20 things to note while buying a flat
If you are planning to purchase a flat or independent house you will find these tips given below very useful: 1. Visit few projects constructed by the builder and speak to the flat owners. Ask them about the construction, whether they finished the work in time, etc. 2. Verify original land documents, construction plan and tax paid receipts for atleast last 15 years. Consult a lawyer if necessary to get them verified. 3. It is better to purchase flat when it is in the initial stages of construction than a completed one as you can opt for modifications in the plan like remove particular wall, opt for open kitchen, shift the entrance of any room to another place, have separate pooja room, store room, etc. 4. While selecting flat ensure that it has adequate natural lighting, air circulation etc. If you believe in Vastu then ensure that the flat you choose is as per Vastu requirements. 5. Read the Sale Agreement carefully. Normally the builders allow 18 months grace period for themselves and do not give any grace period for the flat owners. Also they will mention that they will pay 4% interest if they fail to deliver the flat on time but owners have to pay 18% interest if they are unable to pay the installments in time. Ensure you read and know what agreement you are signing for. 6. Approach 2 to 3 banks atleast with the details and ask for loan. Some may refuse and give you some valid reasons. 7. Make sure you get everything written on paper (agreement) like whether wood work will be part of package, teak wood doors or normal doors, bathroom fittings of reputed make like (parryware, hindware jaguar) or local make, etc. Builders promise so many things orally and you may feel betrayed later. 8. During construction ensure that they do the vitrified tile flooring properly. Normally the labourers are unskilled and you may have to redo the whole thing or live with it for the rest of your life cursing the builder. 9. Make sure the kitchen granite slope is towards the sink or else you may have to keep cleaning the stagnant water on the granite daily. 10. Decide whether you are going for chimney or ventilator fan for kitchen and get the provision done for the same. 11. Wiring will be the worst thing in most of the apartments. Ensure that you get the best company switches and MCBs and that they provide separate wiring for geysers, fridge, washing machine, microwave oven etc so that you will not face any difficulty in case you prefer to install Inverter. 12. Ensure that you have choice of colours to be painted inside your flat (also emulsion or distemper paint). Normally they orally say you can choose but then refuse saying that you have to pay extra amount for that. 13. Make sure they do rain water harvesting for your apartment (its going to be compulsory anyway). Water is a major issue in Kaggadasapura. Most of the apartments rely on water tankers for water supply. 14. Get your Khata and electricity bill transferred on your name before taking over the flat. 15. Ensure that the builders take care of maintenance till association is formed. 16. Ensure that the builders do not make any deviations in the original plan sanctioned. Normally they build extra flats on the terrace and make money out of them. This may also lead to cancellation of your housing loan by the bank. 17. Ask the builder about provision of playing area for children, measurement of individual parking slots for the amount you pay for parking. 18. Ensure whether the builder provides safety grill work for balcony and main door entrance. Some builders provide them. 19. Do not go by the name of the company advertising the flats. They may be only marketing the project and some new builder may be doing the construction. Confirm who is the builder and the engineer taking care of construction. 20. And last but not the least, do not pay the entire amount for the flat before you take over possession of the flat. Keep atleast 15% of the total money with you and pay only during handing over of keys. Many people pay the whole amount before hand and builders turn a deaf ear to their requests for completion of work.
October 25th, 2008 at 5:39 pm
Hi Mr. Admin,
20 things to note while building a flat is really good. I believe ur experience speaks…. By the way, r u a Builder by any chance??
Regards
Jawa..
August 12th, 2009 at 6:37 pm
Hello,
I had booked a flat in mumbai and have got the possession of the flat.
I had borrowed some money from friends and relatives to buy the flat. As I have to pay them back I want to go for mortgage loan against the flat. Banks have asked me for NOC from the builder. When I approached the builder, he asked me for 11000rs. Of which he wont give the receipt also.
I want to know:
Is it legal for him to ask money for NOC?
