Wealth Guide: Pre-construction tips for buyers! Must check these details to ensure quality of your new home
"Before beginning any construction process, the primary goal is to acquire the entire site. Complete all legal processes that define you as the site owner or give you legal control over the site."
Building a house is a dream that almost everyone has. On the other hand, building your own home is no easy task. There are a number of details that must be investigated. However, no construction project can begin until all necessary legal pre-construction activities have been completed. This pre-construction process is a little difficult, but it ensures that your home or building is legally sound. Nidhi Aggarwal, Founder, Space Mantra, suggests major steps you must follow as a buyer to check the construction quality of your new home.
Tip - 1: Site control requires legal land clearance
"Before beginning any construction process, the primary goal is to acquire the entire site. Complete all legal processes that define you as the site owner or give you legal control over the site. Most financing sources will not release funds unless and until you have site control: i.e. property card, land demarcations, title and search report, all mutation entries (ferfar), society allotment letter, sale deed, and so on," Nidhi Aggarwal said.
Tip - 2: Obtain project funding
"No project can be successful if the finances are inadequate. So, before you begin any construction processes, ensure you have solid financing. Numerous banks provide construction and other types of financing for a single project. Because not all pre-constructional planning phases are sequential, the department of financing must remain vigilant because anything can happen at any time," she suggested.
Tip - 3: Architectural construction documents and approvals
"Third-party approvals are essential before beginning any pre-construction activity because construction cannot begin without approval from the local planning authority. In general, your project will be reviewed by three major parties:
- Approval plans and construction drawings
- Construction team and licences (contractor, architect, plumber, structural engineer) - Assurance of health and safety
- Precautions to be taken during construction - Local building codes," she added.
Tip - 4: Clearance of the site and installation of safety measures
"To begin construction, the building footprint and a 2m surrounding space should be cleared on site. The approach road to the construction site should be cleared so that construction equipment and trucks carrying building materials can easily access the site. Any accident on the job site can result in a legal stay. As a result, appropriate labour safety measures must be implemented," she explained.
Tip - 5: Prepare a Specific Project Management Plan
"As you progress by finalising the project's various components, you must invest time in tailoring elite project management practises and plans to execute it. If you want to keep your project on track, your team needs to understand the plan and be prepared to deliver it efficiently," she concluded.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
02:22 PM IST