This is one of the most un understood part of home buying. For the layman, booking a new under construction apartment means walking into any under construction project and going through the entire promotion routine of the sales team of the project. And then coming back awestruck and wanting to break that FD to acquire the beautiful dream they have sold you. But wait! There is more to it than meets the eye. Unless you do your due diligence, you may end up in a financial swamp that you will spend the rest of your life trying to get out of. So let us see how to buy a beautiful house of your dreams in the right way. And yes, today you have the government behind you to help you in the form of RERA (Real Estate Regulatory Act 2016). They have laid down stringent regulations and safety net for new under construction projects developed by any developer. So it starts from there;
The most important and crucial part of deciding on any under construction project is the reputation of the developer in terms of their past history of completing and delivering projects on time and with promised amenities. Just having many projects is not necessarily a benchmark of being a good developer. But visiting one project will definitely give you an idea of their quality of construction. You may have to research about their caliber before considering their options. Best thing is to have a word with people who have already purchased there or of course you can google too - provided you do enough research. You can also check out the company's financial status - like whether they are listed companies or part of conglomerations etc
Some of the reputed developers are TATA Housing, Shapoorji Pallonji
, Lodhas, Godrej Properties
, Mahindra Life Spaces
, Rustomjee etc
with Adani Realty
etc. recently joining the bandwagon. You may find many developers localized in particular areas.
* The Project
This is decided based on whether you are an end user or an investor.
If you are and end user, the locality and location of the Pre-launching / Launching or under construction new project should be considered primarily to ensure whether it will suit yours and and your families life activities. Like accessibility to nearest transport modes and essential facilities nearby like doctors, schools, banks etc. Some developers start projects in localities far from existing townships and develop that area as a new town ship since they could acquire land at much cheaper rates there. However this could end being far from your work place, Children's schools etc.
If you are an investor, you have the liberty to invest in under construction projects which at the current moment may not be in developed localities but may eventually turn into one and fetch a much higher appreciation than in projects that already are in saturated areas.
However, different cities may have different criteria. Under construction projects in Pune
may have a different connotation with respect to their location vis a vis the city center. While under construction projects in Mumbai
may have different implications with respect to accessibility because Mumbai us a linear city.
Apart from the locality, other things that need consideration are the quality of construction, land area of the project, the number of towers and amenities. You may not get everything in one project and you may have to trade off what you feel may be less important in your bucket list.
* The Flat
Nowadays, you may hear about the term loading when people discuss buying apartment in new under construction projects. This is because of the Carpet, Built Up and Super Built Up concept. What do they mean ? Carpet area is the wall to wall usable area inside an apartment. However nowadays this is also is spoken of in two parts - the usable area as pres....read