10 things to check before buying a flat – Muslim Locality

Your dream place of owning a prized flat in Lucknow is soon going to be the reality. But there ar few parameters to check for the authenticity of the land such as the following:-

Whether the owner has obtained requisite commercial papers for building the property

Has it got required clearabce from environmet

Does the plan has been approved from the competent authority

You need to ask for the “Land Title” and should ask about the status f Land Title. It is important to ask whether the builder is actually the ownr or he has just got the development rights.

By looking at the “title teed” you can be sure whether the builder possess the full right over it or not.

For those of you who are purchasing a “resale” property, just to be sure that it is not under any bank loan, ge the “release certificate” from the bank to make sure that it is not under debt.

Get Encumbrance Certificate

The certificate helps to know where the said property is actually constructed as per the city master plan and has got the local body approval too.

On buying a resale property, know about the tax receipts of the previous mnths/ years, to make sure that you don’t have to pay any pending bill

Based on the above mechanism, you can be quite sure, and now once you are quite sure about knowing the requisite approvals, look for banks which offer the loan at the lowest rate of interest

Know what the total cost of the property will turn out to be

For our ease and quickness, we sometimes listen to what the brokers have to say but they usually mention the basic cost which doesn’t include development fes, service taz as well as location charges along with parking/club charges. Yes, the total cost actually turns out to be quite a lot. So you should know what will the total cost turn out to be

Does my idea of paying EMI from rent stands good?

It is wrong approach by peple who think that they will pay the EMI from the rent they are going to get. Yes, it is a wrong approach as firstly you never know for how long you are able to find the tenant (right from the time you start to advertize) and even if you, the rent turns out to be quite less oonly 20-25% of the actual amount which you have to pay as EMI.

Size of the apartment

You need to know that builders include the whole area of the apartment such as lobby, staircase and is referred as “super built-up area”. While the actual carpet area (excluding the mentioned places) may turn out be 20%-30% less) Yes, you need to realize that if you are purchasing a 1000 sq. ft of flat, then it may only turn out 700-800 sq. ft. So, think from the lines of carpet area

Check the actual site

Do cross-check the layout which is provided to you by visiting the site. Likewise, if possible know from interested buyers regarding the actual layout and also interact with neighbors just to be at a safer side, that the money you are going to invest is actually safe and sound.

Pay attention to any future plans surrounded with the locality

Yes, in the event of any futuristic infrastructural plans which come up in the locality such as “enhanced mode of connectivity” etc will actually enhance the price of your property further. Give close attention to the fact that the property shouldn’t be near to any industry or facotory emitting pollution.

Register your plot

Yes, based on the aforesaid method of selection, you are going to register the property for becoming the legal owner. Also, before investing your hard-earned money, do some market research with regards to the  following:-

Total number of square feet developed

Track record as per the prevailing market

Performance of the builder in terms of providing the best of service

Project Delays (if any)

Now comes the important aspect and mechanism of payment. Yes, the  builders have different convenient modes of plan for payment in terms of

Plans linked with Down-payment,

Plans linked with Construction

Plans associated with Possession

However, the experts have warned that if the “said” plan gives more convenience to clients, then it naturally puts pressure on people to pay even more