View | What to remember while buying under construction property

Buying a property in an under-construction project may seem like a great deal because of the tons of advantages portrayed in glossy advertisements. Under-construction properties are priced at a lower sum in comparison to possession-ready buildings, there is much more payment flexibility and last but not least under-construction property has a varied range of schemes, offers and freebies on them.

However, despite all these added benefits, purchasing a property at a nascent stage is a risky affair. Delay in possession is one of the most frequent problems in under-construction properties, even worse several projects get stuck due to various factors leaving a long trail of legal battles for the home-buyers and a position of stand-by for years before they can get the possession.

Therefore, if you want to avail the benefits of an under-construction property yet avoid falling into a property façade these are the things you must know and keep in account— delay in completion is one of the most worrisome issues of all time. Often builders go through scarcity of funds or they fail to obtain approvals from building authorities and the project goes to a halt. Several soft-launch projects get cancelled due to the incompetency of the builder, in such situations, the home-buyers are worst-hit because their money gets stuck. Sometimes builders deliberately delay the construction due to unfavourable market conditions so it is imperative to be cautious before selecting a builder, verify their track record and get information about their previously completed projects. Home-buyers should ensure the proprietorship of the developer/seller by conducting title diligence over the property.