Buying a home is a big dream for every human being because property/home/flat is a good asset for yourself, upcoming generation etc. Buying a home is the big investment decision of your life and will take up most of your savings.
If you are willing to plan, book your dream home then keep in mind while booking your flat.
1. Check Super Area Vs Carpet Area
Property Dealers and Real Estate Companies always refer to the super area of the flat and use this measurement for calculation of the price of the property. However, the actual measurement of a flat will be lesser than the quoted figure, might be 80% or might be 75 % of the super area. The super area includes common areas like staircase, lobby, shafts, elevator space and even thickness of outer walls of your flats. So, before booking home, you should also check super area and carpet area.
2.Do not go to buy Sample flat
A sample flat would be very attractive and have several furnishing that might be actual flat won’t have. Sample flat has higher ceilings, which will mean bigger wall storage spaces. Ceilings would also have plaster of Paris work, attractive light etc will be given an impression of space. Also, you can see the modular kitchen, bathroom, expensive titles etc, may not be offered in the actual flats. Therefore, check each and every aspect of flats and don’t go with sample flat.
3. Does the builder have all permits in place?
It is important to check that company having all the permits and clearance by authorities in place before the starting the construction of the buildings. Otherwise, you may be facing trouble when your possession. These may be include, clearance from electricity board, correct land use permit, clearance form water board, the local registration body and even the permission from the military authorities in some cases.
4.Check Clause for late possession.
The possession for the delivery of a project depends on many factors, such as shortage of supply of raw material, shortage of funds in case units are not being sold, some legal issue and even heavy monsoon. Therefore, most of the developer seek a 3 to 6 month grace period for final delivery of the project. This grace period should be mentioned explicitly in the contract, that you sign with them. In the case of delay of possession which crosses grace period, the builder will be entitled to pay you a monthly penalty.
Source: Investors Clinic