- How to choose a preferred location while buying an apartment?
Ans. As a buyer, if its for his/her own use, then one should prefer residential area which is well connected to public transport system with basic common amenities, safe and secured. Further, location should be considered based on the authorization of respective authorities/boards.
If it is for investment purpose, then the area should be considered where there is high rise in price trend, which will fetch good returns on the investment; proximity to the main amenities and proper authorization by respective authorities in charge.
- Which type of apartment should I choose?
Ans. There are three main types of apartment categories viz., High-rise, low-rise and pent house.
Builder’s floor or low-rise building generally are 4 floors tall where s high-rise apartments are generally very skyline apartments which are more than 10 floor tall. Pent house is an apartment on the highest floor of an apartment building meant for luxury features. The amenities and cost in all the three differs. Based on your budget and requirement choose the best for you.
- Should I consider apartment constructed under joint development or builder’s own land?
Ans. Both are not a problem unless you make sure all the documents are correct and verified thoroughly.
- Should I go for a ready to move in or under construction apartment?
Ans. This purely depends on individual’s budget and time frame.
- What are the documents to be verified for under construction project?
Ans. Some of the important documents that needs to be verified for a under construction apartments are necessary agreements, commencement certificates, NOCs, approved plan, bank approval letters.
- Any additional documents to be verified for Ready to move in apartments?
Ans. Yes, apart from the above mentioned documents, check the following – Finishing certificate, wiring warranty cards, plumbing, agreements, UDLs, club house charges, and occupancy certificate.
- What is Carpet Area?
Ans. Carpet area is the area which is enclosed within the walls, this does not include thickness of the inner wall.
- What is Built-up Area?
Ans. Built-up area is the carpet area along with the thickness of the walls and the balcony.
- What is Super built-up Area?
Ans. Super built-up area is the built up area along with the proportionate area of common areas such as the lobby, lifts shaft, stairs, etc. Sometimes it may also include the common areas such, swimming pool, garden, clubhouse, etc.
- What is UDLS?
Ans. UDLS stands for Undivided Land Share. All apartment owners in a flat have equal or different share of rights on the total land. This share of ownership is known as undivided share of land. The respective shares of the land of various owners are not physically dilineated by any type of boundaries. However, the details of UDS are mentioned in the purchase agreement in a clear and explicit manner.
- What is the usual percentage of common area loaded in to built-up area and how to calculate this?
Ans. Loading factor is a number used for purpose of arriving at saleable area. It is used to add constructed space not exclusively allocated to the buyer. Such area generally includes shared areas such as lift/elevator area, staircases, clubhouse, gymnasium, amenities area, etc. Loading factor 1.25 indicates that developer/builder is applying 25% on the carpet area. Some builders, in addition to carpet area, include terrace and balcony areas while applying the loading factor. If the project does not have lot of amenities, the loading factor should be small. In most cases loading factor of 1.3 is more than sufficient. Loading factor also includes parking space (irrespective of it is covered, open, stilt, sold separately or not).
12. Should home inspection be done? And how?
Ans. You should know all the details of the property and need for any major repairs / modifications before you buy. Crosscheck the commitment made by builder and actual implementation. Few important points to check while inspecting…
- Plumbing systems, drainage, water faucets and sanitary fittings.
- Electrical systems, circuit breakers, wires, capacity of the electric meter, functioning of light fittings
- Roof, walls, ceilings, floors, paint work.
- Foundation, basement and visible structures.
- Doors and windows, latches, locks.
- Structural stability of the building
13. What is registration charge? (process and percentage of charges)
Ans. When you buy an apartment it has to be registered under concerned authority to prevent fraud or future litigation. Registration of the property is a full and final agreement signed between the two parties and once it is submitted at the local registrar’s office and the registration is complete, the buyer legally becomes the owner of the apartment. Registration charges?
14. What is an occupancy and commencement certificate?
Ans. Commencement certificate is a document issued by the local government/authority to the builder, which certifies that the builder has followed all stipulated rules and regulation that are stated by the authorities. It is mandatory for a builder to possess this certificate before the construction of the property begins.
Occupancy certificate or completion certificate certifies that the building has complied with the approved plans. It is the document given by the government certifying that the building is in compliance with applicable building codes and other laws which is suitable for occupancy.
15. What is Katha?
Ans. Katha is the certificate given by BBMP that helps identify the owner of a particular property and details about the property such as location, size, built-up area etc for the payment of property tax. Katha extra contains the amount of property taxes that must be paid on the property.
16. How to get bifurcated katha for an individual apartment/flat?
Ans. BBMP gives bifurcated katha for an individual flat after producing complete details on dimensions, its location, built-up area, of the said property along with occupancy certificate.
17. What is a sale deed, draft sale deed and title deed?
Ans. Draft sale deed – Before preparing sale deed, a draft version on a non-judicial stamp paper is prepared which is known as draft sale deed. This value of the sale deed will differ from state to state in the country and as prescribed by the Stamp Act of the respective State. It further, includes the total amount to be paid for the purchase/sale of the property, advance amount paid if any, the dates on which the payment are made, how it is paid, the time given for the payments, the details of the bank transactions of the payments, etc.
Title deed – Title deeds are documents showing the chain of ownership for land and property which includes conveyances, contracts for sale, wills, mortgages and leases.
Sale deed is one of the legal documents which contain all the details required to carry out the purchase or sale of a property which is governed by the Registration Act. The purchase or sale of property is not legally complete until a sale deed is signed between the buyer and the seller. Usually a sale deed is signed only after both the parties are satisfied and comply with the terms and conditions as said in the agreement. It contains all the necessary details required to carry out the purchase or sale of a property.
*The above information is provided with the intention to educate the public, please verify the information legally with your legal advisers even before buying the property
Regards,
Team Swadar | http://www.swadar.com
. Currently the land price in and around Global Tech Village is around Rs. 2500/sqft for undeveloped residential land and Rs. 4500/sqft for commercial land. Also in real estate market there is an illusion(also a reality) that when you are buying a large parcel of land the average price of land has to be less, considering this illusion the land cost in this locality shouldn’t be more than Rs 2000/sqft (8.71Cr per acre). The current deal of Blackstone is around Rs.5356/sqft which includes land and tenanted commercial space.
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