What You Need To Know Before Buying An Apartment

  • What You Need To Know Before Buying An Apartment
  • April 9,2020
  • 1
What You Need To Know Before Buying An Apartment

Investment in a new flat or apartment is the most important decision that one makes in their lifetime and probably the idea which you have been nurturing since when you are too young. After years of planning and savings you can’t just go and buy the apartment that comes first to you and make the final decision. You are required to invest your hard eared money wisely and keep all possible pointers in mind prior to taking the leap and make final decision. Since buying an apartment involves taking huge sum of housing loan, followed by monthly repayments and paperwork, it is necessary that you are extra cautious when finding right property for sale in India and make final purchasing. Some of the key elements to consider when finding flats or apartments in India are possession date, location, pricing and more. But there are also other parameters which you have to look into prior to buying the new flat or apartments.

Property Rates
The very first step is to decide a budget for your new flat. Since you will be aware of how much to spend, this will help you shortlist the desired flat or apartment as per your fixed budget. Comparing the rates of the flats or apartments in the desired location will help you to get an idea about the rates. There are realty portals where you can compare the rates of different properties and apartments online and grab the cheapest and affordable flats as per your budget.

Carpet Area of Apartment
The apartment’s area or the super built-up area is actually the complete area comprising elevator space, shafts, thickness of walls and other elements. Carpet area is mainly the actual area within those walls of the apartments. Carpet area is basically 30% less than super built-up area and hence the total area of the apartment is calculated this way and the price is decided accordingly. So, when the floor is shared between multiple owners, the price of the common space is also divided into those owners of the property.

Land Record
The land on which the apartment or flat is developed or built is another crucial factor to consider when looking for India Property. You need to check the soil quality, its topography on which the apartment is developed. The plot on which the apartment is developed must have all dues clear and it should be registered as well. Prior to buying the apartment, its title deed must be verified and checked carefully. The title deed will let you know about the rights, ownerships and obligations towards the apartment.

Legal Checks for Apartment
Whether it is 3BHK or 2BHK Flats, you always need to ensure that it is legally authorized to be constructed on the particular land or plot. The builder or developer must have all approvals and NOCs from the Area Development Department of the region along with electricity boards, sewage boards, water supply and Municipal Corporation. If you are planning to take housing loan, then all these NOCs and documents will be validated by the bank or lender before sanctioning the loan.

Builder-Buyer Agreement
When you choose an apartment or flat of your desire, you book the apartment by providing a token amount and in return the builder or developer will give you an allotment letter. After that a tripartite agreement is signed between buyer and seller and also the bank for rest of the amount. So, you have to read and understand every point mentioned in the agreement before signing it. If you have any doubts, then ask it to the builder and make it clear then and there before signing.

Additional and Hidden Charges
Ensure that all the points and clauses in the agreement are read perfectly in details and also the penalty clauses must be understood before signing it. Builder usually pays their clients a monthly penalty for not delivering the possession within the stipulated timeframe. You need to look for such penalties. Moreover, home loan processing fees, stamp duty, GST, registration charges and other changes are the additional costs which you need to keep in mind.

Whether it is 2 BHK or 3BHK Flats, buying a property in India is the crucial decision in your life and hence you need to make wise and informed decision always while buying a property. Remember all these pointers before signing and sealing a deal.