Buying an under-construction flat: a RERA, escrow and possession checklist

Under-construction homes can offer better prices and payment flexibility, but they need extra checks. This checklist covers the essentials. It is general information, not legal advice; consult a qualified lawyer before you sign.

Verify the project

• Confirm that the project is registered with MahaRERA and note the registration number, then check the details on the MahaRERA website yourself
• Compare the carpet area, possession date and layout on the RERA record with what you are being sold
• Ask for title documents and approvals, and have a lawyer review them

Understand the money

• Under RERA, developers must deposit a large share of the money collected, generally 70 percent, in a separate account used for that project's land and construction costs
• Prefer a payment plan linked to construction stages, not a large upfront share
• Ask for the all-inclusive price: base price, parking, club membership, GST, stamp duty, registration and maintenance deposit. Tax rates and charges change, so confirm current figures

Understand the timeline

• Check the possession date in the agreement; Prima Altiora's RERA possession date is stated as December 2030
• Read the clauses on delay, including any compensation the developer owes for late possession under RERA
• At possession, look for the occupancy certificate and inspect the flat before accepting

Sign only after you read it

Read the agreement for sale in full, including annexures. Ask for the draft in advance so you have time to review it. See also carpet area vs sale area.

Red flags

• Pressure to pay a large token amount before you have seen the documents
• No RERA number or one that does not match the project name
• Verbal promises that are not in the agreement
• Reluctance to share the draft agreement or approvals

After booking

Keep copies of every payment receipt and communication. Visit the site periodically to compare progress with the payment schedule, and ask for regular updates on construction stage.

At possession, inspect the flat against the specifications in the agreement before you accept it, and note any defects in writing.

Before you decide

If anything in the documents does not match what you were told verbally, ask for a written clarification before paying. A trustworthy developer will not mind.

Frequently asked questions

How do I check a project's RERA registration?

Take the registration number from the developer and search it on the official MahaRERA website to view the project details.

What is the RERA escrow rule?

Developers must deposit a large share of the money collected from buyers, generally 70 percent, in a separate account for that project's land and construction costs.

What is Prima Altiora's possession date?

The RERA possession date is stated as December 2030.