A fair number of real estate gurus suggest investing in upcoming development projects since they hold a great deal of ROI potential. But, such properties also pose a considerable risk of delayed delivery. If you plan to buy an office for lease in Gurgaon, here is what you can do to prepare and protect your investment in the

case of delayed possession.

Check Your Refund Rights

Adding a refund clause in the agreement is a great place to start. It helps in

circumstances where the property’s possession has been delayed for too long. If employed, this little trick legally qualifies the buyer for reimbursement.

Update Yourself on the State Laws

The government has laws in place that govern the rights of a property buyer. However, those regulations vary by state and should not be assumed.

Before you can get an office for lease in Gurgaon, check the rights and duties of all involved parties if the leased property is not handed over to the tenant on time.

Take note of the grace period allowed to the landlord as per the state-mandated laws. Also, identify permissible reasons for a delay in possession, if the state has specified any, to make sure that your claim gets validated without any issues.

Weigh Your Legal Options

RERA, i.e., the Real Estate (Regulation and Development) Act of 2016, allows a buyer legal recourse in case the possession deadline is breached time and again. If the office you took out for lease in Gurgaon isn’t handed over as per the plan, you can file a complaint with the local authority for denial of service, apply for a

refund, or appeal for compensation against the inconvenience caused due to the setback in scheduled possession.

Vet the Legal Paperwork in Advance

Prioritize paperwork in all stages of property purchase. In addition to verifying the

legal documents, like occupancy certificate, property title, government permissions, etc., also pay attention to the lease agreement.

Validating all legal aspects of the transaction before finalizing the office for lease in Gurgaon will help protect your investment in the future.

Always Notify the Seller Before Making a Move

If you choose to cancel the lease for an office in Gurgaon due to delay in delivery, it is wiser to inform the landlord/builder/seller in advance through a legal notice. A forthcoming notice often plays the role of a stimulant in hastening the delivery process, either via expressing due accountability or via the pressure of legal recourse.

The Best Tip to Avoid Possession-Delay: Choose a Reputed Developer

Galaxy Magnum Infraheights Limited is a leading Indian real estate developer with notable projects sprinkled across Gurgaon, Delhi-NCR, and Faridabad. Two of the

most innovative representatives of our diverse portfolio include The Magnum Towers and Magnum Global Park, located in Sector 58, Golf Course Extension, Gurgaon.

Magnum Towers is a high-tech commercial hub that offers ready-to-occupy offices for lease in Gurgaon’s most flourishing neighborhood. On the other hand,

Magnum Global Park is an under-construction property designed as a business &

leisure hub with premium office and retail spaces spread over 5.80 acres. Positioned on a 200-feet-wide road, both the properties are connected to Delhi-NCR via the

metro and national highway. Additionally, they offer:

• Three-level basement parking
• Astonishing architectural aesthetics
• Complete power backup
• Security
• Building management systems
• Energy-efficient facilities

Contact our teams to know more about these premium office spaces for lease in Gurgaon.