Bengaluru Home Buyer’s Checklist 101

You spent years working hard at your job, living out of a rented place, saving every paisa possible to accumulate in your housing fund. Then comes the day, you have met the required figure of investment money and everything else in your life aligns itself to the opportune moment where you qualify to be a potential home owner in the magnificent city of Bengaluru.

So you begin your research.

Every soul you meet henceforth is a potential source of information on the best properties to look out for. Every creative out there in the real estate marketing space is read in minute details and double compiled in your brain, stored in your memory. The Economic Times real estate section becomes your favourite section of the daily newspaper, and housing.com is the new social site to browse and spend hours on.

But through all of these positive feeds, you also accumulate potential threats and scenarios of being cheated. The last thing you can stand is being cheated off your savings and the series of EMIs laid out across years of your life.
So, what are the basics 101 to look for when you finally take a call to put in the booking amount and sign off on the deal agreement?

Here is a checklist of the most basics pointers you need to look for before you even put down your first instalment on the signing amount. Although basic, these are also the most reassuring.

1. Legal Tiles
   • Title Deed – This document serves as evidence of ‘Rights of Ownership’. Not only does it spell out the builders right/ownership on the project, but also defines their right to sell it. In a world of innumerable property disputes, this document should be your number 1 priority.
   • Encumbrance certificate – Encumbrance or impediment as the dictionary defines it, can prove to be a major hassle. Getting your future home certified for no pending monetary dues or legal hassles is key. This certificate will list out all transactions pertaining to that property for a specified period of time. An encumbrance certificate is proof of free ownership. Encumbrance details can be laid out for a period of 10 – 30 years based on your requirement.
   • Building plan and construction approval
     • Building plan approval – An approval on the graphical representation of what the building will look like once it is completed. This representation needs to be as per building laws and construction needs to commence within 2 years post approval, post which there shall be no deviation from the approved plan.
     • Layout approval – An approved layout plan extends assurance of basic civil amenities under the local governing body. Any plot brought under an approved land layout plan comes with an approval number and date. Layout approvals are valid up to a period of 2 years during which development needs to be completed. Site release regulation also ensures a layout inspection which determines satisfactory implementation of civil works such as underground drainage, drinking water, electrification etc.
     • Completion certificate – A completion certificate is provided once a project is complete and is inspected by the local authorities. This verification is a legal testimony of the project being constructed as per building rules and standards. This certificate is also crucial for the project to receive basic facilities of water and electricity, and sets into motion payments of property tax and housing loa
   • Occupancy certificate – This certificate is a requirement under the Karnataka Apartment Ownership Act, 1972. It is a mandate to be able to legally move in to a building. In the absence of this certificate, the corporation can ask the owner to vacate the premise or impose a penalty. This certificate is also proof of the project being in accordance to all compliance and in receipt of all clearance. It also facilitates legal water and electricity connection amongst other civil amenities for the project.
2. Structural stability certificate – It is within your right to ask the builder for a copy of the structural stability certificate which is issued by the project structural engineer post a series of inspection. This may also include a soil investigation, details of which you can acquire from your project builder. You should also make a physical visit to the property to ensure that the quality of construction is good. Even if it is an ongoing project, most have model apartments where you can see if it has the charm of thoughtful design.