Checklist when buying under construction property

Whenever you are buying under-construction property in Goa / off-plan property in Goa (or for that matter anywhere in the world), there are a number of things you should check to safeguard your investment. This is necessary, as sometimes, a place may have archaic laws, corruption, greedy builders, and many people out to make a fast buck - at your expense.

In Goa, it is necessary to have approval from all living family members for purchase/sale of ancestral property. This has obviously been done to safeguard everybody who has a legal right on a property. However, it makes the process of purchasing that much more complicated. In some places, a builder may start the construction without having all necessary approvals. The No Objection Certificate may be missing from, say, the Water department or Electricity department. The construction approval may be for, say, 3 floors, and the builder may build 4. Plan X may have been approved, and the construction may be for a Plan Y. The agreement between the owner of the land and the builder may be cause for concern. Construction in a particular area is limited by the regulations, for example, that clearly specify the setback (open space) needed in front of and around a construction, and the height of the building. Any construction that is close to the coast is also governed by the CRZ (Coastal Regulation Zone) rules.

To safeguard your investment, you should
- Buy properties in projects that are approved by a reliable bank like HDFC, ICICI, SBI etc.
- Hire a good independent lawyer, and
- Checking an older construction of the same builder

At GoaProperty.co.in, we are in a position to help you rule out certain projects that you may shortlist and narrow down to the best property for your particular requirements. We use our experience and local knowledge to work with you.