If yes than how is the amount decided?
Why he is not giving me the receipt?
Where and whom should I approached?
Kindly help with the suggestions and reply at as_nikhil@yahoo.co.in
eagerly waiting for the reply
August 16th, 2009 at 2:03 pm
good. thanks for the contribution.
October 14th, 2009 at 8:52 am
Which are the leading bank who gives housing loan in kaggdaspura…SBI???
October 14th, 2009 at 10:03 am
SBT, ICICI, SBI are some of the leading banks who give housing loans in Kaggadasapura.
March 26th, 2010 at 10:48 pm
i have booked a flat by giving some amount,we have not made agreement. Booking amount 15%of flat cost has given to builder has committed to give possession in two year so please let me know what document to be check for that project whether it is clear or some problem is in that.
March 29th, 2010 at 12:06 am
Hai Deepak,
You need to check whether all the documents (Khata, tax paid receipts, etc) are proper. You may hire a lawyer to verify all the documents so that you can be sure before investing all your hard earned money. Sometimes asking the neighbors about the land on which it is built (whether there is any court case or problems etc) may save you from getting into trouble. Check whether they are doing the construction as per the approved plan. Mostly they build extra flats on the roof as pent houses without sanction.
Apart from checking the documents it is good idea to go and check with the residents which the builders have constructed earlier. Never accept anything which they promise orally. Get everything written in the agreement (including all the minor changes he promises to do for you), what company bathroom fittings he will provide, whether the main door is made of teak wood or only the door frame is made of teak wood, whether he will do flooring tiles as per your choice, paint as per your choice, etc because they promise verbally and won’t do it later on.
As you have already paid advance it is better to check all the documents with the help of a lawyer. Always insist on receipt for every payment you make and make sure you pay only through cheques so that you have proof of your payment.
When you pay money for Kaveri water connection, BWSSB etc (both official and unofficial) to the builder which they are supposed to pay the respective offices ensure that you get proper receipt for the amount from BWSSB. Normally the builder will say that they have to pay for the whole apartment and may not pay and you may land up in trouble later on. When you take possession make a list of all the documents he has given you and all the receipts and get it signed by the builder. Also remember to take no objection certificate from the builder for change of electricity connection on your name. Lastly, never pay the full amount before taking possession of the flat. Keep atleast 25% of the total money till he gives you possession. Make sure you read the agreement properly about paying any interest if you fail to pay the dues in time and also about the interest the builder will pay if the handing over is delayed. Normally they write very less interest for them in the agreement and put a bigger interest rate for the buyer. So be careful when you read the agreement. Don’t hurry in signing the agreement.
December 7th, 2010 at 10:45 am
Hi i am booking a flat in Mumbai Builder ask me to pay 20% of the flat cost by check also the stamp duty & registration charges 97000 in cash. he told me if you include this amount in bank loan you will get back this 97000 back after 6 mont at the time of possation from Bank by check.
Please suggest…….
Regards
Shoeb
January 7th, 2011 at 11:23 pm
Hi,
Can you please provide me the list of important documents which we have to take from the seller.
Regards,
Sanket
February 12th, 2011 at 11:46 am
We also have to consider UDS.
March 18th, 2012 at 7:46 am
very nice information.
if builder constructs more flats than the approved plan. will the government demolish the flats that are constructed extra ? what are the disadvantages ?
March 26th, 2012 at 4:11 pm
sir,
i am going to buying flat from builder he asking rs 5,00000/- for register after that going for home loan it is correct procedure ? what are the things to be obtain during paying of money if delay take place for register? this is in forth floor (TOP) under grampanchayat if bank is not given loan what is next
July 23rd, 2012 at 4:22 pm
Hi,,
these 20 tips, it not only helps for construction,, it helps for taking the rented house also. its really very helpful.
November 4th, 2012 at 6:39 pm
I have paid in advane 200000 rupees for my flat ,I want to cancel my booking. what are the option available to me