"Things to check before buying an apartment "

1. Things to check before buying an apartment https://www.mypropertyboutique.com/

2. Introduction When buying studio apartments or 2 BHK flats in Chennai, Delhi, or any other big city in India, you as an investor need to ascertain some things. It is the verification of these factors that will tell you whether you are putting your money in the right place.

3. Verification of the property price • Fix a budget and look for a property that falls in that price bracket • Remember that property prices also vary with locality and facilities provided • Compare the price quoted by the developer with that of neighbouring areas • Go through newspaper supplements, property portals, and listings by brokers

4. Location and the upcoming infrastructure • Analysing the location of the project is crucial • It not only defines your living standards, but also the resale value of the property • You need to focus on a number of factors, such as – • Physical and social infrastructure in the surroundings • Connectivity to other neighbouring regions • Amenities within the project you are investing in

5. Reputation of the builder • Before you invest in the property, verify the builder/developer as well • Ensure if the builder has all permits and clearances for construction • For better assurance, get them cross-checked by a lawyer • You can also check for pre-approved bank loans available for the property

6. Verification of legal documents • Title deed - It informs you whether or not the builder has the right to sell the property or to transfer its ownership. • No Objection Certificate - A developer needs permissions for construction from various departments, such as the Forest Department, Sewage Department, Storm Water and Drain Department, etc. • Commencement certificate - It is a document given by the local authorities, legally allowing the builder to start the construction. • Encumbrance Certificate - It discloses if the property has any monetary or legal liabilities. • Approved layout plans - It refers to the approval of the layout plans by appropriate planning authorities. • Purchase agreement - This document gives information about everything that is included in the construction project. Check if all that your builder promised is in here. • Occupancy certificate - This is a legal document provided by local authorities proving that a property has been constructed following the lines of provided permissions.

7. Additional charges • Some apartments include additional charges that are collected at regular intervals. • Included among these charges are – • Development charges • Power back-up • Parking • Club membership

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