Friday, October 25, 2019

10 things to check when booking an apartment in a builder project

Author: Sachin Gupta | Find me on Twitter

Call it practices or malpractices; real estate in India is riddled with cases where buyers have been taken in for a ride. And in this environment, buying an apartment is not as easy as it may sound. Whether you are an end-user or an investor, you should pay attention to the following 10 items when booking a flat. These 10 items are categorized into two principal checklists namely Project details and Apartment details:

Project Details

  • Land Titles
When making real estate investments, buyers of property typically want assurance that they will become the legal owner of the property and that the seller is lawfully possessed and has the right to convey title. When a real estate developer has “Title”, he is said to have all the elements, including the documents, records, and acts, which prove ownership. Therefore, a buyer should insist on documents that clearly demonstrate Land Titles.

Some of these builder projects are approved for home loans by banks or lending institutions. These lenders are also concerned about title assurance because the quality of title affects the collateral value of the property in which they have a secured interest. Therefore, if you as a buyer lack the capacity to verify Title certificates by yourself, you should at least check and verify with the list of banks that have approved the project for home loan grant.

  • License Grant
The Town and Country Planning (TCP) Department grants license to private developers owing land for converting it into a colony or a group housing society. The license is granted upon fulfillment of parameters laid down by the TCP Department.

Ask for the License number from your developer and verify it at the TCP website.

  • Intimation of Disapproval (IOD)
Check if the builder has received the IOD from relevant authorities (Town and County Planning Department). IOD lists out the conditions based on which the building should be constructed. It is usually valid for one year and has to be re-validated thereafter.

  • Master Plan
A master plan typically demarcates city or region’s future development including residential, commercial, industrial, and recreational facilities. Visit the City Development Authority website and verify the claims made by the developer while selling the project.

  • No Objection Certificates (NOC)
In addition to the License number granted by the TCP department, a builder should also possess NOC from environment, fire fighting, electricity, water, airport departments. Check these NOCs.


Apartment Details

  • Location
First thing first, location is the key differential in selecting or rejecting a project. Make sure, you book an apartment in a project which is well connected by road to city’s CBD (Central Business District). In addition to that, look around for the presence of social infrastructure such as schools, shopping malls, college, etc.

  • Floor Plan
You are going to live in this apartment. Therefore, pay attention to the floor and unit plan. In one particular project, we noticed there were about 14 apartments on one single floor and that was a big dampener in otherwise a good project. In an under construction project, it is very difficult to assess the floor plan and unit plan. Ask for the approved floor plan and unit plan from the developer and analyze these plans for open spaces, lobbies, lifts, etc.

  • Amenities
After a long and hard day at office, one would like to relax and rejuvenate. Buy an apartment in a project which offers state of the art amenities such as park, jogging track, swimming pool, clubhouse, etc.


  • Kitchen

Many people overlook the Kitchen; however, make sure Kitchen is not only spacious but also properly planned. Many developers in Gurgaon offer the option of Modular Kitchen, however, check if the same can be developed from outside suppliers at lower prices. There are numerous vendors of Modular Kitchen in Gurgaon, visit them and inquire about the quality and total price. Thereafter, one can compare and take a final decision on the modular kitchen offered by the builder with the one offered by outside vendors.

  • Apartment specifications
Specifications comprise of kitchen fittings, bath fittings, flooring, electric work, walls, etc. Visit the sample flat prepared by the developer and assess the specifications first hand. Make sure that specifications provided in the brochure and shown in the sample flat are part of the builder buyer agreement.

  • Carpet Area/Sale-able Area Ratio
Most builders would charge you on the basis of sale-able area. Ask for the efficiency of the apartment or in other words carpet area of the apartment. In most cases, ratio of carpet area to sale-able area is 75 to 80%. If possible, get that included in the builder buyer agreement.

We are sure you will have your own stories to tell, your own issues with real estate projects, your own experiences of buying an apartment with a builder, and your own follow-ups? Share them here with the larger audience and let’s help each other.



Have any Questions?

30 comments:

  1. Hi! just wondering if you have an available condo for three, I'm helping my friend to find a there. Anyway, thank you and hope to hear from you soon.
    singapore real estate

    ReplyDelete
  2. Yes true points....but if you choose Vatika Group then no need to check the points because this is certified group according to location and other thing. You can enjoy all the luxurious facilities in all residential projects of Vatika Group. The group has developed apartments, villas, commercial spaces for rent, facility management services and a play school in Gurgaon for education.

