Property purchase is a significant investment for anyone. While location and price play a huge role in determining your purchase there are a few other questions that you should get answers for before you finalize your purchase.
Whether you are buying from a builder or single seller, you need to ask these questions before signing on the dotted line:
Carpet Area – Most project only declare the super built-up area that means that you will be charged for a square-footage that you never use including thickness of walls and certain common areas. Carpet area is the true area in which you will be living so its important to understand how much the carpet area for the space is. As per RERA builders cannot charge you a square foot rate based on the super built-up area anymore. They need to charge you only as per the carpet area hence it is important that you get a clear picture about that.
Quality of Construction – If the builder has previous projects that are completed then inquire with past buyers about the quality of construction. You should also check the tiles quality and the brand of bathroom fittings that they will be using for your project. If he is using third-party contractors for construction, then you need to check on the market reputation of these contractors about quality of construction.
Other Costs – Generally the price is quoted as square foot rate and this doesn’t include GST, registration charges, club house registration and any other fees that might not be included in the builder quoted price. GST has affected the cost of projects so its better to check the final price inclusive of all these charges before making a decision.
Check for Completion or Occupancy Certificates – If you are buying a completed project them demand to see the Completion Certificate before making your purchase. You can also check if all permissions from Municipal authorities have been obtained.
Litigation Issues – If you are buying from a single owner or resale properties, then make a check if there is any litigation or dispute about the property. Even a builder should be able to provide you with the agreements with land owners and clear papers that show that there is not pending litigations on the property.
Lastly, every builder has a separate payment plan. To plan your payments and if you need adequate time to apply for a loan, ensure that you get a detailed payment plan from the builder so that you manage your finances smartly.