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Zero deviation from norms means: zero demolition.

Any violation or deviation leads to no other choice than demolition. As per the Development Control Rules (DCR)‚ the permissible total built up area in any project is a proportion of the total land area and this proportion depends on the road width‚ frontage‚ locality etc. Any project exceeding this permitted built–up area will be a Deviation and liable for Demolition. In some cases it is the quality of construction itself. Even newly constructed buildings which do not adhere to Standard Building Codes / Construction Practices sometimes tumble down like a deck of cards posing grave danger to the inhabitants. So think wisely and spend some time before you buy a new home to ensure that your dream home is built as per norms. After all‚ you cannot loose your hard earned money.

A building permit is a must for any construction.

A building permit is a permit required in most jurisdictions for new constructions‚ or adding on to pre–existing structures‚ and in some cases for major renovations. Generally the new construction must be inspected during construction and after completion to ensure compliance with national‚ regional and local building codes. Failure to obtain a permit can result in significant fines and penalties and even demolition of unauthorized construction‚ if it cannot be made to meet the provisions of the code. For Properties within Chennai limits‚ The Corporation of Chennai is the competent authority to accord the approval‚ whereas the Local Municipality or the Panchayat are the competent authority for property outside city limits. The building permits are accorded once the planning permit is received from the competent authority.

Original title deeds to be available for inspection.

We strongly recommend that the Purchaser should pursue the original title deed of the property along with the related parent documents to verify the legal right of the Builder to sell the property. Do also verify the power of attorney executed in the favour of the Builder to develop and sell the property. Copies of these documents should be insisted upon for your record purpose as in future if you propose to transact or deal with your apartment‚ proper documentation shall play a vital role.

Completion Certificate is the best way to ensure completion.

Any building needs to be constructed as per approved plans without any deviations and violations. Obtaining the Completion certificate ensures that the developer has constructed the building as per approved plan. Buildings should be certified as having been constructed in compliance of planning permit‚ building permit and other applicable laws. Electricity‚ water connection and occupancy should be conditional on such a certificate.

Check every document. Not just the property titles..

Documents that need to be scrutinized prior to purchase of home includes title of property‚ encumbrance certificate‚ revenue records including patta‚ chitta‚ adangal‚ area statements detailing the carpet area‚ built up area‚ common areas and amenities areas. That apart‚ planning and building permits‚ soil and water test reports‚ structural stability certificate‚ draft of the agreement for sale and construction agreement‚ completion certificate post the completion of construction etc‚ are the important documents a buyers needs to scrutinize before buying a home.

Always take second opinion on Builder's Agreement.

The draft copy of the Builder's Agreement is the one of the most key pieces of document that any home buyer needs to study. You need to check if the agreement is one–sided in favour of the builder. Usually the fine print on the ownership of the clubhouse‚ internal roads‚ terraces and open spaces and formation of the society is always a bit nebulous. It might help to take professional advice as home buying is a lifetime decision. No point in making a mistake and regretting it all your life.

Ensure no legal dues. Get the Encumbrance Certificate.

An encumbrance‚ as it pertains to real estate means‚ anything that burdens title to the property. An encumbrance can be a mortgage & loan‚ lien or a restriction that limits the title. An encumbrance can involve money‚ but not always. When buying an apartment‚ land or house‚ it is important to confirm that the property does not have any legal dues. A prospective home buyer must ensure that the property he intends to buy has clear and marketable title. The encumbrance certificate certifies that the property is not mortgaged and has no legal dues. The encumbrance certificate for property is available from sub–registrar office where the deed has been registered. One can apply for encumbrance certificate online at www.tnreginet.net.

Know your FSI if you want no complications.

Floor Space Index (FSI) is the ratio of the total floor area of the building to the size of land of that location or the limit imposed on such a ratio. Thus an FSI of 1.5 would indicate that the total floor area of the building is 1.5 times the gross area of the plot on which it is constructed. Any deviations in the FSI that leads to the violation of the required set back distances or the height of the building‚ which is against the statutory norms‚ can result in the demolition of the structure.

Study the Guideline Value. Estimate the value of land.

