Things to take care before booking your Apartment

1 Comment Sub Category:Property Buying Posted On: May 13, 2009

Buying a property or own home is everybody’s dream.  If you are buying a property for first time you may have number of doubts and confusions.  Before you go ahead and book your apartment in a new or upcoming project, do take care of these things:

Developer’s reputation

Reputation of builder plays a vital role in the quality and durability of building. Ensure you buy property from certified and known builders. This helps to avoid problems or risks in future.

Possession date

Buy property which is ready for possession. Remember later the possession date is costlier the property costs. You can get property at cheaper rate comparing to property which date of possession is one or more years. If there is any delay, you can ask for registration agreement and get them verified by experts or lawyers.

Super built up area

Super built up area, built up area and carpet area are important terms used by developers. These terms often get confused by a buyer. When buying a property know the terms used by developers.

1.  Carpet area is area within four walls of your home or property.
2.  Built up area is area including carpet area and area occupied by walls of your building.
3.  Super built up area is total area including carpet area, built up area and proportionate areas of common areas.

Certificates and approvals

Buyer can get legal documents and copies of certificates to ensure the building is constructed according to plan approved by the authorities. Ensure your property gets NOC certificate from respective authorities.

Before buying a property,  discuss with experts and real estate agents in your neighborhood. Buy the property only when you feel that it suits you the best. Visit as many as property as you can and select the best one from them.

Ensure you get all the documents of property and property is debt free.  If you are investing on your second property,  remember you have to pay income tax and wealth tax for the property that is not self occupied home. If you are buying property for renting,   it is recommended to consider area and location of property. These simple precautions help you to buy your dream home or property.

Also see the check list before buying a property

 

One Response to “Things to take care before booking your Apartment”

  1. Saurabh says:

    Since I am new to property buying, I have following questions.
    1. what is the rate of service tax on buying the property under construction? when it is required to be paid, during the construction or after it?
    2. how is home loan for the property under construction is disbursed, where the payment is required to be made progressively in line with the progress of the construction of the property? and how the EMI and interest is calculated?
    3. There are other charges, builder is asking for. such as water & electricity charges, maintenance deposit, club house, generator charges, legal fees. When are such charges required to be paid for a property under construction?
    4. When are stamp duty and registration charges required to be paid for a property under construction?

    thanks in advance for your kind assistance

    regards

    Saurabh

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