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Some important points to keep in mind while buying the flat?
›› Locality:- Proximity to workplace, educational institutions, hospitals, shopping areas, entertainment centres, transportation, pollution levels.
›› Quoted area of the flat i.e. Carpet, Built Up Area and super Built Up Area
›› Car parking space
›› Quality of construction
›› Reputation of the builder or seller
›› Sufficient water and electric supply, other utilities
›› Cost components: price, stamp duty, registration charges, transfer fees, maintenance charges, any other payments
›› Appreciation of the property for resale and rental.
›› Any other distinguishing features or advantages of the property
What is meant by Carpet Area, Built-Up Area & Super Built-Up Area?
Answer: Carpet Area is the area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls. It is the actual used area of an apartment/office unit/showroom etc.
Built up Area is the carpet area plus the thickness of outer walls and the balcony.
Super Built Up Area is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc. The plinth area along with a share of all common areas proportionately divided amongst all unit owners makes up the Super Built-up area. Sometimes it may also include the common areas such, swimming pool, garden, clubhouse, etc. This term is therefore only applicable in the case of multi-dwelling units.
How can knowing the Carpet Area, Built-Up Area & Super Built-Up Area of a flat help me in purchasing a flat?
Answer: This break up is extremely essential as builders can place anywhere from 65% to 85% per cent of the super built area as carpet area. That means, if the price is quoted as 1,000 sq ft super built up area, the carpet area could be anywhere from just 650 sq ft to 850 sq ft. If this break up is not mentioned in the agreement, demand that the vendor/ builder mention it in the sale deed.
Should I inspect a property before buying it?
Answer: Yes. It is important to inspect the property, probably this is the largest single investment you will ever make. You should know all the details of the property and need for any major repairs / modifications before you buy. You can crosscheck the commitment made by builder and actual implementation. A close inspection points out the positive aspects of the property, as well as the maintenance that will be necessary to keep it in good shape. After the inspection, you will have a much clearer understanding of the property you are about to purchase.
Few important points to check while inspecting…
Plumbing systems, drainage, water faucets and sanitary fittings.
Electrical systems, circuit breakers, wires, capacity of the electric meter, functioning of light fittings.
Roof, walls, ceilings, floors, paint work.
Foundation, basement and visible structures.
Doors and windows, latches, locks.
Structural stability of the building.
Checklist for buying residential or commercial property ?
›› Identify the property you wish to purchase.
›› Crosscheck of current market rates of property in the vicinity and last known transactions, current market trends.
›› Formulate commercial terms.
›› Distinguish between negotiable and fixed terms and conditions of the contract, eg. Price, payment schedule, time of completion etc.
›› Avail of services of Propmart for legal opinion, valuation or property related matters.
›› Sufficient water and electric supply, other utilities.
›› Check for clear titles of the property. Ask for photocopies of the all deeds of title related to the property to be purchased. Examine the deeds to establish the ownership of the property by seller, preferably through an advocate.Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any on the property must be cleared before completion of purchase of the property.
›› Finalise commercial terms of purchase of the property. Ascertain transfer fees, stamp duty and registration charges to be paid on purchase of the property.
›› Ascertain outgoings to be for the property i.e. property tax, water and electricity charges, society charges, maintenance charges.
›› Request Vendor to obtain, if applicable, consent, permission, sanction, no objection certificate of various authorities such as the (a) society (b) the income tax authority (c) Municipal Corporation (d) the competent authority under the Urban Land Ceiling and Regulation Act (e) any other authority.
›› If you are looking for loan for property purchase, contact financial institutions and ask for a pre approval letter, many options are available for loans. Propmart can also assist you for loan requirement.
›› Permanent Account Number of Vendor and Purchaser under Income Tax laws Payment of stamp duty on the formal agreement or document for transfer of the property, signing by both the Vendor and Purchaser and registration.
›› After payment of the entire sale price, take over legal possession of the property and check the receipt of original documents from the Vendor of the property.
›› Make sure that property holder’s name is changed in all related records, e.g. society, Electricity Company, municipal corporation, Index II etc.