Things to know before buying a flat

September 11th, 2010 Posted in Real Estate

Buy­ing a flat/apartment is one of the impor­tant deci­sions one makes. There are   instances in the past where investors were deceived by the builders. There are many prob­lems which an investor may face if a proper due diligence/verification is not done.

If you are plan­ning to buy a flat, cer­tain things you should be aware of which are as follows -

Lit­i­ga­tion free land

Ensure that the land on which the flat is being built; is free from any legal prob­lems. If you don’t check this you may end up in vacat­ing the flat as it might be demol­ished. Ensure that the builder has an approved plan.

If you are buy­ing a ready to occupy flat/apartment, ask the builder for  Com­ple­tion certificate

If you are buy­ing a flat/apartment under construction/yet to start, ask the builder for  com­mence­ment certificate

Gov­ern­ment Permission

Check if the gov­ern­ment has granted per­mis­sion for con­struc­tion of flats. As per the gov­ern­ment records, the land should come under the cat­e­gory “build able” land.  If the land does not have such per­mis­sion, this will be con­sid­ered as an ille­gal con­struc­tion. Ask the builder to show a sanc­tioned build­ing plan.

Prop­erty Taxes

Do ensure that all the required prop­erty taxes to the cor­po­ra­tion depart­ments are prop­erly paid and up-to-date. Ask the builder to pro­vide you with the receipt of the lat­est tax pay­ments to make sure that they are being payed.

Owner of the flat

Check whether the builder owns the build­ing or not.

Pric­ing of the flat

Cur­rent pre­vail­ing rate (Rs./sq. foot) of the area. Whether the rate offered to you matches with the car­pet area rate and the built up area or super built up area. Ask the builder to explain what is included “super built up”.

Facil­i­ties

Check what are the dif­fer­ent facil­i­ties pro­vided by the builder.

Stamp duty

Total stamp duty to be paid on the flat purchase.Ask the builder/real estate agent to inform for any hid­den costs in the entire trans­ac­tion. The total actual cost should be cal­cu­lated by includ­ing stamp duty, reg­is­tra­tion charges etc.

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Related posts:

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  3. Stamp Duty for real estate pur­chase — Hyderabad
  4. Stamp Duty for real estate pur­chase — Kerala
  5. Stamp Duty for real estate pur­chase in Mumbai

Comments

One response to “Things to know before buying a flat”

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  1. Thanks for the entry, I actu­ally learned a lot from it. Extremly good con­tent on this web­site. Always look­ing for­ward to new post.

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