Protect your home investments

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You saved hard to purchase your home, and you’ll need to continue saving once you own a home. Most home buyers feel their investment is safe when developers tell them that all the necessary approvals from government authorities are in place, and that the project has also been approved by banks and housing finance companies. If banks have approved the project for a loan, then it would be fair to assume that the developer would have complied with all rules and regulations, for lenders carry out their share of due diligence.

That was until April 11, when the Allahabad High Court ordered the demolition of two 40-storey towers under construction at the Emerald Court project in Nodia being developed by real estate major Supertech.

The court order has thrown up a fresh set of challenges to home buyers. What is the extent of due diligence buyers needed to do on their own? This verdict has brought forth a new set of checks that a buyer should carry out.



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