What is the Developer's Redevelopment Track Record?
Not all builders excel at redevelopment. These projects are complex, involving negotiations with existing residents, temporary relocations, and intricate approvals. Ask the developer how many redevelopment projects they have successfully completed, not
just launched. Visit one of their finished projects and, if possible, speak to the residents. Inquire if handovers were on time and if the promised amenities were delivered. A developer's specific experience in redevelopment is more valuable than a glossy brochure for a brand-new project.
Are All Legal Titles and Approvals in Place?
This is a non-negotiable checkpoint. Do not rely on verbal assurances. Ask for copies of the title deed to ensure the developer has clear and marketable ownership of the land. Verify that the project has all necessary approvals, including the Intimation of Disapproval (IOD), Commencement Certificate (CC), and sanctioned building plans. Also, check for environmental clearances and No-Objection Certificates (NOCs) from authorities like the fire department. If approvals are still “in process,” it should be treated as a significant red flag.
Is the Project Registered Under RERA?
The Real Estate (Regulation and Development) Act, 2016 (RERA) is designed to protect homebuyers. Most redevelopment projects that involve selling new flats must be registered. Ask for the project's RERA registration number and verify the details on the state's RERA website. This public portal provides information on approved plans, completion timelines, and the developer's background. RERA registration also mandates that 70% of the funds collected from buyers are kept in a separate escrow account, which helps prevent developers from diverting money to other ventures.
What is the Exact Carpet Area?
Developers often use terms like built-up area or super built-up area, which can be confusing. The number that truly matters is the carpet area—the actual usable space within the walls of your apartment. RERA mandates that developers disclose the carpet area, so ensure this is clearly mentioned in your sale agreement. Don't be swayed by a large super built-up area; base your decision on the carpet area you are paying for.
When is the Possession Date and What About the OC?
A project timeline is crucial. Ask for a specific possession date and check if the development agreement includes a penalty clause for delays. Delays can have significant financial implications, especially if you are paying rent. It's also vital to understand the difference between a Completion Certificate (CC) and an Occupancy Certificate (OC). The CC proves the building is built according to approved plans, but the OC, issued by the local municipal authority, certifies that the building is safe for habitation. You cannot legally move into a flat without an OC.
What Are the Total Costs Involved?
The price of the flat is only one part of the total cost. Ask for a detailed breakdown of all additional charges. These can include Goods and Services Tax (GST), stamp duty, registration fees, and development charges for infrastructure. You should also inquire about ongoing costs such as monthly maintenance fees, property taxes, and any fees for amenities like a clubhouse or parking. Understanding the full financial picture upfront prevents unpleasant surprises later.
