Consider These Tips Before Buying An Apartment
Buying an apartment in India is one of the most important decisions one makes. There are various instances wherein a buyer is many a times deceived by the builder and is not aware about the facts and figures of the flat at the time of buying. There are several glitches which an investor faces based on the improper verification and diligence. Here are some tips which should be considered before buying a flat.
1. Ensure that it is a litigation free land
Before you invest in a flat, you should make sure that you enquire about the litigation of the land. The land should be free from any legal problems. Also the builder should have an approved plan and in case it is a ready to occupy flat/apartment to buy, demand the completion certificate from the builder. And if the flat is under construction, ask for the commencement certificate from the builder.
2. Carpet area VS Total area
Real estate companies and property dealers always quote the super area of the flat and use this measurement for calculation of the price of the property. However, the actual surface area of the flat will be slightly lesser than the quoted figure. This is called the carpet area, which is the actual floor area of the flat. The carpet area is usually just 80 per cent of the total area. The total area includes common spaces such as staircase, lobby, elevator space, shafts, and even the thickness of the outer walls of your house. Therefore, if a particular floor has four houses, then each house owner will have to shell out 25 per cent of the value of these common spaces.
3. Government permitted land
The land on which the flat is constructed should have permission by the government for construction purposes. These may include the correct land use permit, clearances from the electricity board, water board, the local registration body, and even permission from the military authorities in some cases.Based on the government registers, the land should come under the category of the ‘build-able’ land. In case the land doesn’t have the permission, it will fall under illegal construction.You have the right to see the permits and get them cross-checked with a lawyer
4. Clause for late possession
The timeline for the delivery of a project depends on many factors, such as shortage of funds in case units are not being sold, shortage of supply of raw materials and even heavy monsoon. Therefore, most developers seek a 3-6 month grace period for final delivery of the project. This grace period should be mentioned explicitly in the contract you sign with them. In case the possession is not handed over to you within the grace period, the builder will be entitled to pay you a monthly penalty. It will be better to include this clause in a third-party agreement, signed between the buyer, the builder and the bank.
5. Property taxes
It is very important that the property tax for the land is regularly paid to the corporation departments. The payment should be up-to-date and also the builder should provide you with a receipt of the latest tax payments.
6. Do not go by the sample apartment
A sample apartment is meant to attract customers and includes several furnishings that the actual flat won’t have. The ceiling is an important thing to watch out for. Sample flats have higher ceilings, which will mean bigger wall storage spaces. The use of glass doors is common, which give a sense of uniformity and, therefore, space. Glass-partitioned bathrooms, luxurious tiles and bath fittings, modular kitchen, etc. may not be offered in the actual flat. And in case you do want them, you may have to pay extra. Therefore, don’t go by what you see and inquire about each and every aspect of the house, even the type of wood that will be used for doors and the depth of the cabinets.
7. The ownership of the flat:
The investor should ensure that the flat has the right ownership and has completed all the legal formalities. Ensure that the owner owns the building legally.