1. Buy Your dream home quickly but safely
Over the years we have realized certain things which are important for the buyer/investor to remember before buying a flat/apartment/dwelling unit, but the 10 most
important ones (according to our opinion, are detailed below:-.
1. Legalit y: It's the most important thi ng to check befor e buying a flat. In every city there are local gover nment bodi es authorized to approve maps of any
building. Buyer must check the approvals before entering into agreement or contract.
2. Builder Reputation: As a buyer/investor it's your responsibility to check the history of Builder or Devel oper. Visiting past projects of the builder/devel oper to
evaluate quality standards followed by him, and commitment level with regards to completion/possession of the project.
3. Competitor W ork: Before signing on dotted lines, it is ver y important that the buyer makes a thor ough research on the work done by different builders in the
same location. By seeing different projects you will be in a better position to make judgement about Quality, facilities and Price.
4. Project Location (Future in Perspective): One should al ways choose the locati on. It is not necessar y al ways that project on main roads have location
advantage compared to the ones located on inside roads. Remember we are buying home not office. While selecting any location you shoul d check for basic
facilities like grocery store, schools, hospitals, public transport, etc.
5. Features & Specifications: Features are the building facilities and specifications are rel ated to facilities and amenities provided in the flat. Ever y
Builder/Developer gives host of features and specifications to lure buyers. The important part in this regard is to understand which features & specifications are
of real use and which are cosmetic.
6. Loan Facilit y: Generall y all reputed builders ar e registered with l eading Banks and NBFC's to provide H ome Loan facilities to their customer s. Whenever any
Bank or NBFC approves any project for home loan facility, they provide APF (Approved Project Finance) number to the builder. When customer applies for a
home loan, they can just quote the APF number of the project, submit their documents and get l oan sanctioned. With APF facility customer is free from the
stress of collecti ng legal documents of the proj ect and submitting them along with his own fi nancial papers. One good thing about project having APF number
from leading banks is that this assures you of sound legal & technical credentials of the project.
7. W ish list/Priorities: You shoul d have clear understanding of your wish list that what do you want? One thi ng we must all keep i n mind is that it's difficult to get
ever ything we want. As a consumer you should have absolute clarity on facilities or specifications for which we ar e ready to compromise and for which we are
not ready to compromise. Priorities must be clearly defined and you should stick to it before making decisions.
8. Budget/Add on expenses: Consumer must write down ther e budget carefully. Pr operty cost is not onl y the price paid to the builder but there are several add
on which you must calculate before finalizing the property. There are add on costs li ke club membershi p charges, par king spac e charges, service tax, stamp
duty, registration charges, electrification charges, transformer charges, preferred location charges (PLC), etc. Sum of all these expenses is your actual property
cost.
9. Area calculations: There are 3 terms which you will come across while buying any residential flat/apartment. These are C arpet area (The area withi n four walls
of the flat), Built up area (The area includi ng carpet area and area occupi ed by walls of flat) and Super built up area (The ar ea including carpet area, built up
area and proportionate of common areas). Generall y builder charges on the basis of super built up area and consumer must understand the calculation before
entering into the agreement or contract.
10. Price: Well, in the end it all comes down to Price one must do a compl ete survey about the prices in location/area in which he is planning to buy the
flat/apartment. But ther e are certain variables which must be kept in mi nd before you make a decision on the basis of price. These are facilities in the building,
specificati ons of the flat, location, possession date, quality of constr uction, etc. You must understand that the most economical to buy maynot be necessaril ythe
best. Comparison should al ways be done between equals. Also if you li ke any pr operty and you are not getting it in your budget, don't just wal k off but try to
negotiate with the builder/developer as I believe that you shoul d not let go your dream home for 5-10% difference between budget and actual cost. You never
know, negotiations might pay off. "Baat karne se hi baat banti hain ".
The Points mentioned above are not the only things to remember. These are the 10 most important ones based on our opinion and experience.