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Things to look for before buying a flat

Investing in a new home is a significant decision that requires careful consideration. It may be an idea that you have been planning for many years, so it is important to keep all relevant factors in mind before making a final choice. Since buying a home may also involve taking out a loan and making monthly payments, it is essential to be cautious. While location, possession date, and price are important factors to consider when choosing a new home, there are other parameters that should also be taken into account.

Land Record:

The land on which your flat is built is an important aspect to consider. It is essential to research the soil quality and topography of the land where the house is constructed. The plot should be free of any outstanding debts and have proper registration. Before purchasing a house, it is necessary to thoroughly verify and examine the title deed, which provides information on the rights, ownership, and obligations associated with the property.

Legal check of property:

Before purchasing a property, it is important to confirm that it has been legally constructed on the plot and that the developer has obtained necessary approvals and no-objection certificates (NOCs) from relevant authorities such as area development authorities, water and sewage boards, electricity boards, and the municipal corporation. If you are obtaining a home loan, the bank will also verify the property documents before approving the loan.

Flat’s carpet area:

When looking at the size of a property, it’s important to understand the difference between the listed area, also known as the super built-up area, and the actual living space, known as the carpet area. The super built-up area includes spaces such as shafts, elevators, stairs, and the thickness of walls, but the carpet area is the area within the walls of the flat. This can be 30% smaller than the built-up area and is used to calculate the price of the property. In some cases, such as when a floor is shared between two owners, the cost of the common spaces is divided between them.

Property Price:

When searching for a new home, it’s important to establish a budget first. This will help you narrow down your options and make it easier to find a house that fits your financial plans. It’s also a good idea to compare the price of the property you’re interested in with similar properties in the area from different builders to ensure you’re getting a fair price. There are many ways to research property prices, such as looking at online listings, talking to local brokers, or checking newspaper classifieds.

Flat Possession:

It has become common for the possession of flats to be delayed, often due to delays in construction plans. As a buyer, it is important to have a clear understanding of when you can expect to take possession of the property. Developers often provide a six-month grace period, but it is important to have a valid explanation for any delays beyond that timeframe.

Financing Banks:

It’s important to know which banks are willing to provide loans for certain builders, as some may have a bad reputation and may not be willing to finance their projects. It is essential to check with the banks that are willing to fund the project you are considering investing in, to avoid any issues in the future.

Builder-Buyer Agreement:

When you have chosen a flat or house of your preference, you can reserve it by paying a token amount and receive an allotment letter in return. A tripartite agreement is then formed between the buyer, the bank, and the builder for the remaining payment. This agreement must be carefully read and understood before signing it. Any doubts or concerns should be raised at this stage.

Property Location:

It’s important to evaluate the area surrounding the property you’re considering. The availability of amenities, physical infrastructure, and access to basic necessities are important factors to consider. These will contribute to a comfortable living in the house. The property should be in a safe and secure location, providing peace of mind for the families living there.

Hidden and Additional Costs:

Make sure to read all the clauses in the documents carefully and understand any penalty clauses. The builder is responsible to pay monthly penalty if the possession of the flat is not given within the grace period. Additional expenses such as GST, stamp duty, home loan processing fee, registration charges, and other charges should also be taken into consideration.




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