Buying a property which is still under construction that too from the original allottee is a complicated issue. As a homebuyer, you need to run many checks on the property you are eyeing. Unless buyers are diligent and ensure that the property they are purchasing has no encumbrances , they can easily land in trouble. When buying a property, no amount of scrutiny is enough. It always pays to be cautious.Property Sale Agreement is most important document. It is different from Sale Deed though in some cases Sale Agreement is registered as Sale Deed. Sale agreement contain agreed upon Terms & Conditions between Seller & Buyer for the sale of property.
Some of the most common reasons for legal disputes are
(a) Property was transferred under force/influence/coercion
(b) Legal heirs of Seller claim their right on property.
Do not be impressed by those fringe attractions that builders dole out to impress the potential buyers. After identifying the property, look if the builder has constructed any apartment nearby/surrounding that is already occupied. Go..talk to people find out how genuine this builder is.This gives you a feedback how genuine and chalu the builder is.Read Agreement carefully before signing itAn Under Construction on the other hand is cheaper but other than the risk you also have to wait for the unit to be complete. If one has enough fund for the Ready to Occupy option, people prefer it.Before making the buying decision decide on the budget and strictly stick to it.Do not get tempted by up selling.To be very careful of the person you are dealing with in case of non branded flats/homes because a new buyer can easily be caught in the nexus of land mafia which are obviously gundas and if something or the other goes wrong you cannot do a thing about it.There are instances of some properties being sold multiple times and also illegal land grabs/kabjas.
What are the other considerations that i need to keep in mind ? also, In future if i have to sell the property do i still need builder's consent ?
If you have entered into a tripartite agreement with the builder as well as the buyer due to under construction stage, in the same stage you may hve to take his consent to sell the property.