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The enforcement of the Real Estate Regulation Act is going to prove a landmark regulatory reform that has happened in the country since last many years. As per the realty experts, the year 2017 is going to be the bumper year for the real estate market in India. The country would be on top priority in the list of preferred destinations for realty investments.
Well-supported by interest rate cuts making the home loans cheaper, the passing of the RERA bill by the Parliament of India, special focus on affordable housing, and the maturing finance industry, the realty dreams of many Indians would become a reality.
Buying a property is one of the most exciting and challenging tasks. It needs a heavy investment where you risk your hard earned money with an expectation to earn appreciable returns in future. A wrong investment can derail the family’s financial planning and jeopardize all other important things. Therefore, it is very important that you as a homebuyer should do your smart work beforehand in order to fetch good returns.
RERA, the new real estate law, is pro-consumer and gives you the benefit of clarifying all your doubts and queries from the builder or seller before making a final purchase. Here are some important points that you need to clarify from the builder before saying a final yes:
• Property Title: Once you finalize the property, check the builder’s paperwork and other details to know if the land is free from all sorts of litigation. Be sure that the property is built up on an undisputed land and is hassle-free.
• Construction Quality: While the project is in an under-construction phase, do a surprise tour just to check the quality of the materials being used. Arm yourself with as much information as possible about the construction products and discuss with the developer about the brands and materials being used. In some cases, the buyers can even pay a little extra to use a particular quality product.
• Sample Flat: As a well-aware buyer, you can always ask to have a look at a sample flat just to have an idea that how your apartment will look like, once completed. This way you can check on the construction quality and the area specified beforehand and can also consider the room sizes, etc.
• Carpet Area: It is important to ask about the built-up area if you are buying a house in an apartment living project. As per RERA India, the developers can’t charge on super area. Since they charge on a rate per sq. ft., it is advisable to go for the carpet area which is the built-up area of your home.
• Check for the other costs: Be aware of the actual price of the property and all other charges like registration costs etc., whether they are included or not.
• Project Completion: This is the most important question that needs to be asked from the developer. Untimely delays in project deliveries have led to huge losses to the buyers in terms of paying the monthly installments or rentals. As per RERA for homebuyers they need to confirm the delivery deadlines from the builder beforehand in order to avoid any kind of hassles later.
• Occupancy & Completion Certificates play an important role. Completion certificate is issued by the MC and given at the time of project completion. OC pertains to the bank loans and is issued to make sure that the project delivery is done without any issues. Incase OC is not given by the builder, then the RERA Number of the property should certainly be taken by the homebuyer.
• Payment Plan: Developers normally have tie ups with different banks or NBFC’s to offer loans at comparatively lowers interest rates. It is important to compare and consider the same in order to avoid any surprises in future.
• Check the builder’s previous track record: Always ask the builder about his previous projects, complete and the ongoing ones. How much time they have taken to complete them. For any other details on their projects, you can always check on Property portal like 360realtors.com. We are an online web portal that will mention about the past, current and upcoming projects of the big and small time developers across major cities of the country. We are a one-stop solution for all your realty queries and will guide you and assist you from start till the end, right from the property selection till your settling up in the new house.
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