When you start considering an investment in real estate, mostly your mind pictures a peaceful and happy home. People are entitled to such a luxury at the end of a tiring day. A home of choice is a high investment for all, both financially & emotionally, and hence has its own risks. So, considering the legal aspects before purchasing an apartment, bungalow, or investing in Chennai is vital. Property investments are everlasting and dynamic. All risks in property investment could be avoided simply by verifying a few existing documents. So, here are the key documents to verify:
1. Title-Deed Verification
Title-Deed is the foundation of a property or can be considered the Aadhar for land. The legitimacy of a property is known through the Title deed. Without a Title-deed a property cannot be purchased or sold, one can verify the title deed in the sub-registrar’s office and check the sole owner, legal status, and disputes. Make sure you check the physical title-deed of the property under the custody of the builder, developer, or owner and confirm it is not pledged.
2.Property Tax receipts
Every financial year, the builder or developer is required to pay all property taxes. This confirms the right nature, title, and extent of the property. Before doing any property investment in Chennai, ensure that there are no tax dues; failing to do so will make you liable for taxes and will cost you more. All details about taxes and receipts can be accessed through the sub registrar’s office.
3.Encumbrance certificate
This is one of the most important factors to deal with while investing in Chennai. Learning the history of a country is vital, similarly, learning the history of your investment is also vital. Encumbrance certificate or EC can be received from the sub-registrar at request and can also be accessed online. An encumbrance certificate provides transparency on legal history including disputes, legal dues, and mortgages. This will affirm that the property is not subjected to any complications.
4. Environmental clearance
If the built-up area of your real estate project is up to 1,50,000 sq metres, environmental clearance has been exempted. If it is more than that, a clearance certificate from the forest and environment department of the Central Government is mandatory. Confirming the issue of this certificate will guarantee a project that is not harmful to the environment. If the project is larger, make sure to check the environmental clearance.
5.Check RERA Registration
After 1st January 2020, all real estate developers are bound to register under the RERA (Real Estate Regulatory Authority) act. If the property developed is 500 sq.ft. or more and if the number of apartments is 8 or more inclusive of all phases. This registration is to ensure that the building or property is in accordance with all rules and regulations. RERA registration is mandatory for all projects or buildings that have no completion or occupancy certificate. So, while you are starting the process of investing in property in Chennai or other cities, be aware of this registration and check the necessary details.
6. Sanctioned Building Plan
Every project will have a sanctioned building plan approved by the concerned authority, like the CMDA (Chennai Metropolitan Development Authority) in Chennai. Only after obtaining this, construction work can be started. This sanctioned building plan is issued by the authorities after obtaining the necessary documents from the developer, which are in compliance with the existing legal building norms. Make sure that you verify this document to avoid legal complications in the future.
7. Occupancy Certificate
Check the occupancy or completion certificate before performing Grahapravesam or housewarming in your newly purchased home. This indicates that the project is built according to rules and regulations. An occupancy certificate makes the building legally occupied.
Many of these legal aspects might sound hectic, but it is essential when considering property investments in Chennai. Investors or owners can make a great loss or get into disputes when legal aspects are ignored. In your busy life, these things will add up to extra tension. That’s why SPR City Perambur provides transparency in all legal documents and receipts to make it easy for investors and home buyers. SPR City keeps all the legal complications at bay, enabling you to relax peacefully in your newly bought home.
To know more visit www.sprindia.com
