Buying a property is considered one of the biggest decisions one takes in life as it involves multiple factors such as financial planning, verification of the credentials, surveying the properties. Considering the huge rise in the buyers’ grievances towards realtors it becomes even more important to keep vigilance while purchasing the property.
Some important questions one must get answered by their shortlisted builder to make the investment worth the effort, time and money:
01. Is the project Government approved and has the land been properly acquired?
Before you finalize any property, you need to ask the realtor for the documents approved by government including the clearance and possession certificates. All these approvals are being done on the specifications listed by Real Estate Regulation and Development Act, (RERA) failing to which the construction process can’t be commenced. In most of the situations, the developers start construction even though the complete acquisition of the land has not been completed. And that lands you in the problem if you book a unit in the area which is not fully purchased. Home buyers can always take legal advice for all the property related matters.
02. Are all approvals being taken from respective authorities?
It is highly significant to verify that some approvals are received before the construction process starts:
- Building approval
- Water, Environment and Pollution
- Height clearance
- NOC must be taken from authorities like airport authorities
03. Need to know the difference between Built – up area, Super Built – up area and Carpet area?
Carpet area is the area enclosed within the walls, the actual area where the carpet is laid. This area excludes the thickness of the inner walls.
Built – up area comprises of the carpet area plus the thickness of outer walls and the balcony.
Super Built – up area comprises of the Built-up area and some proportionate area of the lobby, lift shafts, stairs etc.
Often developers interchange these terms even though they are related to different areas.
04. What are the amenities provided?
Before purchasing the apartment, ask and assiduously list down the amenities that the developer is promising to offer.
Visit the property site and verify if the facilities are actually being provided by the builder or rather he is just making baseless claims to attract the buyers.
05. Necessary to track the start and end date of the construction process?
Yes, this is important to note these dates and track them. Any kind of delay results in an additional cost burden to the buyer also.
06. What are the financial schemes and banks associated with the projects?
It becomes important for the buyer to know the financial schemes which the developer and the banks associated with them are offering.
07. What are the payment terms?
Payment terms are important to ensure that the buyer doesn’t face any unforeseen circumstances for any kind of payment delays.
Saya Homes, a pioneer and trustworthy real estate developer answers all the above-listed concerns of buyers and works on the principles laid down by the Real Estate (Regulation and Development) Act, 2016.