5 Tips Before Purchasing a Flat/Apartment in Thane

Thane, the city of lakes, has always remained an under-rated area in Mumbai. However, over the past decade or so, Thane has undergone a humongous transformation. The city has developed an urge amongst the high-end segment in India to purchase flats/apartments here. From the upscale residential projects in Thane to educational centres to hospitals to public transportation to essential amenities, everything has seen an uplift in Thane.

Thane maybe a prime spot to own a house today, however, there are certain tips homeowners should abide by before purchasing 1, 2, 2.5 BHK flats in Thane:

1)    Property price: Ascertain the budget and look for a property within that bracket. Some properties demand a considerable amount for the amenities they offer and the locality. Once the developer quotes a price, verify it with the neighbouring area’s properties. The property rates can be found in Thane’s supplement newspapers such as Maharashtra Times, Dainik Saamana, Navbharat Times and others, listed property portals and brokers in Thane.

2)    Builder-buyer agreement: The moment one books an apartment, they are provided a token amount. In return, the buyer receives an allotment letter. Then, the buyer, builder and the bank enter a three-party agreement to settle the remaining amount. This agreement is mostly in favour of the developer. So, the buyer should read the terms and conditions of the contract carefully. In case of any doubts, the buyer must clarify them at that point itself.

3)    Locality: Every buyer should thoroughly look around the area they will be eventually residing. This is crucial concerning the connectivity, malls, hospitals and other necessary facilities. For example, the Manpada area in Thane is in demand of late owing to the highway, Ghodbunder road, that connects to suburban Mumbai and the famous Viviana mall. One can find several 3 BHK flats in Manpada such as T Bhimjyani’s Neelkanth Woods or Neelkanth Greens, from where one gets access to the highway, best hospitals and entertainment.

4)    Flat possession: The possession of flat gets delayed, as the commercial and residential plan’s delay. Buyers should have a precise estimate of the timeline of the possession. Generally, developers ask for a grace period of 6 months. Nevertheless, builders must provide a valid explanation for the same.

5)    Hidden charges: Ensure to read all the documents and clauses carefully. Penalty levies on the builder if they do not provide the buyer with the apartment within the grace period. The buyer has to keep in mind the additional expenses such as GST, stamp duty, registration charges, home loan processing costs, and other charges before signing the agreement.
Buying a flat/apartment is a huge affair. Keep the tips mentioned above in mind before venturing into any residential projects in Thane.