Documents to check before buying a under construction property in India
When buying an under-construction property in India, in addition to the documents that are typically required for any property purchase, there are a few additional documents that you should verify:
1. Development Agreement: This document outlines the terms and conditions of the construction of the property, including the completion date, payment schedule, and any warranties or guarantees provided by the developer.
2. Approval and sanction plans: Sanctioned copy of the approved building plan, layout plan, and any other plans related to the construction project.
3. Commencement certificate: it is issued by the local municipal corporation, which confirms that the developer has obtained all necessary permissions and approvals to begin construction on the property.
4. Environmental Clearances: This document confirms that the construction project complies with all environmental regulations.
5. Home loan sanction letter from bank: in case of taking loan for under construction property
6. Sale agreement : It should be signed between the developer and the purchaser, contains all the terms and conditions regarding the property.
7. Occupancy certificate: This certificate is issued by the local municipal corporation after the construction is completed, and it confirms that the property is fit for occupation.
It's always recommended to have legal advisor who has expertise in real estate sector to validate the document and make sure that all the terms of the agreement is compliant with the law and regulations.