NRI buyers: Be doubly cautious
arbitration clause in terms of conditions relating place or arbitrators. If required the buyer should insist on a sole arbitrator who is acceptable to both parties.
Before taking possession
Before taking possession, do verify the following documents:
* Completion certificate issued by the local municipal authority indicating compliance and suitability for occupation.
* Possession certificate from local municipal authority indicating completion and functioning of water, sewage and electrical connections.
* Society papers and bye-laws for maintenance of the project by the registered owners.
Marketing campaigns and smooth talk by sales executives should not be the criteria for decision on property investment in India. In order to avoid being in a frustrating realty situation, the NRIs need to cross check the developer’s reputation and the prevailing prices at the locality through government agencies, NRI forums, friends and acquaintances before entering into any property deal from abroad.
— The author is CEO, BankBazaar.com
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