Buying a property involves financial planning, surveying properties and verifying credentials before doing the enormous paperwork. However, you can take steps of your own and make your investment worth the effort. Below are some of the important questions that you as a new home buyer should get answers from the shortlisted real estate developers building the best property sites in India:
1. If the property title has been acquired?
The first and foremost question that you need to ask the builder is if the land has been properly acquired or not and if he has legal rights or not?
There are instances where developers commence construction before the complete acquisition of the land which means, 10% or 20% of the land is yet to be purchased and owning a portion of this property can land you in legal problems.
2. Are all approvals in place?
Sometimes when approvals have to be secured, developers have to be portion off a part of the land to either municipal authorities or government as open space reservation (OSR) which can later be developed as a recreation ground, hospitals, parks, or other public amenities. However, if the builder builds parking space or additional unit, it could lead to issues for the society and the occupants. It is important to check that some approvals are received before construction begins, such as:
● Building approval
● Water Environment and Pollution
● Height clearance
● NOC from authorities like airport authorities
3. Is there any difference between Super Built-Up Area, Built-Up Area, and Carpet Area?
Many times developers use these below mentioned interchangeably, but they signify very different areas. Below are their definitions:
● Carpet Area: It is the area of the flat which does not include the area of the walls, i.e. the area of a flat that a carpet can cover
● Built-up Area: Area covered by the walls in an apartment is called a built-up area.
● Super built-up area: The built-up area of lobby, stairs, lift, etc., constitutes a super built-up area.
4. Payment terms to developers?
You as a buyer should make sure about the payment terms with the developer. You need to know this to ensure if there are any late payment charges or not. When it comes to transparency, Ashiana- one of the best real estate developers in India. Other than that to protect home buyers, Government of India has passed the Real Estate (Regulation and Development) Act, 2016 or RERA Act.
5. Questions related to financial matters
What is the payment plan? What are the finance schemes and banks associated with the projects?
It is essential to verify financial schemes and the banks associated with them. A healthy track record between the two is beneficial to buyers as well.
With that, one more thing that you need to confirm with the buyer is that if the payment plan is possession linked (PLP) or construction linked (CLP). With PLP you 20-25% while booking, and the rest on possession whereas with CLP you pay as a construction of each floor is completed.
Now that you have a list of questions to ask your developer, what are you waiting for? Go ahead and get answers to your question and be clear about things before buying one.