It pays to have a valuer

A large majority of people who decide to buy a property, after collecting photocopies/scanned copies of documents, rush to an advocate to get a legal report to ascertain whether the seller has legal title to the property and is competent to sell it Seldom buyers consult a chartered engineer/valuer to seek technical evaluation of the property. The technical evaluation starts with identifying the property in question, verifying documents such as Sale Deed, Khata Extract, Approved Layout Plan, Approved Construction Plan, and matching the property on the ground by a chartered engineer/valuer. He/she will evaluate the property by verifying the documents such as: Layout Plan and Commencement Letter issued by the local competent authority Site Release order issued by the local competent authority Land development completion certificate by the local competent authority Latest Khata certificate and extract with measurements of land and the built-up area Construction Plan approved by the local licensing authority along with commencement certificate Working plan of the unit, with measurements Construction details such as type of construction and specifications Occupancy certificate issued by the local competent authority Guidance value as fixed by the government authorities On satisfactory verification of the documents, the chartered engineer/valuer visits the property and conducts a thorough inspection, identifies the property, notes down many aspects which influence the value of the property such as the approach roads to the property, neighbourhood, amenities provided, common facilities, distance from market areas, banks, educational institutions, religious places, etc. If the purchaser, before booking the apartment, insists the builder may give the said common area statement with which the engineer can arrive at the proper super built-up area. Worth it By opting for a technical evaluation, not only the intending purchaser gets to know the technical soundness, fair market value of the property, and the actual sital area, built-up and the super built-up area, he/she stands to save a few lakhs of rupees, as explained above.