Buying a flat requires a lot of planning. For some, it’s a house they dream of living in. While for others, it is an investment opportunity.
With the ongoing MIHAN and SEZ projects, and the state government’s interest in making Nagpur the next IT hub of Maharashtra, our city is ready for a positive change in the real estate sector. Real-estate pundits encourage buying a flat in Nagpur now as prices won’t stay low for a long time. Whether you are looking for a home as your primary residence or as property to invest in, acquiring a flat in Nagpur will require a huge sum of money.
To get the best return for your expenditure, it is essential to bear these few things in mind.
1. Legality of the land
All the necessary certification of the land and building should be carefully examined, including the Title of Property.
The nature of such title should be clearly mentioned whether the property is freely held or leased. Similarly, ask if the land is in the name of the builder or he has entered into a valid development agreement with the owner of the land. Make sure there are no disputes over the property. If there are any dues or encumbrances, they should be expressly stated by your builder.
If you’re buying a flat, an agreement to sale followed by a sale deed clearly stating the flat number along with the wing and floor number should be executed in your name. The additional details in both these documents should include built-up and/or super built up area, possession date, payment terms, etc.
2. Approval by authorities
There are various approvals that are required by the builder before and after construction of the building.
In case the actual construction of the building differs from the plan approved by NMC, disputes may arise in the future. Hence, you should have access to plans of the building that have been approved by the Nagpur Municipal Corporation to ensure that the building is being constructed according to the same plan. You should also ask for inspecting the building permit and commencement certificate.
Check if the project is approved by Nagpur Municipal Corporation and Nagpur Improvement Trust. Additionally, make sure the building is sanctioned by Maharashtra State Electricity Board, Fire Department and Water Department of the city. Check whether the builder has acquired a No Objection Certificates from various departments including Sewage and Environment department.
3. Builder’s Reputation
One of the most important considerations before buying a flat in Nagpur is the reputation of the builder.
Take a look at the previous projects of the builder, talk to their clients, study the features and quality of their buildings, etc. Buy a flat only if you trust the builder. You can go through property listings of the builder on various websites. You need to get a clear understanding of the builder’s credentials.
Another important aspect you must consider is how quickly and willingly builder provides you with the necessary documents that you’ve asked for. If there’s unnecessary delay in the same, you might want to reconsider your decision of buying a flat in that building.
Finally before you decide, take a second opinion from architects, property lawyers, financial advisors, etc.
Ask your builder about the brands of sanitary fittings, doors, plywood, elevators, etc. that have been used in the building. The type, quality and quantity of electrification that has been done, the quality of flooring in the entire flat including balconies and bathrooms, plumbing, size of the windows and quality of the frames, lofts, etc. should be looked at while finalizing the property. If natural light is important to you, inspect the flat at different times during the day to see if the flat gets sufficient sunlight. Along with natural light, you must also check the ventilation of the flat. Both, natural light and ample ventilation can give you a healthier life.
Common amenities like garden, recreational area, security, fire escape, parking space, etc. should be double-checked before buying the flat. Make sure you get all that the builder has promised in terms of personal and common amenities.
5. Location of the flat
While buying a flat in Civil Lines, Dharampeth, or Ramdaspeth can be a pricey affair, you need to look for a flat that is both conveniently located and not high priced.
Areas like MIHAN, Amravati Road, Kamptee Road, Wathoda are emerging as residential areas with an immense potential for development in the coming years. Residential projects in these localities provide good connectivity to railway station, airport, super-markets, hospitals, schools, colleges, etc.
You must take some time out to inspect the neighborhood of the building. You wouldn’t want to invest in a flat or live in one if it’s in a dirty neighborhood. If you have a family and are looking for a new flat, proximity to facilities like hospitals, super-markets, schools, colleges, petrol pumps, etc. must be checked. Choose a flat from which you can reach the railway station or the airport easily and within a reasonable time.
For those looking to invest, you need to check the area’s development potential. A flat in a locality with no scope for development will not be the right kind of property to invest in. Investing in a flat in an area which shows signs of development in the near future will give you great returns in future.
6. Pricing and payment
There are various things that determine the price of a flat in Nagpur.
The price of the flat includes the proportionate price of the common areas and amenities. You must make sure that no terms of pricing remain hidden from you. All the dues must be expressly stated in the registered agreement to sale or the sale deed. The location and cost of the land, materials used, nature of the project, amenities provided, etc. determine the price of the flat. Compare the costs of similar flats by two or more builders before finalizing which one you want to buy.
As far as possible, you should insist on paying in Equated Monthly Installments (EMI) starting from the date of booking to the date of possession. Further, if you acquire a loan from leading banks and financial institutions, you won’t need to worry about the legality of the documents as banks have a multi-level screening and submission of builder’s documents. The payment terms, financing options and interest on loans should be checked beforehand.
In a significant move that would cheer the plot holders and house owners, the Nagpur Municipal Corporation (NMC) on Friday increased the area of Floor Space Index (FSI) by 33 percent for residential purpose. The General Body Meeting of NMC gave its stamp of approval for the proposal to increase the FSI. The decision will facilitate construction in wider areas.
After creating series of Landmarks on Wardha Road like Nishigandha, near Ajni Square, Parijaat, besides Sai Mandir, and Chitrakoot in Chinchbhuvan, SDPL is re entering the Wardha Road with a no frill scheme ‘SDPL Classic’ at Chinchbhuvan.
Here is good news for prospective home buyers. Home loan rates are expected to come down for new borrowers in the near term. This is because the Reserve Bank of India (RBI) has recently allowed banks to raise long-term funds through bonds for lending to affordable housing and infrastructure sectors.
Continue reading “Home Loans To Get Cheaper”