Are you planning to buy a flat? If yes, there are a few things to be looked into before making the advance payment. Purchasing a flat is a substantial investment so you will want to make sure you get the most out of it. They do however often have a cheaper purchase price than the independent residences and the cost of maintaining the structure or share and allowing for substantial cash, returns and yields. Hey, my name is Balaji Pathernath and I know everything about this topic since I specialize in real estate and help people like you decide what's the best for you. If you have been subscribed by channel 8, I would suggest you to do so and also tap the bell icon so that I can notify you whenever I post new videos. So let's get started. So based on my experience, I can mention a few points in this video for people looking for houses post radar. Radha stands for Real Estate Regulatory Authority of India and there was a time when people would race to get into the project's pre-launched phase nearly to receive a low pricing. However, over time things have altered. The current buyer is well versed in the purchasing process having either burned his hand or done sufficient research before beginning his search for an apartment. The first thing you need to do is visit the Rera website and look for a specific project in the approved project section. Each stage's Rera webpage is different. So when searching on Google, type Rera Maharashtra or Rera Garnataka or something like that. Secondly, don't think of the project. If it is not on the approved list, if you believe you did not search correctly, ask the developer for the Rera number and you are all. If the project is authorized, there is a section where you may view the certificate. Each project is given a Rera certificate that is valid. The developers must renew the Rera certificate before it expands. Rera will be able to track the project's progress in this manner. Third, once you notice the project has been approved by Rera and that the certificate has a valid expiration date, you can proceed to the next step. You can then schedule an actual visit to the project. When you visit the project, please clarify basic legalities such as who is the owner, is it a sufficiently self-funded project or is it financed by a bank financial institution or if it is under construction, ask for a CC, CC stands for commencement certificate and if it is completed, ask for an occupancy certificate and check if it is a joint venture or a freehold property with own construction. Please also look around the project to see whether there is any Nala or high tension wire. If this is the case, ensure that the project is built by the NGT. NGT again stands for National Green Tribunal Regulations and if there is a lake, it should be 17 meters away from the boundary wall. In Rajakalwai, Bengaluru, there are three categories, primary, secondary and territory. With distance of 50, 35 and 25 meters respectively and these distances apply to projects that started after May 2016. Check that distance between the high tension wires is at least 100 meters. This is not a requirement but a personal recommendation. Now that everything is clear liking, let's go on to the next step. Please contact a background check on the financial soundness of the developer. If that's the case, the next step is to pay a small fee of save, 1 to 5 lakh rupees and request all legal documentation. Get a good lawyer and to look through it and give you an opinion. Simply follow the developer's standard payment plan after the lawyer's positive decision. And don't just ignore the project until it's ready after you have made your purchase. Continue to make random wishes every quarter to assess progress and work speed. The first thing is that until an up-ponsible meter is received, the buyer is protected under the radar. If you have booked a flat that is under construction, then you should know the importance of the completion certificate and the occupancy certificate. These certifications are not necessary while registering a property but most home buyers forget or ignore obtaining them from the previous owners or apartment builders or from the associations. Thousands of apartments in cities have been occupied without an occupancy certificate. The building plans for these units are often authorized but they do not receive OCs because they do not adhere to the approved building plan or because of other infrasions. Finally, state rules may make obtaining an occupancy certificate and a completion certificate necessary. According to these state rules, no one can enter a building under the developer uptends an occupancy certificate from the appropriate local administrative or civic organization. In the pretext of regularization, the corporation or most well-tuned might ask apartment owners to evacuate illegally occupied units or apply harsh penalties. So let's now understand what is the building completion certificate VCC. Following the conclusion of the building construction, the apartments builder or developer must apply to the local authorities for a building completion certificate. The city authorities will issue a CZ if the building construction is completed according to the building approval plan and if it is also meets the other building standards such as the distance from the road, building height, rainwater harvesting system and so on. And now let's understand what is occupancy certificate. The builder must get an occupancy certificate from the civic organizations once they have received the completion certificate. The OC certifies that the structure meets all needed construction standards and the local legislation that is a safe to occupy. Occupancy certificates are provided by local municipal authorities or the building proposal departments and they state that there are no objections to occupying the building in question or the indicated purpose. The OC is only issued once the building has been completed in every way and is ready to be occupied. Only the occupancy certificate establishes the owner's legal position of the flat. So the fundamental distinction between a completion certificate and an occupancy certificate is that a completion certificate conforms that the building was built according to a plan that was approved by the appropriate authorities. After that, all buyers will be awarded an occupancy certificate allowing them to take possession of their flats or houses. An occupancy certificate will not be issued if there are deviations of plus 5% to minus 5% from the approved layout plan. Deviation from the approved layout plan is a major problem in the real estate sector. The majority of the time the deviation is deliberate. The most common example is a difference in the FAR stands for floor area ratio or FSI floor space index. FAR is calculated by dividing the total covered area of the building on all floors by the plots, the blocks, the blocks. You have probably asked whether the issue of deviation from the approved layout design lies. So final FAR of the project is usually greater than the approved one due to different techniques such as extending slabs or using temporary construction. Using a lesser carpet areas also looked at as a deviation from the floor plan. So conclusion, yes, buying a home or a flat is very exciting. It is always advisable to do a thorough study and homework before finalizing a real estate deal. A delay of a few weeks is what rather regretting your decision later for life. However, you are committing a huge sum to buy your dream home. I hope this video was very helpful on your next property purchase. So I will see you in my next video. Thanks for watching this video.