Investing in a home or buying an apartment in Bangalore requires one’s whole life’s savings to be invested and so being cautious and careful is inevitable. Legal hassles in real estate are pretty common and so it is not desirable at all to be entangled in such problems for which a preventive measure is necessary. Although some of the main factors to be considered are location, price, social infrastructure, growth prospects of the area, date of possession, and the reputation of the builder, there are still other factors too that needs to be considered and a thorough due diligence has to be carried out before zeroing in on a new flat or a house. Here are the steps or the factors you should consider while buying a home, property or an apartment in Bangalore.

  1. Price: The budget is the foremost crucial factor that you need to fix before even going for home shopping. If you categorically know how much you are going to spend on it, you will be able to estimate where you should look for the property and the builders you can target. Once you choose a project and before deciding, it is absolutely necessary to look in the neighbouring areas for the same flats or similar properties and check their prices. Of course, there are many ways you can check the comparative prices of the properties in the neighbouring areas like the portal listing on aggregate websites, talking to brokers in the area, newspaper listing and other such sources.
  2. Land details: The root of most real estate disputes pop up because of the land on which the property is built. The legal aspects and the records of the land have to be looked into and searched and in Bangalore, the land on which you can build a home or an apartment should be A-Khata land. The plot of the land on which the property is built should have a clear title and should be clear of all dues and taxes and should be properly registered in the developer’s name or owner’s name if it is a joint development. Proper checks should be done by visiting the sub-registrar’s office along with scrutinizing the land deed which would detail the particulars about the ownership, obligations and rights of the property.
  3. Undivided Share (UDS): The land on which the property is built would be divided among the flat owners and the share of the land that each flat owner would get is the undivided share of the property or the land. You should enquire how much of the land you would get or is entitled to as this is a very important aspect as once the building is demolished this will the value of the asset.
  4. Carpet Area: When a price of an apartment is quoted the common areas, staircase. Elevators and all the other common areas are divided and shared among the flat owners. This is termed as the super-built up area but the carpet area is the living area inside the flat or the apartment for sale excluding the walls. Although the builder may quote you the super-built up area, insist on knowing the carpet area that is the living area that would be at your disposal which is normally seventy per cent of the built-up area.
  5. Legal Checks of the Property: Ensuring that the property is legally constructed on the land is one of the most crucial aspects to be ascertained. The developer or the builder should have the required approvals from all the authorities and the NOC (No Objection Certificate) from the local authorizes like the BDA or the BBMP, water supply and the sewage boards, and the municipal corporations. Here a point needs to be mentioned that the bank approvals on projects are an assurance that the bank has gone through all of these and has approved the loans on the project. So a builder’s project which is approved by any or one or more banks is a guarantee that the project papers and documentation are in place. Nevertheless, the home buyers should also check these before finalizing on any project and signing the dotted line.
  6. Date of Possession: Although RERA stipulates that a project has to be delivered within the timeline and also prescribes the maximum time limit for the delivery, it is always important to check the history of the developer to see whether they have delivered the projects in time. As a buyer, it is utterly important to have a clear timeline for the completion of the project and the date of possession although the normal period of extension is six months that is allowed to any project but with a valid explanation. In any case, it is always helpful if you check into the history of the developer and be sure whether there is a possibility of completing the project on time. It is always advisable to go with the developers who have a history of completing projects on time.
  7. Buyer-Builder Agreement: In general, with the builders when you advance the token money and book a flat or an apartment for sale, the builders give you an allotment letter. Then subsequently, a tripartite agreement is entered into between the builder, home buyer and the bank for the rest of the amount to be paid by the bank on fulfilling certain construction stages. This is a crucial agreement that should be read thoroughly and understood by the home buyer and if there is any difficulty or doubt in understanding any clause, should be cleared.
  8. Financing Banks: It is always advisable to go with the projects that are financed and approved by the banks as there is always a check done by the banks and this stands as a guarantee and reputation of the builder. In case the builder has bad records, the banks do not finance the project or approve the loans. Such projects should be avoided unless one is absolutely sure and certain.
  9. Location & Infrastructure: The location of the apartment for sale is one of the most important aspects that should be looked into before deciding to buy. The social infrastructure like schools, colleges, hospitals and all other utility centres should be nearby with good communication facility that would not only help you in leading a comfortable and easy life but would also help you in getting higher rent from the property and higher resale value.
  10. Hidden Charges: The price that is quoted is normally the base price of the flats for sale in Bangalore and added to that there are other charges like GST, registration charges, stamp duty, home loan processing fees, maintenance charges, etc. which should also be kept in mind and asked before signing the dotted line ensuring that no other hidden charges are being levied at a later stage. For this simple reason, the agreement and all the documentation should be read and understood carefully before zeroing in on any home.

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