Here the basic points to be checked whiling booking an your own apartment for yourself to dwell in.
The first and foremost step while selecting aapartment or a flat is to fix a price which within budget. The second most important aspect of buying a flat is to check and compare the flat prices in that area.Ensure that you are well aware about the current market prices and the rate offered to you should match the carpet area, built up area and the super built up area. In case you are not aware about the concepts, you can always ask the builder about it.
Location of the Flat is very important to fall in our access of work, shopping, transport, school, hospital and other basic amenities.
Proper documentation should be put in place for purchase of the property. The sale document should be properly stamped and registered and the original title deeds should be taken by the purchaser from the seller.
Approval and licenses of the property. (required)
Sanctioned plans and commencement certificate by the concerned authority should be inspected, especially for buildings under construction.
If the building is not built in accordance with sanctioned plans, the completion certificate will not be granted. For buildings that are complete, occupation certificate/completion certificate should be verified.
Also, we need to check the Builder-Buyer Agreement for materials used for construction and other specifications of the apartment.
Flat’s Carpet Area / common Area / USD.
UDSisland share you get for a flat..is proportional to the floor space Index (FSI) of the building. It is always calculated based on the plinth area of the flat..For the same FSI 1.5, for independent house..the achievable FSI would be less like 1.25 due to restriction on plot coverage..set back requirements etc..but for stilt+4 it can 1.65 due to non-FSI areas and varies as it comes for MSB.
Carpet Areais the Area you own within your flat..literally it is the squarefeet of material you will order to carpet your whole flat. this is actual living space you buy.
Plinth Area- carpet area + wall thickness. This is the actual space you own.
Super BUP- carpet area+plinth area+ common area (incudes share of sqft towards corridors,staircases,club house, open space etc
Year of Apartment Possession
Note down the year possession to your apartment and also the penalty clause for the last handing over.
Details of banks funding the project / Financing Banks
It is crucial to know about funding banks details to ensure for a proper fund flow which will help the developer to complete the construction on time.
Compliance under the Real Estate Act 2016
RERA mandates that developers should register their projects with the authority constituted under the Act. Information available on the official web portal of RERA for each state, which provides details of any cases / complaints filed against the developer of the project and default by developer, if any and thus, provides useful insight into the credibility of the developer and the project and helps the buyer make an informed choice.