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10 things to consider before buying an apartment in Bangalore

Investing in a home or buying an apartment in Bangalore requires one’s whole life’s savings to be invested and so being cautious and careful is inevitable. Legal hassles in real estate are pretty common and so it is not desirable at all to be entangled in such problems for which a preventive measure is necessary. Although some of the main factors to be considered are location, price, social infrastructure, growth prospects of the area, date of possession, and the reputation of the builder, there are still other factors too that needs to be considered and a thorough due diligence has to be carried out before zeroing in on a new flat or a house. Here are the steps or the factors you should consider while buying a home, property or an apartment in Bangalore.

Price:

You need to fix a budget before you even consider house shopping. If you categorically know how much you can spend on it, you will be able to determine which type of property to look for and which builders to consider. Prior to deciding, it is crucial to find similar flats and properties in the surrounding areas. There are many ways you can compare properties in the neighboring areas, such as using portal listings on online aggregators, talking to brokers in the area, or using newspaper listings and other such sources.

Land details:

Often, the root of real estate disputes is that the building site is being occupied by something illegal, such as farmland or a squatter. And when building on land, legal aspects and property records must be investigated and search for any Khata blocks that could complicate matters. The plot of land on which the property is built must be owned clear of all liens, fines and penalties and properly recorded in the developer's name. Scrutiny should be made by visiting the registrar of land's office and the details should be found in the deed, which would include all the particulars of ownership and its rights.

Undivided Share (UDS):

It would be divided between the people who are involved, which includes flat owners and owners of undivided shares. You will have to find out what proportion you will get to your share, because it can greatly affect the land's worth.

Carpet Area:

In a quote for an apartment, the common areas, elevators, stairs, and all common areas are included and shared by all flat owners. However, the carpet area is the living area inside the apartment or the flat for sale, excluding any walls. If the builder quotes you a super-built up area, insist that he also tell you the carpet area, typically 70% of the built-up area, which is the living area at your disposal.

Legal Checks of the Property:

One of the most crucial steps in determining the legitimacy of the property is to determine whether or not it was legally built on the given land. The developer or the builder should have approvals from all the authorities and a NOC from the local authorities like the BDA or the BBMP, the water supply board, and the sewage board, as well as from the municipal corporation. It should be mentioned that when banks approve a project, they're agreeing to fund loans. So any time a bank agrees to fund a builder's project, that builder's paperwork is in order. Nevertheless, homeowners ought to check these before selecting a house and signing any agreements.

Date of Possession:

RERA stipulates that a project must be delivered within a specific time period and dictates a maximum duration for the delivery, yet it is always important to check whether the developer has delivered the projects on time. Buyers need to have a clear timeline for the completion of the project and the date of possession, even though the normal extension period is six months for any project with a valid explanation. Regardless of the choice you make, it is always useful to check out the developer's past and ensure the project can be completed on time. It is always advisable to choose developers who are known for completing projects in a timely manner.

Buyer-Builder Agreement:

You get an allotment letter from the builders when you advance the token money and book a flat or an apartment for sale. After this, the builder, home buyer, and bank enter into a tripartite agreement regarding the rest of the amount to be paid by the bank upon completion of certain stages of the construction. Homebuyers should thoroughly read and understand this contract, clearing up any doubts or difficulty they may have.

Financing Banks:

We would be well advised to invest in the bank-financed and bank-approved projects, because bank check-ups will always certify that the work and the builders are on the up and up. On the other hand, should the builders have less-than-squeaky-clean backgrounds, then the bank refuses to grant the loans. Projects like these should be avoided unless you're absolutely certain.

Location & Infrastructure:

Finding the location of the apartment for sale is a very important step to take before purchasing it. Other factors that can affect whether or not it's a wise purchase include good schools and hospitals, shops, etc.

Hidden Charges:

A simple quotation should include base price of flats for sale in Bangalore, GST, registration charges, stamp duty, home loan processing fees, maintenance charges, and all others, so they don't hide any surprises. For this very reason, the contract and all related documentation should be carefully studied before focusing in on a certain home.
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