Apartment plot approval verification.
Currently i am going to buy an apartment plat in Electronic city.They are saying it is BMRDA approved property having around 50+ units .Now my question is is it required to get verified all the approved documents given by Builder or can i go ahead without verification because all the plots are almost sold out and top banks giving loans.that mean can i assume all approvals are fine to go and buy. if you recommend to verify once from our side then please let me know the check list to get legal verified.
Carry out the necessary due diligence before purchasing the property. Due diligence, if not carried out, is an open invitation to a long drawn litigation, the result of which is always uncertain. The real estate sector in India is not transparent. Thus, due diligence assumes all the more importance when buying from a private builder. You should ascertain if the title is clear and marketable. The title deed should also be inspected. Whether necessary sanctions have been accorded or not should also be established. It also should be ascertained whether there is any disputing relating to this property or the land underneath pending in any court of law. Do not sign the agreement without getting it vetted by a lawyer. Involve a lawyer at every stage before the purchase.
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