Guideline Value of a land is the value of the land determined by the Government on its own metrics of facilities and infrastructure growth in that locality. The stamp duty & registration charges for registering a property deal is based upon this Guideline value. The Guideline Values are revised periodically to have them in sync with the market value. Home buyers can get an idea of the property price by using the guideline value as a thumb rule for that location.

Ensure uniform agreement clauses for all buyers.

An apartment complex is a group of homes. Therefore it is only natural that all the co–owners / Purchasers should enjoy equal rights and privileges. Individual contracts with the Purchasers leads to some individuals enjoying more privileges than the others‚ which may cause unnecessary friction among the occupants. It is therefore imperative that any contract between the Builder and Purchaser should contain similar clauses for everyone in a particular complex. No individual should be specially vested with exclusive rights or preference. Moreover‚ exclusive and contradictory contracts are not legally binding and are void before law. Ensure that Builders Agreement contains covenants which binds the Builder to include similar clauses in all the agreements entered with the other Purchasers in the complex and the Builder commits that the covenant are similar for all Purchasers in the apartment complex.

Your UDS is proportionate to your Super Built Up Area.

Undivided share of Land (UDS) is the part of land which is associated to an individual apartment and registered in the name of apartment owner. Each and every apartment in the complex will have an associated UDS.The UDS cannot be physically demarcated or partitioned. This UDS of land must be conveyed to the buyers in proportion to their apartment super built up areas and the sum total of all the UDS should be equal to the total land extent of the complex. Conveyance of 100% UDS to the purchasers of the property ensures that the Developer / Landowner or their legal heirs have no right to the property and cannot claim or build on your property in the future.

Obtain certificate reflecting conveyance of UDS.

There are two components in an Apartment: the Building Component and the Land (UDS) Component. As the Apartment ages‚ while the building component depreciates in value‚ the UDS component appreciates in value. In the case of a first sale‚ as per prevailing norms‚ Stamp Duty & Registration charges are levied on the share of UDS based on the guideline value. After execution of Sale deed‚ obtain a Encumbrance Certificate reflecting the conveyance of Undivided Share of land in your favour. A patta cannot be obtained for Undivided Share of land.

Check No–Lien Certificate before registration of UDS.

Know your FSI if you want no complications.

Study the Guideline Value. Estimate the value of land.

Ensure uniform agreement clauses for all buyers.

Your UDS is proportionate to your Super Built Up Area.

Obtain certificate reflecting conveyance of UDS.

Check No–Lien Certificate before registration of UDS.

A Lien is the right to retain the lawful possession of the property of another until the owner fulfills a legal duty to the person holding the property. A Mortgage is a common lien. This term includes every case in which real or personal property is charged with the payment of any debt or duty: every such charge being denominated a lien on the property. In a more limited sense‚ it is defined to be a right of detaining the property of another until some claim is satisfied. When you purchase an apartment in a Project‚ wherein the Developer had obtained Project Funding from Financial Institutions‚ ensure that the Developer submits a "No Lien Certificate" for your apartment from the Financial Institution before registration of UDS.

If your property is a JDA‚ ensure your UDS is protected.

An individual landowner and a builder may enter into a Joint Development Agreement (JDA). The key feature of the JDA is that the landowner will contribute land and the builder will undertake development activity on it. Depending upon the land price‚ the Joint Development ratio is decided among the parties. In most situations‚ the builder will agree to allot few apartments to the landowner and will pay a token advance. In consideration for this‚ the landowner will part with a portion of undivided share (UDS) of land in favour of the builder or his nominee and will also allow the builder to construct and sell the agreed number of apartments. In such a scenario‚ the onus is on the home buyer to ensure that his UDS is protected.

NRIs must meet RBI Norms during property purchase.

