Tips on Buying Under Construction Airoli Property

1. Tips on Buying Under Construction Airoli Property Many property buyers prefer investing in an under construction property because it calls for lesser payment as compared to a ready-to-move-in unit. But even though it is easy on the pockets, in- vesting in an under construction property can be a risky affair if you are not careful with your deci- sion. For instance, if you don’t choose a reliable developer, you will face delays in possession of the flat or there can be legal issues due to which the project will get stuck. So if you wish to buy an under construction unit, then there are several factors that you must consider. Conducting due diligence of the Airoli property that you wish to buy is very important. Ensuring the ownership of the seller or developer should be the first step towards investment. Find out more de- tails about the project and the reputation of the developer. Also, spend some time in getting an in- dependent legal report of the project. It is important to ensure that work on the under construction project is progressing as per the claims made by the builder. It helps to make weekly visits to the site to see if the work is still on. According to the property experts, it is recommended to make payment of booking amount to the developer. Also, don’t forget to get the payment receipt. Under the Maharashtra Ownership Flats Act (MOFA), up to twenty percent amount can be collected by the developer of the consideration without entering into an Agreement of Sale. So as a buyer, you must ensure that you are getting the allotment letter issued by the builder at the time you make a payment. This letter should men- tion all the details of the property that you are purchasing along with the consideration amount pay- able. In most cases, housing loan is availed by the buyer from a financial institution. If you are also avail- ing a loan then you need to ensure that the project of your choice is approved by the bank. All the formalities should be done and complied with. Since consideration is linked to construction in an under construction project, you or the bank need to pay the balance consideration as and when the developer demands it. This demand will be made by the developer as per the terms of the Agree- ment for sale. Don’t forget to get a receipt for this as well. Whether you are buying an under construction property or Airoli new construction project, it is very important to choose a reputed developer. Not all developers can be trusted as far as quality con- struction is concerned. So make sure you are doing some research on the developer’s reputation in the market before signing the deal. There are several forums on the internet on which you can read reviews posted by satisfied as well as unsatisfied customers. Reading the reviews will help you get an idea about the developer’s goodwill in the market and whether or not you should make an investment.