Buying a flat: Basics
Abinash is 45 years old and staying in Navi Mumbai in a rented flat. Three years ago, he had booked an 3 BHK apartment in Navi Mumbai after seeing the sample flat. The family were very pleased with the look and feel of the sample flat. After the possession, they are disappointed. It was nowhere close to what they had been shown. In the sample flat, the rooms looked big and perfectly done up, but the size of the actual flat is much smaller and material used is inferior. He is running from pillar to post to get justice. Most of the people are taken for a ride by the builders due to lack of knowledge about house or flat. Buying a flat is the dream of every one. It is important to know certain basics and tips in buying a flat:
Basics:
1. Check the approved master plan, location, sanctioned building/floor plan, details of carpet, area, built up area and super built area.
2. Verify ownership and “No encumbrance certificate” of the land
3. Terms of the allotment letter and the agreement with respect to
a. Composition of the total cost
b. Provision of cost escalation
c. Completion schedule and possession date
d. Forfeiture
e. Handing over possession and remedies in case of delay
4. Provision of services:
a. Car parking
b. Electricity/Water/sewerage/drainage/roads/parking etc.
c. Maintenance charges
d. Post construction warranties
e. Grievance redressal mechanism
5. Check whether the builder has provided fire safety system which is mandatory for multi storied complexes
6. Check whether the builder is offering extra services like security service, maintenance of the building and generator by collecting extra money at the time of purchase. It is more convenient if such services are offered.
Tips
a. Select the area which is close to the railway station, public transport, schools, Hospital, Park, Gym, shopping mall, etc.
b. The flat must have a balcony so one can enjoy the view or afternoon sunshine
c. Verify with the neighbors and flat owners, whether they had any difficulty while buying or later.
d. Inspect some of the other projects of the builder for quality, workmanship etc. Compare the quality of work of 2 or 3 other builders.
Real estate is a good option for Investment Planning. Get advice from fee-based certified financial planner in Navi Mumbai. Planner will guide you properly and also provide recommendation for your real-estate portfolio.