The Tool Desk
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Evaluate the specific project and every entity behind it before you book—not just the developer’s brand or a sales presentation. Collect the promoter’s audited accounts, project-regulator filings, project-bank information, land and mortgage records, approvals, insolvency searches, and evidence of construction progress. Then reconcile those records with the promised schedule and your agreement-for-sale. A financially strong parent company does not prove that a project subsidiary has the cash, approvals, or authority to finish your building.
The regulatory examples in this guide are from India, where state Real Estate Regulatory Authorities (RERAs), corporate registries, land records, and insolvency records provide important evidence. Buyers elsewhere should use the equivalent local project regulator, company registry, insolvency register, and land or charge records. Registration or compliance is useful evidence, but it is not a guarantee of completion, solvency, or recovery.
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Start by building a documentary file for the exact unit and project. Do not treat a brochure, website, or brand name as proof of who owns the land, receives your money, or must deliver the property.
- List every contracting entity. Record the legal names of the project promoter, landholding company, construction company, project subsidiary, and the entity named in the booking form and agreement-for-sale. Map ownership and guarantees between them. Ask why a different company is collecting your payment or signing the contract.
- Save the regulator record. For an India RERA-registered project, download the official project page and filings. Confirm the promoter, phase, land details, approvals, financial disclosures, quarterly updates, declared completion period, and whether the unit being offered belongs to the registered phase. The Ministry of Housing and Urban Affairs’ RERA FAQ describes the information categories that should be available.
- Obtain audited accounts. Request the latest available audited statements for the actual promoter or project entity and, where relevant, consolidated group accounts. Keep several years so you can see trends in debt, cash, receivables, current liabilities, operating cash flow, related-party balances, contingent liabilities, and auditor qualifications or emphasis paragraphs.
- Reconcile project money and progress. Compare the project’s audited account, reported construction percentages, certificates, and buyer-payment schedule. In India, the annual project-account audit is intended to check whether collections were used for that project and whether withdrawals matched completion progress; it is not a universal corporate leverage test.
- Check project-level cash separation. Rules differ by state. For example, the Himachal Pradesh RERA FAQ describes a separate bank account for each registered project and deposit of 70% of allottee receipts into the earmarked account for construction and land costs. Verify the rule and filings that apply to the project; an account balance alone does not guarantee completion.
- Inspect borrowing and security interests. Ask which lender has a mortgage or charge over the land or project, what assets are encumbered, and whether a lender’s no-objection certificate (NOC) or permission is required to sell your unit. Have a property lawyer review the title, charge records, release mechanism, and unit-specific documents.
- Verify approvals and the completion path. Obtain copies—not just approval numbers—of sanctioned plans, environmental or utility permissions where applicable, commencement permissions, and any conditions. Check that approvals cover the building, floor, phase, and use you are buying.
- Search insolvency and material disputes. Check the appropriate insolvency register, court databases, company filings, and land records. Ask for written disclosure of material proceedings, defaults, lender enforcement, and prior project cancellations. An insolvency process can treat project cash flows and homebuyer claims in complicated ways.
- Stop when evidence conflicts. Missing filings, stale quarterly reports, qualified audits, unexplained related-party transfers, mismatched entity names, mortgage restrictions, or construction that does not match reported progress require written clarification before payment.
Organize the records by date and source. Keep the downloaded regulator page, audited PDF, title and charge search, approval copies, payment schedule, and every written response from the promoter. This makes later legal or accounting review faster and helps expose changes between the sales pitch and the contract.
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How do you read a developer’s financial statements?
Use the statements to assess direction and liquidity, not to apply a single “safe” ratio. No regulator-prescribed debt, cash, or current-ratio cutoff predicts whether a developer will finish a project.
Look for these movements across several periods
| Area | Questions to ask | Why it matters |
|---|---|---|
| Debt | Is total borrowing rising faster than revenue or operating cash generation? Are maturities concentrated in the next year? Are interest costs being capitalized or paid? | Rapidly increasing debt or near-term refinancing needs can make a project vulnerable to sales delays and rate changes. |
| Cash and liquidity | How much unrestricted cash exists? Is cash trapped in a project account, pledged, or offset by overdrafts? Can current liabilities be paid as they fall due? | A large headline cash balance may not be available for this project. |
| Receivables | Are customer and related-party receivables growing faster than collections? Are old balances written down? | Uncollected receivables do not fund concrete, labor, interest, or approvals. |
| Operating cash flow | Does reported profit convert into cash? Are advances from buyers masking negative operating cash flow? | Construction requires cash at milestones; accounting profit alone cannot pay contractors. |
| Current liabilities | What is owed to contractors, lenders, authorities, and buyers within 12 months? Are payables repeatedly rolled over? | Unpaid vendors or tax and statutory dues can interrupt work or trigger enforcement. |
| Audit report | Does the auditor include qualifications, emphasis of matter, going-concern language, or uncertainty about recoverability? | These passages may identify risks that the balance sheet totals conceal. |
| Related parties and contingencies | Are loans, guarantees, land purchases, or advances concentrated within the group? Are lawsuits, guarantees, or disputed taxes material? | Cash can leave the project group, and contingent claims can become immediate obligations. |
Read the notes, not just the income statement. Identify land inventories, work in progress, unsold stock, customer advances, secured and unsecured borrowings, pledged assets, and guarantees. Ask the promoter to explain large year-to-year changes in writing. A qualified chartered accountant can translate the notes and test whether the project entity’s figures reconcile with the regulator filings, but a professional review cannot guarantee delivery.
