How To Protect Buyers’ Interest While Buying Under Construction Projects In Mumbai

by Vishal Saxena Real Estate Projects Accept it or not, the demands for under construction real estate properties are booming like never before. Unless there is real a value-proposition in most of the real estate offerings, buyers these days have become smart enough to decide between the ready-to-move flats and under-construction property. There is no denying the fact that buying or investing in Mumbai Luxury Real Estate is attached to a big dream and usually demands a lion’s portion of your income. And this is why, no matter if you are considering under construction projects for investment purposes like selling or renting out for more profits or aiming at end-use as an inhabitant; make sure to keep few vital aspects and factors in mind.

Clauses of Under-Construction Property

There are many vital - some open and some hidden - clauses attached with the under construction or newly incorporated properties, which are specified by the respective builders to protect their profitable interest. There is no harm to agree on those clauses while considering the Property For Sale Mumbai; only when it is within your profit limits and do not violate the interest and rights of a buyer. But unfortunately, there are some builders and developers which are not following those strict guidelines regarding the sale agreement of under construction properties; thus confusing buyers with hoaxes and illegal tricks.

Guidelines of RERA

But now, as RERA or Real Estate (Regulation and Development) Act, 2016 has come into effect from 1st May 2017, purchasers can consider buying under-construction projects in India with complete protection of buyers’ interest. In this article; we’ll discuss few crucial aspects of Under Construction Projects In Mumbai and Blue Worli which every buyer should take into account while buying or investing. Let’s find out what the guidelines of RERA are!

The RERA essentially has implemented five essential guidelines for the builders and developers concerning the under-construction projects and they are:

1. To ensure that the property that has been purchased is completed and delivered on time!

2. Developers will deliver what they have promised during the treaty acceptance; regarding the size of the property, amenities, and location, etc.

3. To ensure that the money taken from the consumer is specifically used to develop and construct what has been undertaken and is not unfocused to something else, which most builders have a tendency to do.

4. To make sure that the required certifications and permissions essential to develop a house or build for any other purposes are in proper place and duly followed!

5. To guaranty that if any alterations or changes are made by the developer to the booked project, they will get the approval of the majority of the consumers or investors first!

Whom To Trust?

If you want to be 100% ensured about the appropriateness of the property, land, design, and price; make sure to choose Indiabulls Real Estate – the best and top real estate company of India! For further details; browse www.indiabullsrealestate.com now!

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Created on Mar 19th 2018 06:39. Viewed 396 times.

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