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BUYING TIPS |
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TIPS ON BUYING AN
APARTMENT
With 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:
Define your
requirements for a home
You want to buy an
apartment for self
occupation or for
investment.
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 balconies.
Decide on a budget.
You also have the option
of availing a housing
loan.
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Your location
preference -
Close proximity
to schools,
colleges,
hospitals,
supermarkets,
etc. |
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Would you
require an open
or covered
parking? |
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What about water
and power
supply? Is it
sufficient to
meet all your
needs and
demands? |
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What 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. ? |
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What are the
amenities
offered like
club house,
swimming pool,
gymnasium,supermarket,
etc. |
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Security and
maintenance. |
Check the Legal
Aspects
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Check whether
the property has
clear legal
titles |
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Carefully
scrutinize the
contract, and
consider a legal
review before
signing. |
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Ensure that the
developer has
entered into
proper
development
agreements. |
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Check if the
developer has
the authority to
sell. Scrutinize
the draft of
agreements to be
executed for
sale by the
developer |
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The sanctioned
building plan
should be
verified and a
confirmation
from the
municipal
authorities has
to be taken
about its
adherence to
building bylaws. |
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Be sure that the
developer has
acquired
approvals from
the Municipal
Corporation,
Area Development
Authorities,
Electricity
Boards, Water
Supply & Sewage
Boards. |
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Check if the
developer has
title and
possession,
including the
right to convey
transfer. |
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Check 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? |
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Ask for
completion and
occupation
certificates. |
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Check the
approximate
stamp duty &
registration
cost involved. |
Check the other
aspects
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Location of the
building. Also
check the
approach roads
and surrounding
areas |
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Check the
distance from
facilities like
schools,
colleges,
transport
facilities,
markets,
hospitals, etc |
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Find out the
general profile
of owners in the
building |
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Visit 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. |
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Check on
amenities
provided in the
building and if
any additional
cost is involved
for the use of
these amenities. |
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Check on the
availability of
uninterrupted
supply of
utilities like
water & power, a
good drainage
system. |
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