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Booking a New Flat in Pune, Don’t Miss These 5 Essential Things

Buying a new flat in Pune is the biggest investment decision of your life and will take up most of your savings. If planning to take a home loan, remember a significant chunk of your monthly salary will go into paying your EMIs.

Therefore, it becomes all the more important that you make sure you make the right and a safe investment.

Below are 5 Essential Things you must know before you handover that booking amount cheque to your Builder in Pune.

1. Difference between Super Built-up Area vs. Carpet Area
Builders always quote the super built-up area of the flat and use this measurement for calculation as the final price of your flat. However, the surface area of your flat will actually be lower than the total quoted Sq. ft. figure. This is called the Carpet Area, which is the actual floor area of your flat. The carpet area is usually just 70 percent of the super built-up area. The super built-up area includes common spaces such as the staircase, the lobby, and the space of elevators, common amenities, including even the thickness of the outer walls of your flat. Therefore, if a particular floor has four flats, then each flat owner will have to shell out 30 percent of the value of these common spaces, which will be charged as Loading by your Builder.

2. Don’t be fooled by the Sample Flat
Remember a sample flat is meant to attract customers and includes several luxury furnishings that the actual flat may won’t have. The ceiling is an important thing to watch out for; the sample flats may have higher ceilings, which will make the room feel bigger than the actual dimensions. Ceilings will also have plaster of Paris work, ambient lights, etc, which will give an impression of space. The use of glass doors is common, which give a sense of uniformity and therefore more space. Some or many of these glass-partitioned bathrooms, expensive tiles and bath fittings, modular kitchen, etc. may not be offered in your actual flat. And in case if you do not want them, you may have to pay extra. Therefore, don’t go by what you see and inquire about each and every aspect of the house, even the type of wood that will be used for the doors and also the depth of the cabinets.

3. Does Your Builder have all Permits in Place?
It is important that your Builder has all the permits and clearances in place before starting the construction of the complex or building, otherwise you may face trouble at the time of registration of your flat in your name. These may include the correct land use permit, clearances from the electricity board, clearances from the water board, clearances from the local registration body, and even permission from the military authorities in some cases. In case of high-rises or township projects special clearances are required to ensure that construction standards are met.

You have every right to see the permits and get them cross-checked with a lawyer. One good way of making sure that everything is okay with the property is when you see that construction has begun and people have started to invest. A pre-approved loan from reputed banks is also a good sign. Therefore, don’t invest in a project where construction is yet to begin.

4. Does the Builder have tie-ups with Reputed and Nationalized Banks for Home Loans?
Builders often approach banks for hassle-free financing. These banks do a thorough check of the property; hence the prospective home buyer does not have to go through the hassle of getting the project approved by a bank surveyor for a loan. A bank, especially a government one, will not associate itself with a risky project. Therefore, a nationalized or state-owned bank on the developer’s board means the residential project is safe to invest.

5. Include the Clause for Late Possession
The delivery of your flat on a given time, may get affected due to a number of factors, such as shortage of funds in a slow moving property market due to units are not being sold as quickly as expected to be, shortage of supply of raw material or steep increase in prices and even a bad heavy monsoon may affect on time delivery of your flat. Therefore, most builders seek a 3 to 6 month grace period for final delivery of their project. This grace period should be mentioned explicitly in the agreement you sign with them. In case your flat’s possession is not handed over to you within the grace period, the builder should be entitled to pay you a monthly penalty. It is always better to include this clause in a tripartite agreement, signed between you as buyer, your builder and your banker.