Every individual has a vision of what his dream home should look like. The number of rooms, the area per square feet, the locality, and the amenities available in the locality are a few of the obvious concerns when one sets out to purchase a home. That property investment is a life-long investment is a known fact. It is therefore essential to do a thorough research about the real estate agency from whom you choose to purchase your property. Many of us refrain from buying ready-to-move-in flats because there is little scope to make any changes or have some customizations done as per our requirement. Perhaps, this is why more and more people in Mumbai prefer to invest in under construction projects in Thane.
Irrespective of this, it does not matter whether you want to invest in a ready-to-move-in apartment or under construction property; here are some traps a lot of buyers tend to turn a deaf ear to.
1. It is of paramount importance to get everything in writing when you are buying a flat. As a potential homeowner, ensure you do not make the mistake of signing on everything without reading it. Ensure everything is agreed and negotiated before you sign on the dotted lines. If you are planning to invest in an under-construction property, then talk with the builder to understand timelines regarding project completion, possession period, repercussions in case of inability by the realtor to honour the commitments etc. Ask as many questions you can, but, ensure the answers are in a written format.
2. The property or apartment will be purchased from a builder, and hence it is important ensure that the builder has clear records. For the same, you might want to ask around, get in touch with the builder’s former clients, know if the project was delivered on time, and so on. In short, ensure the builder you plan to consider for new projects in Thane or any other city, is trustworthy. Builders like T Bhimjyani Realty, Piramal Realty, Lodha Group etc., are reputed names in the real estate industry.
3. As a potential homebuyer, it is important you ask for the commencement certificate of the floor. This certificate plays a pivotal role in case the construction is not done on time. Say for example, if the apartment you booked for is on the 10th floor, but the construction is completed only till 5th floor, then asking for this certificate proves beneficial.
4. Another vital aspect that cannot be neglected when investing in new residential projects in Thane and around is asking for the construction’s project drawing copy. This majorly includes duly stamped documents by the authorities, floor plan and so on. Apart from this, also check if the builder has the ownership of the land where the construction is going to take place.