    ReplyDelete
  3. This blog contain the information about the requirements before taking decision of buying a apartment.

    thanks for sharing this helpful post.
    Building an ADU in LA

    ReplyDelete
  4. Greetings from Colorado! I'm bored to death at work so I decided to check out your blog on my iphone during lunch break. I enjoy the knowledge you provide here and can't wait to take a look when I get home. I'm surprised at how quick your blog loaded on my mobile .. I'm not even using WIFI, just 3G .. Anyhow, wonderful blog! Foreign Investors Us Real Estate

    ReplyDelete
  5. Om Buildcon is amongst the well-known and reputed real estate company mulund.

    ReplyDelete
  6. Hi this is good to see that you are providing such great service and you giveing it for free. I love type of blogs that understand the value of providing a quality information. Thanks for sharing it very useful for Help Adya Advertisement Posting Website.  www.helpadya.com 

    ReplyDelete

  7. Thanks for the information... I really love your blog posts... specially those onBuilders in Chennai

    ReplyDelete
  8. Such a great Post!! Thanks for Sharing. Are you looking to buy flats / apartments in Delhi / NCR within your budget, Low Budget Flats, 2,3,4 BHK Affordable Apartments, buy property online, buy plots, resale flats, Top builders & developers, residential property for sale, new housing projects
    all Prime location visit at
    VIEW MORE:-
    property dealer in Prem Mandir Vrindavan
    2bhk appartment in ganesh city vrindavan
    3bhk residential flat in krishna sharanam vrindavan
    2bhk flat for sale in paras pride vrindavan
    1bhk floor in koshda mandakini

    2bhk flat for sale in paras pride vrindavan
    2bhk appartment in krishna sharanam vrindavan



    ReplyDelete
  9. It's Great Article Cache Chief has recently collaborated with Shree Radha Aangan, a township project that spreads across 55 acres of land. Shree Radha Aangan is a residential project started with a vision of providing housing away from the hectic lifestyle

    ReplyDelete
  10. Do you need a financial help? Are you in any financial crisis or do you need funds to start up your own business? Do you need funds to settle your debt or pay off your bills or start a good business? Do you have a low credit score and you are finding it hard to obtain capital services from local banks and other financial institutes? Here is your chance to obtain a financial services from our company. We offer the following finance to individuals- *Commercial finance *Personal finance *Business finance *Construction finance *Business finance And many More: and many more at 3% interest rate; Contact Us Via Email: financeloan71@gmail.com

    ReplyDelete
  11. Do you need a financial help? Are you in any financial crisis or do you need funds to start up your own business? Do you need funds to settle your debt or pay off your bills or start a good business? Do you have a low credit score and you are finding it hard to obtain capital services from local banks and other financial institutes? Here is your chance to obtain a financial services from our company. We offer the following finance to individuals- *Commercial finance *Personal finance *Business finance *Construction finance *Business finance And many More: and many more at 3% interest rate; Contact Us Via Email: financeloan71@gmail.com

    ReplyDelete
  12. Interested information sharing through your blog. Keep updating.
    Reputed Builders in Chennai

    ReplyDelete
  13. Shreyas Enterprises home loans in Vizag

    Shreyas Enterprises Vizag is engaged in offering Home Loans to the clients In Visakhapatnam. A crew of experienced personnels
    works with enthusiasm for rendering best services

    ReplyDelete
  14. Glad to read the informative content you have posted for us. Undoubtedly the real estate sector is growing in Bhopal and the best builders in bhopal are giving exceptional properties to live. In those names, one name is Construction co. top builders in bhopal who provide quality with a blend of affordibility.

    ReplyDelete
  15. Such a nice information! Thanks for sharing. As you are helping people who aspires to buy home, there is The Real Estate Connect - TREC who helps by providing real estate services.

    ReplyDelete
  16. Glad that you shared such important information through this blog.
    The projects by Ganesh Housing are really good.
    Do check out if you are looking for 3and4 bhk Apartments in Ahmedabad

    ReplyDelete
  17. Came across this blog and it is really very helpful. Thanks for sharing. All the real estate projects in Ahmedabad by Shivalik Group are having these documents verified. Visit them.

    ReplyDelete
  18. Nice! I thing, these are good and important tips for apartment purchasers. It will helpful for choose reputed, trusted and top brand companies to buy luxury Apartments for Sale in Delhi NCR.

    ReplyDelete
  19. Superb really impressive writing and i will follow up the points thanks.

    ReplyDelete