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How can you test whether project money is actually available?
Project-level evidence matters because a healthy parent can leave a weak subsidiary without funds, while a young project company may have little standalone history but strong documented financing and ring-fenced controls.
- Identify the project account. Confirm the account name, bank, permitted uses, signatories, and applicable withdrawal controls. In India, the 70% earmarking example comes from Himachal Pradesh RERA and should not be generalized to every state or country.
- Compare inflows with construction. Match buyer collections and lender disbursements to certified work completed, land costs, statutory payments, and contractor invoices. Large collections with little visible progress need an explanation.
- Compare remaining work with expected receipts. List unfinished structure, services, finishes, infrastructure, approvals, handover obligations, and defect liability work. Compare their likely funding sources with scheduled buyer installments, lender commitments, and unrestricted cash. Public filings may not provide an independent cost-to-complete analysis, so obtain one from an independent quantity surveyor or engineer where the exposure is material.
- Check withdrawal certification. Review the architect, engineer, or chartered-accountant certificates required by the applicable regulator. Verify signatures, dates, project phase, and whether the certificate relates to your building rather than a different phase.
- Ask about shortfalls. If the remaining budget exceeds identified funds, ask for the documented source of the gap: committed construction finance, sponsor equity, additional sales, or another approved facility. Do not treat an oral promise or a future launch as committed funding.
A home-loan approval is not a substitute for this work. Reserve Bank of India directions assign monitoring responsibilities to lenders; they do not make the lender a guarantor of your completion date or recovery.
How do RERA filings help, and what can they not prove?
RERA filings are a valuable project-level record in India, but they are evidence to analyze rather than an insurance policy.
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Review the promoter identity, land and title disclosures, sanctioned plans, approvals, financial details, quarterly progress reports, complaints or orders, and declared completion date. The Ministry of Housing and Urban Affairs FAQ states that project accounts are to be audited within six months after the end of every financial year by a practising chartered accountant. It also describes a 30-day period for the regulator to register a compliant application; that is an administrative period, not a promise that a particular project will be approved or completed within 30 days.
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Quarterly filings deserve special attention. Telangana RERA’s Circular-II, dated 18 March 2025, says, “The authority has taken a serious view of them, since the filing of QPR is very critical to monitor the financial strength of the project.” Treat missing or late reports as a request for explanation, not automatic proof of failure. Compare each reported milestone with dated photographs, site visits, independent engineer observations, and payment demands.
RERA registration does not establish that the promoter is solvent, that all land disputes are resolved, that every approval remains valid, or that a buyer will recover money quickly after a default. Check the project phase and unit carefully: a registration for one tower or phase may not cover the inventory being offered.
What should you check about mortgages, charges, and lender permissions?
Determine whether the land or project is mortgaged and how a valid release for your unit will occur. RBI directions address mortgage disclosure and permission for sale, but the practical requirement depends on the documents and lender involved.
- Search the land and company charge records using the legal owner and promoter names, including earlier names and subsidiaries.
- Ask for the lender’s sanction letter or project-finance summary showing the charged assets, permitted sales, escrow or controlled-account arrangements, and release conditions.
- Confirm whether the booking form and agreement require an NOC before registration, possession, or transfer. The clause should identify who obtains it, by what date, and what happens if it is not issued.
- Have a local property lawyer verify title continuity, development rights, power of attorney, encumbrance certificates, and the precise mechanism that releases your apartment from the mortgage.
- Do not assume that paying the developer automatically clears a charge. Obtain written evidence of release or the lender’s direct confirmation through the documented process.
How do you compare two developers or projects?
Use the same evidence categories for both options and describe what is known, missing, and impossible to conclude. Avoid labeling either developer “safe” based on reputation alone.
