What Things Need to be Taken Care of While Booking a Flat?
- Real Estate
- July 28, 2023
Since the longest time, real estate has been considered as one of the most profitable and safest modes of investment by one and all. As the real estate industry continues to grow and boom, the market continues to notice a high volume of individuals looking for new opportunities, particularly buying houses and apartments.
However, while real estate remains a secure investment opportunity when it comes to its appreciating value, there are multiple factors that go into what makes it the perfect zone for investing one’s hard-earned money. This includes various things, like the nature of the project in question, the real estate brand(s) behind its creation, all the required paperwork, completed registrations, and many more.
While most of these aspects are to be taken care of at the builders’ end, quite a few of these are to be fulfilled even from the consumers’ end. Let’s take a look at all the things you would have to consider when you’re looking at investing in a flat.
2. Documents to be Checked
Owning a flat is not a small investment by any means, so a lot of paperwork goes into the process, along with Government parties being involved as well, particularly the Real Estate Regulatory Authority, commonly known as RERA. Multiple documents are required in order to facilitate a real estate transaction. Here are the main ones that you should possess or check for when it comes to purchasing a flat:
- Sale Deed: It is a legal document which should be on top of the documents checklist. It serves as a proof of sale and transfer of the flat in question.
- Completion Certificate & Occupancy Certificate: Municipal authorities issue a Completion Certificate (CC) once the project is completed. At the same time, a local government agency issues the Occupancy Certificate (OC), which certifies that the property’s construction is in line with laws and approved codes, making it suitable for occupancy.
- Building Plan/Site Plan: This is a document featuring blueprints and layouts of equipment and utilities, which is approved by the municipal authorities. This inhibits practices like unauthorised/illegal construction.
- Encumbrance Certificate: This document verifies that the property does not come with any legal or monetary issues – one can find it at the sub-registrar’s office, where the registration of the property has been done.
- Mutation Certificate: This identifies the owner of the property, establishing the process of transferring of the property’s title to the new owner.
- No Objection Certificate (NOC): No Objection Certificates from various government authorities like safety, electricity, gas and water boards are needed to make sure that all necessary approvals have been obtained by the builder
3. Property Considerations
Various factors come into play when one looks for their dream home. While many potential homebuyers’ needs might be personalised, here are a few general ones that everyone should definitely keep an eye out for:
- The Builders: A property being constructed by a well-regarded real estate developer is bound to be created with great quality standards in place.
- RERA Registration: Since the Real Estate (Regulation & Development) Act of 2016 has come in motion, all properties must be registered with RERA. An absence of this makes the property and any sales pertaining to it, illegal.
- Amenities Provided: Most modern flats come with a wide variety of amenities like recreation facilities, sports complexes, etc. A potential homebuyer must keep an eye for such additional facilities promoted and provided by builders.
- Essential Services: It is important to note how far essential services like pharmacies, hospitals, grocery stores, etc. are from the property. One should always keep an eye on this factor in case they are looking at moving into the flat upon completion.
- Connectivity: This one applies to everyone, especially to people who have regular commutes that involve long distances, heavy traffic, or both. One should make sure that their property is well-connected to routes that they would have to access on a regular basis.
In order to make the flat purchasing process smooth and hassle-free, the above points should always be taken into consideration. In case of any lapse or absent items on the above checklist, a homebuyer may risk making a wrong investment, resulting in losses, delayed possession and more. So, if you are looking at purchasing property, it is insisted that you opt for a realty brand that has won over people’s love and trust. With Ajmera Realty & Infra Ltd., you can be assured that all your property-related concerns will be at bay.
As the real estate industry continues to evolve and grow, it becomes increasingly important for homebuyers to possess the knowledge and know-how about what goes behind the process of property sales, end to end. So, keep these points in mind when you are ready to make your next real estate investment!