The city of Pune is developing at an extremely rapid rate. All across one can see new construction be it commercial or residential. This makes Pune an attractive investment opportunity. However, for a home-buyer it can also be over-whelming and confusing. We at The Scapers give you this checklist to help make your property buying decision easier.
- Check the Property Documents: It may be difficult for a non-legal person to understand all the details but here are a few things to look out for.
- Title Deed: This document is proof that the builder owns the property being sold and is legally allowed to sell it. The buyer should check the original title deed and not a copy.
- Purchase Agreement: A builder may verbally make many promises but you can only hold him/her responsible for those mentioned in the purchase agreement.
- Land Use Permissions: All land in the country is designated for particular usage. For example you have certain residential zones, industrial zones etc. If the land is not being used in accordance with the zoning laws, construction of the building can be hampered.
- Occupancy Certificate: In order for you to start living in your home, the builder needs to provide you with an occupancy certificate. Without this document, basic utility supplies such as water and electricity may be stopped by the municipality at any point.
- Check for Hidden Costs: When buying, it’s all too easy to just look at the base price being offered and forget about the rest. Other costs that need to be considered are registration charges, maintenance deposit, brokerage and even parking space charges. All these together make up the actual cost of your home.
Additionally check penalty clauses in your documents. For example, usually if the builder doesn’t hand over possession of the flat within a certain period of time s/he is expected to pay you a monthly penalty.
- Area: When it comes to the area of a flat there are a number of terms a builder may use such as the carpet-area, built-up area and even super built-up area. Educate yourself on each of these terms. The most important thing for you to ask your builder is the ratio of the carpet area to the super built-up area. The greater this ratio, the more space you will have within your flat.
- Find The Best Home Loan Rates: Spend some time looking for a bank or financial institution that suits your requirements. Usually Housing Finance Companies are slightly more lenient while determining loan eligibility. You also need to be aware of interest rates. Even the slightest difference in interest rates can make a huge impact on the total payout.
- Financing Banks: While most projects are associated with certain banks, it helps to find out who they are not associated with and why. Some banks do not support certain builders because of their previous reputation. Also if a bank or financial institution refuses to give you a loan, ask why. If it is because of the lack of documentation, this may be an indication that the property is illegal or disputed.
- Know your Neighbours: When buying a home, this is something that takes on a greater importance. The people in your neighbourhood are probably going to be living next door to you for as long as you are there. So, minute details matter. For example, if the neighbour has a pet, would it bother you in the long run? If there are elderly people living nearby would anything you do disturb them? Living in the same vicinity can cause some friction, so make sure you meet the neighbours before shifting in.
With this checklist in mind, we at the Scapers hope we’ve helped ease your property buying experience in Pune.