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| Comparison axis | Evidence to place side by side | Decision question |
|---|---|---|
| Financial reporting | Recency and completeness of audited accounts, qualifications, debt, cash, receivables, operating cash flow, current obligations | Which option shows clearer, more current liquidity and fewer unexplained movements? |
| Project funding | Separate account evidence, audited use of collections, lender identities, charges, NOC requirements, committed finance | Can the project demonstrate funding for remaining work without relying on an unsupported sales forecast? |
| Execution | Quarterly reports, dated site evidence, independent progress certification, delivery history, approvals, remaining schedule | Does physical progress support the promised handover path? |
| Entity and legal clarity | Landowner, promoter, construction entity, agreement counterparty, guarantees, insolvency and court searches | Who legally owes you delivery and repayment, and can that entity perform? |
| Payment protection | Milestone-linked installments, cancellation and refund terms, delay remedies, possession conditions, charge-release wording | Does the contract limit your exposure if evidence deteriorates? |
Write a short evidence memo for each project: documents received, documents missing, contradictions, questions sent, answers received, and unresolved risks. A project with less glamorous marketing but complete, consistent records may be the more defensible choice.
Which warning signs should make you pause?
No single warning sign proves insolvency, but several together justify stopping payment until an independent review is complete.
- The booking entity, promoter, landowner, and agreement counterparty have different names with no clear explanation.
- Audited accounts are unavailable, unusually old, qualified without a satisfactory explanation, or inconsistent with regulator filings.
- Debt, related-party advances, unpaid contractors, or current liabilities rise while operating cash flow remains weak.
- Quarterly project reports are late, missing, copied across periods, or inconsistent with dated site evidence.
- The promoter refuses to identify the project bank account, lender, charge, or NOC process.
- Approvals are represented by application numbers, screenshots, or verbal assurances rather than verifiable documents.
- Payment demands are not tied to measurable milestones or require a large early payment before approvals and title evidence.
- The promised completion date changes without a revised, documented schedule and funding explanation.
- There are insolvency petitions, lender enforcement notices, major land disputes, or repeated defaults that are not disclosed in the sales material.
Send a written list of questions and set a deadline. If answers are incomplete, obtain legal, accounting, or technical advice before paying. Do not sign a “non-refundable” booking form merely to preserve a sales offer while fundamental evidence is missing.
What should the booking form and agreement protect?
Financial due diligence is strongest when the contract limits the amount at risk and ties payments to verifiable events.
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- Name the correct promoter and project entity, with the landowner and any guarantee or support undertaking identified.
- Attach or clearly reference the approved plan, unit specifications, parking allocation, common areas, possession date, and permitted extensions.
- Make installments milestone-linked rather than date-only where local law permits, and define the certificate required for each milestone.
- State who must obtain lender NOCs and release the unit from charges before registration and possession.
- Specify interest, delay compensation, cancellation, refund timing, set-off, and dispute-resolution rights, subject to applicable law.
- Require notice of material changes to ownership, financing, approvals, project phase, or completion schedule.
- Ensure the contract does not silently replace the registered promoter with an unrelated collection or construction company.
Have a lawyer in the project’s jurisdiction review the final document. RERA disclosures and audit rules do not eliminate the need to read the contract or verify local requirements.
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When is a professional review worth paying for?
Professional review is especially useful when the project is highly leveraged, the promoter is a new project company, the statements contain qualifications, the land is mortgaged, the records conflict, or the purchase represents a large share of your savings.
A chartered accountant can analyze statements, project-account movements, related parties, debt maturities, and withdrawal certificates. A property lawyer can verify title, development rights, charges, lender permissions, and agreement remedies. An independent engineer or quantity surveyor can assess whether reported progress and the remaining-cost narrative are credible. Give each professional the complete file and ask for written assumptions and limitations.
What does a reasonable conclusion look like?
The conclusion should be evidence-based and conditional: identify the entity that owes delivery, the cash and finance available to the project, the work remaining, the approvals and charges still outstanding, and the protections in your contract. State what cannot be verified. “Proceed only after the promoter supplies the missing lender NOC and reconciles the project account” is more useful than calling a developer safe or unsafe.
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Frequently Asked Questions
Does RERA registration guarantee that my apartment will be completed?
No. Registration gives you a regulated project record and disclosures, but it does not guarantee the promoter’s solvency, uninterrupted approvals, completion, or speedy recovery after default. Review the project’s funding, progress, charges, and contract separately.
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Should I rely on the developer’s parent-company balance sheet?
Only as part of the picture. The parent may not control the project subsidiary’s cash or obligations, and a guarantee or support undertaking may be limited or unenforceable. Obtain the project entity’s accounts and document exactly who signs your agreement.
How can I verify that a construction-progress certificate is genuine?
Check the issuing professional’s name, registration details where published, signature, date, project phase, and the work covered. Compare it with regulator filings, payment demands, dated site evidence, and an independent engineer’s inspection when the amount at risk is significant.
What if the project is not registered with a regulator?
First determine whether registration is legally required for that project, phase, size, or location. If it should be registered but is not, pause and obtain a written legal explanation; use the local company, land, approval, charge, and insolvency records to fill the information gap.
Can a bank’s home-loan approval prove that the developer is financially strong?
No. Lenders perform their own underwriting and monitoring for their loan exposure. Approval does not guarantee construction, possession, title release, or repayment of your equity, so continue with project-level and contract due diligence.
