Buying your Dream Home Part 1: The Basics

Today’s women have not only progressed academically and socially but they also take major decisions like buying a property for her or as an investment. She looks towards securing her future. As her basic feminine instinct works she can get tempted by the fancy booklets and amenities listed in the brochures provided by the developers and make decisions of buying. The biggest investment of her life turns up into a never ending liability rather than an asset. There are various instances wherein a buyer is deceived by the builders. We are not aware about the facts and figures of the flat at the time of buying. She can face a lot of problems due to improper verification and diligence. Here are some tips which should be considered before buying a flat.

Single Home Buying Home

Check whether the land is litigation free: if the land has any legal problems and or case related to any legal issues, you might end up abandoning the flat for invalid reasons. Check whether the builder has an approved plan and in case it is a ready to occupy ask for the completion certificate from the builder. And if the flat is under construction, ask for the commencement certificate from the builder.

Government permitted land: The land on which the flat is constructed should have permission by the government for construction purposes as in ‘build-able’ land. Ask for a sanctioned building plan to know all the details.

Property taxes: The property tax for the land should be regularly paid to the corporation departments. The payment should be up-to-date and you should check for receipt of the latest tax payments.

The ownership of the flat: Ensure that the owner owns the building legally and has completed all the legal formalities.

Flat pricing: Check the current market prices and the rate offered to you should match the carpet area, built up area and the super built up area. Carpet area is the actual usable area of an apartment minus wall thickness. Carpet area is the area enclosed within the walls or you can say actual area to lay the carpet.  This area does not include the thickness of the inner walls. Built-up area is the carpet area plus the thickness of outer walls and the balcony.  Super built-up area is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc. The plinth area along with a share of all common areas proportionately divided amongst all unit owners makes up the super built-up area. This break up is extremely essential as builders can place anywhere from 65%-85% of the super built-up area as carpet area(It changes from city to city ). That means, if the price is quoted as Rs.1,000 per sq.ft. super built-up area, the carpet area could be anywhere from Rs.650 per sq.ft. to Rs.850 per sq.ft. If this breakup is not mentioned in the agreement, it has to be mentioned in the sale deed.

Stamp duty: The stamp duty is paid on the  purchase of the flat and the investor should enquire with the builder to reveal the hidden costs in the transaction process. The Actual cost is the summation of the stamp duty, registration and other charges.

Amenities: The investor should make sure that he is well aware about the number of facilities provided in the flat. Also if there is a membership fee of clubhouses, society etc. the investor should enquire and negotiate with the builder.

Appropriate walls and spaces: In most cases, the investor is cheated in terms of the space and width and length of the wall.