Investing in a property is a big decision. It takes a lot of research and a lot of money. A buyer must ensure he does his research thoroughly before he signs the property contract. If he has reservations or preferences about something, he must communicate it with the builder and get it incorporated in his contract. Let’s say, for example that you are looking at flats for sale in Thane, with the hope of purchasing one. Here are a few things you should check before you purchase it.
Check the approval and licenses: After finalizing the property you must check if the builder has all his paperwork in place including the work commencement certificate, approved building plans, environmental clearance etc. Also ensure you ask for the land title status and see if the land has been bought by the builder or if they have only the developmental right. Say you are investing in some residential projects in Thane; you must check documents such as
• Title deed
• Release certificate
• Encumbrance certificate
• Certificates verifying land use
• Approvals by local body
• Property tax receipts
Check the banks financing the project: Since purchasing a home is an expensive business, builders are typically tied up with many banks. E.g. in Thane, there are renowned builders like Neelkanth Group by T Bhimjyani Realty, Godrej Constructions, Piramal Group, Lodha Group etc. Most builders can guide you with your bank loan. You can choose a bank that offers the lowest interest rates and matches your EMI budget.
Check the plans for infrastructure: Choosing a locality which has good infrastructure and civic amenities and other futuristic planning options is a safe bet as they can tremendously boost your return on investment. A locality with good schools, hospitals, shopping complexes and entertainment centres is ideal.
Verify the builder: It is very important to research the track record of the builder. You must check if the piece of land on which your apartment is being built is or is not under litigation. You can get a good idea about the builders’ reputation based upon their past and current projects. You could also post queries on various online forums about real estate to get an estimate of the builder from former clients. If you are buying a home in Thane you can trust builders like Neelkanth Realty, Godrej Constructions, Rustomjee Builders etc.
Consider the apartment size: Before you set out to purchase a flat, understand your requirement based upon your family size, future plans, locality and so on. It makes more sense to finalize your apartment, after seeing a sample flat. Most builders typically have a sample flat to show, but in case they don’t, ensure you read the fine print and see that the builder is not claiming to sell 1000 square feet 2BHK flats which are actually just about 800 square feet. Check the carpet area before purchasing.