Things to Be Kept In Mind before Buying a Flat in Jaipur

buying a flat in jaipur

Buying a Flat in Jaipur

Property Price

The first step in selecting a house or apartment is to set a budget. It makes pre-selecting a house easier if you know how much you are willing to spend on it. Compare the price of the property in question with those surrounding it from various builders to get an idea if the builder has offered you a genuine quote. There are many ways you can get a property or buying a flat in Jaipur comparison in the area you are looking for.

buying a flat in jaipur

Buying a flat in Jaipur

Flat’s Carpet Area

Typically, the area of a property or the overbuilt area listed is the entire area, including the shafts, elevator shaft, stairwell, wall thickness, and others. However, the area of the carpet is the actual area within the floor walls. This may be 30 percent less than the built area or the area used to calculate the property price. In some cases, when an apartment is shared between two owners, the price of the common spaces is shared between the two.

Land Record

flats design

The land your floor is built on is crucial. You should investigate the quality of the soil and the topography of the land on which the house is built. The plot must also be free of all fees and be registered. Before buying a home, the property title must be verified and verified in detail. The deed provides all the details about the rights, property, and obligations towards the property.

Legal Check of Property

invest in flats

Make sure that the property is legally authorized to be built on the plot on which it is located. The developer must have the approval and NOCs of the area development authority, the water and sewer supply board, the electricity boards, and the Municipal Corporation. However, if you are taking out a mortgage loan, the bank in question will validate your ownership documents before the loan is sanctioned.

Apartment Possession

It has become a trend for late homeownership due to delays in business and residential plans. As a buyer, you should have a clear estimate of the timeline for ownership. Usually, a developer requests a six month grace period, however, there must be a valid explanation for it.

Financing Banks

 

loan from banks

You should be aware of banks that are willing or unwilling to finance certain builders. Due to a bad reputation, some banks do not offer loans to some builders. Therefore, it is very important that you verify with the banks that they are willing to finance the project in which you plan to invest.

Builder-Buyer Agreement

builder buyer agreement

When you select a flat or house of your choice, you can reserve it by giving a symbolic amount, in exchange for which you receive an assignment letter. Then, a tripartite agreement is signed between the buyer, the bank, and the builder for the rest of the amount. This agreement must be read and understood in detail before you sign it. All clauses should be clearly understood and if in doubt, should be raised at this point.

Location of the Flat

investing in real estate

Without forgetting, it is important to look around the area where you will eventually reside. The amenities, the physical infrastructure, and the reach to all the basic places are important to analyze. These factors will help you have a quiet life at home. The floor should be in a safe and secure place, offering some security to the families living on the floor.

Hidden and Additional Charges

no hidden charge

Make sure that all clauses in the documents are read in detail and the penalty clauses are understood. The builder must pay you a monthly penalty if you do not receive possession of the apartment within the grace period. Additional charges such as GST, stamp duty, mortgage loan processing fee, registration fees, and all other charges should also be considered.

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