After RERA and GST- Checklist for First Time Home Buyers

With GST and RERA put in to practice, real estate market is now more consumer-oriented and transparent than ever. But then, the information regarding the implementation of both of these lead to many confusions, making people sceptical about investing in real estate. If you are looking for Flats For Sale , time is favourable and with proper guidance and information, you can buy the best property without any fear of losing your money in the long run. 

First Time Home Buyers – Here is the Consolidated Checklist For Putting Your Life-savings In The Right Property.

Putting hard-earned money in your dreamland should be preceded by a thoughtful checklist. Before taking this nose-dive, ensure all the items of the checklist are marked off. Let’s discuss the items on the checklist: 

1. Details of the project: It is obvious that you must have toured the area and the sample flat, had a long talk with the developer and even loved the project. However, make sure that you maintain a complete record of all the details regarding the project. Apart from getting information from the developer and his staff, explore other sources also, this includes: internet, family and friends and local sources (property dealers, etc). 
2. Quality of the construction: It is important to have a detailed conversation about the brands and products he will be using at the project site. You are putting your life-savings on his project and you have every right to know about the products and if they are qualitative enough to withstand the test of time. 
3. Property’s carpet area: People find this thing very confusing. The pricing of a flat in a gated society is charged on a rate per square-foot basis, in order to have the exact cost of the flat, the consumer must know the rate per square-foot along with the carpet area of the flat. According to RERA, the price of the flat should be on carpet area rather than on super built-up area. 
4.  Land ownership: Never miss the discussion on the ownership of the project land. Cross check the details from the municipal corporation office and ensure that there is no litigation on the project land. Any legal problem means project might get late for possession. 
5. Approvals from the municipal corporation: During first few meetings with the developer, never miss to confirm about the necessary approvals from the municipal corporation. 
6. Non-builder costs: While discussing the price of the house, mostly the final costing is what is spoken about, however, it is important to know the break-down of the final pricing. With GST implementation, there is a huge change in the costs associated with buying a home. Proper breakdown chart means you have more questions to ask the developer. 
7. Possession date: Confirm the possession date before payment. 
8. Payment Plan: Besides nationalized banks, many private sector banks and financial institutions tie-up with the builder and make available the best interest rate and payment plans for the potential buyers. Compare them and select scheme that would work best for you. 
9. Occupancy and Completion certificate: If you are looking at a ready-to-move-in the project, ask the developer to provide you with an occupancy and completion certificate. These certificates certify that the property is dispensed on the bank loan and the Municipal corporation authorities have declared the project as complete. 
10. Developer’s repute: Before investing in any project, do your complete research on developer’s reputation. Explore internet to get information on: developer’s previous projects, if the projects were completed on time, quality of the material, whether or not they have all the necessary approvals, any current litigation on any of his projects. 

These should be the must have points on your property buying checklist and if all of these are checked off, your decision is the wisest. Go ahead with searched property with a big smile, be positive as your hard work put in to the house hunting will be the profitable investment not only in a current real estate market but will be a huge payoff in the long run. 

For more information on Flats For Sale on Kanpur Road Lucknow, http://www.paarthinfra.com/