BUYING AN APARTMENT
the emergence of nuclear families, the growing apartment
culture has been instrumental in breaking barriers and
offering the advantages of community living. Apart from
this, good apartments, offer its residents the
convenience of lifestyle facilities like a club-house,
swimming pool, gymnasium etc apart from increasing
aesthetic value of the development by creating visually
appealing landscapes. The security concern is also
minimized to a large extent with the hi-tech security
gadgets that good apartments offer today.
Read on, for a few tips to
guide you in making the right choice:
requirements for a home
You want to buy an apartment for self occupation or for
Your preference of apartment size? How many bedrooms do
you require? What should be the optimum size of each
room? Does it meet your present and possible future
requirements? This check should simultaneously be made
for sizes of living room, dining room, kitchen and
Decide on a budget. You also have the option of availing
a housing loan.
location preference - Close proximity to schools,
colleges, hospitals, supermarkets, etc.
you require an open or covered parking?
about water and power supply? Is it sufficient to
meet all your needs and demands?
are the specifications offered i.e. the kind of
floorings being offered, the tiles in all the rooms,
the quality of woodwork for doors, windows etc. ?
are the amenities offered like club house, swimming
Security and maintenance.
Check the Legal Aspects
whether the property has clear legal titles
Carefully scrutinize the contract, and consider a
legal review before signing.
that the developer has entered into proper
if the developer has the authority to sell.
Scrutinize the draft of agreements to be executed
for sale by the developer
sanctioned building plan should be verified and a
confirmation from the municipal authorities has to
be taken about its adherence to building bylaws.
that the developer has acquired approvals from the
Municipal Corporation, Area Development Authorities,
Electricity Boards, Water Supply & Sewage Boards.
if the developer has title and possession, including
the right to convey transfer.
if the transfer of property approvals have been
obtained from the statutory land development or
planning authority or competent authority
constituted under the Urban Land Ceiling and
Regulation Act and the Income-Tax Act. If so, have
the approvals been obtained?
completion and occupation certificates.
the approximate stamp duty & registration cost
Check the other aspects
Location of the building. Also check the approach
roads and surrounding areas
the distance from facilities like schools, colleges,
transport facilities, markets, hospitals, etc
out the general profile of owners in the building
the developer's earlier projects to check out the
quality of the construction,
landscaping, and other amenities. Find out about the
architects and the contractors.
on amenities provided in the building and if any
additional cost is involved for the use of these
on the availability of uninterrupted supply of
utilities like water & power, a good drainage