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Wednesday, June 29, 2011

List of questions to ask when buying a flat in India

list of questions
Planning to buy a residential project that is under construction? Here is a ready list of questions that you should ask the developer. Get a proper answer on each of them and then go ahead with the payment.

1) Where is the proposed construction taking place, how is it accessed and what is being built?

2) What is the total land area under consideration for the project and what will be built? Is the construction going to happen in phases? If yes, how?

3) Which are the flats that are currently available and what are their sizes?

4) Is there a differential pricing policy based on floors or the orientation of the flats? (Higher floors and premium orientations may cost progressively more)

5) Are any modifications permitted in the flats? If yes, what kind of modifications/ upgrades are possible  and what is the procedure to action the same from the buyer's end?

6) Can multiple flats be combined to make a single flat?

7) What are the common facilities and features provided in the residential complex?

8) How is car parking allotted? What are the options. Read our article on car parking here.

9) When will my flat be handed over in a ready position to me. When can I start the fit outs? If there is a delay in hand over, what is the compensation that the buyer is entitled to. Where will this guarantee be formally promised? In the agreement for sale?

10) How do I initiate the booking of the flat?

11) What happens post the booking formality? When do I get a formal allotment? What is the payment schedule post booking and how time bound is it? (Remember that delayed payments on your end may be liable to late fines and interests. Clarify this as well.) When will the agreement for sale be signed? Are there multiple agreements?

12) Is the project approved for home loans from reputed financial institutions? Which ones? Who is the person to contact to seek a clarification or to apply for a loan? (Most developers have their dedicated personnel looking after their customers' loans from various financial institutions. However, you may use your own trusted person/ agent as well)

13) Are timely bank disbursements my responsibility? (In standard cases, this will be a yes). What are the documents that will be sent to me by the developer so that I can process the disbursements with my bank?

14) What are the extra charges payable by me apart from the flat cost? Clarify this in writing. Are there any escalation possibilities in the future? I don't want to pay more than promised in the future. Make that clear!

15) When will the registration take place? What will be the expected government circle rate then? (This will help you prepare for the stamp duty funds in time, even if its a rough estimate)

16) Who will maintain the project post delivery? For how long? What is the time frame for association formation and hand over of maintenance (along with the massive corpus deposit that the developer has taken from every flat owner!)

17) Who do I get in touch with for status updates, queries and interaction about my flat and the project?

These basic points should get the air cleared for you. Happy house hunting folks!

6 comments:

  1. It was worth reading this article, thanks for sharing such valuable information its going to be the very helpful while buying a flat

    ReplyDelete
  2. Massive amount of information provided. Thanks a ton.

    ReplyDelete
  3. Great Tips, really useful information about buying a property. Every property buyers need to know these things before buying a property. I like the way of your writing. Easy to understand for person like me who doesn't have much idea in property dealings. Nice blog. Keep posting.

    Sathish from Property Management Services in Chennai

    ReplyDelete
  4. Nice post, Thanks for sharing this valuable information with us.
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  5. You have wonderful views which are evident from your writings. Keep posting such kind of blogs as they are really informative, wish you good luck for your future blogs and hope they receive as much appraisal as you have got now.

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  6. Hi,

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