The real estate market of Hyderabad is on the boom and picked up the pace in recent times due to many positive measures were taken by the government and the urban local bodies like Greater Hyderabad Municipal Corporation (GHMC) and Hyderabad Metropolitan Development Authority (HMDA). These measures include faster approvals for building construction, more auctions of open plots in different areas etc.
However, there are still many factors which need to be taken care by prospective home buyers before zeroing in on any property irrespective of whether it is an open plot or a flat. So to avoid all such confusions, GHMC, HMDA and other local bodies have prepared a checklist for all the potential home buyers. Let’s take a look at these specifications:
Verification of title and ownership of the seller. According to GHMC Chief City Planner S Devender Reddy, buyers have to first identify approved layouts. Most people, in order to save some money, tend to invest in unapproved layouts, which can be risky.
Verify identity of the seller. Buyers must check the authenticity of the project as well as the developer. After the RERA act, all properties, as well as developers, are allotted with specific RERA numbers. These numbers must be reflected in the project brochure. Details of the layout can be checked in the town planning section of GHMC.
Conversion and land use permissions. In case of residential apartments and individual houses, the GHMC issues a building sanction plan, which showcases a final approval to the builders to start with the construction. They are also issued with a deadline to complete the construction within a specified time.
Construction approvals. Buyers much check all the approvals before finalizing their dream home. For example, the property is mortgaged by GHMC till the time the construction is not completed.
Occupancy certificate. Once the construction is completed, the project is approved by architects and verification is done by Town Planning section officials after which occupancy certificate is issued to the particular structure.
Property tax payment. In case a buyer is purchasing a property from an already occupied one, then it is important that all the property tax must be filed beforehand so as to avoid any last minute hassle.
Encumbrance certificate. This is a certified document from the registered office that declared the property debt and liability-free. The certificate is issued for any particular time period according to the application request.
Physical survey and access to the property. A buyer must physically check the site of the home as well as all the amenities which a builder has promised to deliver.
So it’s important that the buyers must cross check all the details of the property properly which are incorporated in the websites of GHMC and HMDA.