your urban land ceiling from your builder. You may also check the NOC for environmental clearance, as well as from the electricity and water authorities, if present.

Take the Expert Opinion

To verify whether or not, your project has clean and transparent paper work, a very simple and convenient way is to check if the same has loan approvals from the financial institutions. Banks have quite tough rules for lending, due to which they do all the important due diligence before clearing the loans. This may not be always error-free. There were many cases in past where the builder had the support from bank, still the project landed in to financial troubles.

Therefore, it is always on your advantage to get some professional help. If required, you may even seek for a paid opinion from an advocate specializing in property transactions, and even get your document verification done.

Once you are sure of the above-mentioned documents to be in their proper place and done with the verification, you may proceed with making your final decision without much anxiousness or worrying around. To decide these kinds of real estate investments need to be part of your portfolio or not, you need to have a financial plan mapped with all your financial goals. If you are looking out to create a financial plan for yourself, then you may want to check our financial planning process.

If you have any comments or questions, write them in the comment box below.

Or are you interested in creating a Comprehensive Financial Plan for your financial goals?

Skip the queue by registering for your 30 Minute FREE Financial Plan Consultation. Click the ‘‘BOOK YOUR SLOT NOW!’’ button below. 

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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
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Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
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Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
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based on 61 reviews

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