RISHABH, a young, urban professional earning a seven-figure salary, fell in love with a swanky pad on the seventh floor of a premium building. Impulsively, he decided to buy it.

He rushed to give the builder a booking amount and made his secretary oversee things since he didn't have the time.

Result: not only did he not get the house, he also lost his money in the bargain.

Rishabh, who had all the time to get multimillion-dollar deals for his clients, failed when it came to the deal of his dream house.

Why? The builder had approval only for six floors! Rishabh hadn't asked for a Plan Approval and Commencement Certificate.

The bank rejected his loan. The builder refused to return the money.

Here is a checklist for you if you plan to buy property.

i. Who owns the land?
Find out if the land is freehold (owned by the builder), or leasehold(leased to the builder by someone else). A leased landowner sets his own terms, and may charge a premium on the lease when it comes up for renewal. This will be an added and unanticipated expense for you.

If you want to buy property, confirm whether the builder is legally allowed to carry out the construction. If you need to, seek professional assistance to make sure the builder/ developer has a good title to the land.

While buying land, check details such as the survey number and village and registration district of the property, since these details are required for registration of the sale.

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