IntroductionBuying a property or residential flat is a dream for everyone. One should not take the decision of buying a home in a hurry. One should verify and ask for necessary details about the scheme or building. Once you have taken the decision to buy a house or flat based on your budget and city-location, followings care or precautions should be taken to finalize the deal.
Things to consider while buying a flat or home
Know Legal registry of land:There is always a legal registration of any immovable property or a land. Being a customer, you should ask for the registry of land from the builder in order to check whether the building is legal or not. The bank provides the loan only to registered land. This increases the genuineness of project or building being constructed.
Details of the building Know the built-up area (the total area on which the construction is done) and carpet area (the area where you can actually spread the carpet. This does not include the wall or pillar) and verify the same that is being given in information brochure. One should always make sure to get project's approved layout map to know the information about no. of tower or no. of flats being constructed.
Possession time Ask for the exact possession time from the builder and also ask for any grace period. Also, check for the penalty clause in case of late possession. Visit the RERA website and get the clause for possession time.
Know Payment schemeAlways understand the payment scheme i.e. the maximum amount of loan that a bank can provide, down payment based on the flat size or related terms.
Charges includedLook for any hidden charges including parking charges, power backup charge, society charge etc. Flat should be escalation free i.e. no price change after change in the price of cement, iron or any raw material.
Know your builder What is the credibility of the builder, his current projects status or past records in the construction and building matters. Visit RERA (Real Estate Regulatory Act) website and view the records of the development authority and the builder. Always know the rules formed under the RERA act 2016 to know the transparency and accountability in buying a real estate matters. This will save lot of future troubles.
Visit the location of buildingOne should actually visit the location to get the details about locality including hospitals, schools, nearby societies, railway stations etc. One can also get the information about the details and quality of raw material being used in the project. Do not always believe brochure.
ConclusionIt is always better to take extreme precautions while dealing with real estate matter because of huge money involvement. Always look for information about the built up area, carpet area, any hidden charges, possession time, builder and payment scheme. Make sure to visit the location to get locality details, status of construction and raw material being used in construction. Visit RERA website for any updates regarding.
A brief article about the key things to be kept in mind before the purchase of a flat or building. The list of documents that are vital are sale deed, mother deed, the home building approval plan from the respective authority, building Khatha extract, Tax paid receipt, better charges paid receipt, encumbrance certificate, completion and occupancy certificate.
Most important is to look for the papers that declare a "Clear Title" (no disputes or cases pending). Many states have online portals that can be accessed by potential buyers. For instance, in Karnataka, it is "Kaveri Online Services" ( please google for the website address).
We should not hesitate to scout for a reputed builder or seller, it may be a little expensive but it is worth the trouble. If buying a flat then it is important to check the amenities, free lung space, kids play area, lifts, car parks etc.
Whenever possible, it would be wise to approach a nationalized bank for the home loan. Although there would be some delay and paperwork involved, it would be beneficial because the bank would have it's own legal team to verify the deeds. When buying a property that has been listed at auctions, we need to be careful about the creditors already in line for the payments and the other potential beneficiaries in the family of the seller.