1. Property Price: The first step in choosing a house or apartment is to set a budget. It makes it easier to shortlist a home when you know how much you're willing to spend on it. Compare the price of the property in question to surrounding prices from various builders to get an idea of whether the builder has made you a genuine offer. There are many ways to get a property comparison in the area you are looking for. Portal entries, area brokers, or newspaper entries are such sources.
2. Flat's Carpet Area: Typically, the listed area of many built-up regions is the total area, including shafts, elevator room, stairs, wall thickness, and others. However, the carpet area is the actual area within the walls of the floor. This can be 30 percent less than the built-up area or the area used to calculate the property price. Sometimes, when an apartment is shared between two owners, the cost of the common areas is split between them.
3. Land Record: The plot on which your apartment is built is significant. You need to find out about the soil's quality and the land's topography on which the house will be created. In addition, the package must be sent free of charge and by registered mail. Before buying a home, the title deed must be verified and thoroughly checked. The act contains all the details of the rights, ownership, and obligations concerning the property.
4. Legal Check of Property: Make sure the property is legal to build on its lot. The developer must have permits and NOCs from the area development authorities, the water supply and sewerage authorities, the electricity authorities, and the municipal corporation. However, if you take out a mortgage loan, the bank will validate your title documents before approving the loan.
5. Builder-Buyer Agreement: When choosing an apartment or a house of your choice, you can reserve it for a symbolic amount, for which you will receive an allocation notice. Then a tripartite agreement is signed between the buyer, the bank, and the builder for the balance. This agreement must be read and understood in detail before signing. All clauses must be understood and addressed at this point in case of doubt.
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