Q: What precautions should be taken by home buyers while purchasing property?

Ans: 

1. We have seen that Supertech has become insolvent. The money of 25 thousand home buyers has been meshed.

Amrapali Jaypee, etc have become insolvent and went to NCLT.  The buyer should always buy ready to move property.

2. The payment should be in white. Suppose the bank will settle the amount of Rs 400 crores to Rs 200 crores, the home buyer will also not get the complete amount he invested. 

3. The home buyer should never opt for subvention scheme of loan.

4 .The land should be completely registered in the name of builder.

5. The project should not have bank funding.

6. If the buyer has not made the registration of flat, the mere possession is not ownership and he will have to claim in NCLT for registration. 

8. It is to be checked that installments of government land are timely paid.

9. Generally  the cases of consumer court , NCLT go into moratorium. So, the home buyers must claim at the earliest in NCLT because they have the status of financial creditors and can get some percentage of amount they invested.

10. Firstly, the home buyer should go in consumer court and if company goes in NCLT, the home buyers will have to file petition in NCLT.