In India, considerable significance is attached to the ownership of property. Buying a property in our country is for the richit’s a sense of power and prestige, for the middle-class, it is a life time dreamand for the less privileged, it is a luxury beyond reach. So, the process of identifying the right property is concerned with several risks, legal and regulatory difficulties.Buyers are often at the hands of brokers / developers/ builders and motivated to make decisions favouring them by the word of promises andalluring offers. Hence, it is imperative for the buyer to exercise due caution and obtain appropriate legal advice to safeguardbefore buying a property.
Similar to verifying the title to the property, the buyer should also ascertain the identity of the seller:
Due to urbanisation, the buyer must examine the Master Plan and satisfy that the property is developed in accordance with the zoning plan – such as residential, commercial, industrial, public/semi-public, parks and open spaces, etc. Where actual use is different from the notified zoning, obtaining orders from the Town Planning Authority permitting change of land use, is mandatory.
For purchase of apartment or land with constructed building, the buyer should also scrutinise the building plan / layout plan sanctioned by the local municipal authorities, along with approvals issued by government, statutory and regulatory authorities, for providing infrastructure facilities, water, sewage, electricity, environmental clearance, fire safety approval, etc.
It is mandatory for the seller to obtain the occupancy certificate from the competent authority, prior to conveying the property. Use of the property, without obtaining occupancy, exposes the buyer to penalty under the applicable building bye-laws, besides the risk of demolition of the property.
The buyer must verify with the municipal authorities that the seller has not defaulted on payment of property taxes.
Its mandatory to obtain E.C before and after purchase of the property.
The buyer may undertake a physical survey and confirm the extent and measurement of the property. In the case of land, it is advisable to identify and demarcate the boundaries and access to the property and further, ascertain any other physical attributes that may impede enjoyment of the property.