Real Estate

5 Things to Consider When Buying a Flat in India

Most of the home buyers get lured by the glossy booklets that the developers provide. However, buying a flat involves more insight than just checking out the layout plan through the developer’s brochure. For example, 2 BHK flats in South Mumbai may seem ideal for you, there are certain things that you must consider before finalizing one of them.

Apart from the flat’s interiors, location and size, there are several other factors that play an important role in determining its worth. And in this article, we have discussed the same. Continue reading to know more: 

Check the Legal Status of the Land

Before you buy any property, you must ensure that it is litigation-free. Enquire about the legal status of the land on which the building is going to be built. Only buy the property if the land is free from legal issues. Don’t buy it if there are some complications involved because you might end up abandoning it in the future.

Buildings constructed with unapproved plans don’t get completion certification from the government authorities. Therefore, to ensure the safety of your capital, do check all the relevant documentation beforehand.

Permission from Government

This is something that you must pay special attention to because if you buy a flat in a building that isn’t permitted by the government, you might have to bear the loss in the future as such buildings are usually demolished. Therefore, before purchasing any flat or apartment, do check its sanctioned layout plan.

Property Tax

Similarly, before finalizing any property for buying, you should check if the developer has been paying the property taxes in time or not. If the payment isn’t up-to-date then you should ask the builder for the latest payment slip. Otherwise, you’ll have to pay the missing taxes.

Ownership Rights

An important thing that every property buyer should clearly discuss before buying a property is the ownership rights. Depending upon your payment plan, you should discuss with the developer when they will transfer the property in your name.

Some developers have the policy of transferring property in the buyer’s name after half payment is made while others just give an ownership document and transfer the property after complete payment. So, to avoid any confusion and misunderstandings, in the long run, it is always better to discuss these things priorly.

Stamp Duties & Hidden Charges

Like every other document and paperwork, buyers should also ask about the stamp duties they have to pay while buying the flat. These days, most of the flats in Byculla for sale already include stamp duties as well as transaction charges in their price. 

These are some of the important technical factors that one must keep in mind while buying a flat in India. Keeping them into consideration will help you make an informed decision.

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