Non Resident Indian (NRI) is a citizen of India residing outside India. A NRI may acquire any immovable property in India other than agricultural / plantation / farm house. He is also permitted to transfer any immovable property in India to a person resident in India. The purchase shall be made out of funds received in India by way of inward remittance from any place outside India or funds held in any Non Resident (NRE/NRO) account maintained in accordance with FEMA and regulations of Reserve Bank of India. NRI can avail housing loans from Housing Finance Institution in India for purchase of residential accommodation. Such a Loan shall be repaid by way of inward remittance through normal banking channel‚ by debit to NRE /NRO account or out of rental income from such property. Subject to the provisions of FEMA Act‚ NRI shall repatriate outside India‚ the sale proceeds of residential property held in India.

Some Powers of Attorney have to be compulsorily registered.

A Power of Attorney (POA) is employed to facilitate almost any kind of property transaction including sale‚ settlement‚ development of properties‚ partition‚ exchange‚ agreements of various types‚ loan transactions and so on. Developers take only a POA from the landowner for conveyance of UDS to prospective buyers. In such cases‚ Developers have an Agreement for Sale or Development with the landowner. In some cases‚ the builder would have settled payment with the Land owner and has obtained the POA. In such cases‚ the POA may become one coupled with interest. This kind of Power cannot be revoked‚ except with the prior consent of the Agent. A POA under which a person is empowered to present a document‚ which is executed by the Principal for registration‚ has to be compulsorily registered. If executed abroad‚ the same can be executed before a Notary or a Consulate Officer and can be adjudicated in India within three months after it is first received in India.

Know your Terrace rights.

Title to the terrace area on the top floor in an apartment complex must be unambiguous to the buyers. The common right to use the terrace should be expressly conveyed in the Builders Agreement of all purchasers. This not only ensures that the purchasers get adequate freedom to use the terrace area but also safeguards against unauthorized construction in future and misuse. Also this prevents the terrace being let out on rent for cell phone tower or bill board‚ by the developer / any purchaser. Terrace shall be used for drying cloths‚ Common dish antenna‚ to house overhead water tank etc… No construction of any type‚ permanent or temporary‚ shall be put in the terrace. So when you buy a home‚ carry out due diligence and ensure that you get your terrace right clearly on paper. A Private Open Terrace should have exclusive access from the apartment and the same should be expressly mentioned in the Agreements.

Obtain last payment receipts of statutory bodies.

Property taxes which are due to the government or municipality have a first charge on the property and therefore‚ ensure that all taxes have been paid up to date. The Builder should also possess the latest tax paid receipts‚ which you may inspect and obtain a copy. This will protect you against any arrear claims from the authorities at a later date. The Purchaser should also confirm that the Builder has cleared all statutory dues like EB / Metro / Property tax and receipts have been obtained.

Find the value of your property through a Valuation report.

The Valuation report for a property is prepared by expert valuers. The report helps the buyer as well as the seller in assessing the value of the property. Generally‚ it is prepared at the behest of the buyer to assess the correct value of the property. This helps in negotiating on the price to be paid for the property to be purchased. A real estate appraisal helps establish a property market value the likely price it would bring if offered in an open and competitive real estate market. The lender will require an appraisal‚ when one applies for a home loan or offers real estate as security for a loan. Valuation Reports are also required for Tax purposes and probate.

Probate of a Will is compulsory to buy or sell a property in some cases.

Probate is a legal process that takes place after someone's death. It usually involves proving that the deceased's Will is valid‚ identifying the deceased person's property‚ having it appraised and distributing the property as per Will or State law. Probate means copy of the Will certified under the seal of a court of a competent jurisdiction. It is conclusive evidence of the validity and due execution of the Will and of the testamentary capacity of the testator. Probate of Will is compulsory where either the property covered in the Will or the permanent address of the Testator‚ falls within the original Metropolitan city limits

Delay in project should be compensated.

Buying a home means making huge investments. Delays in obtaining statutory approvals and project execution can put the Purchaser to a lot of hardships‚ both financial and otherwise. Remember‚ as with any other business transaction‚ delay can be costly. Therefore ensure that date of project handing over is committed in the Builder Agreement and also consists of a clause for payment of compensation for delay in handing over the completed project.

Agreement Clauses to be binding on successive buyers & occupiers.

Occupants of an apartment irrespective of being a purchaser‚ tenant or a nominee are bound by the Builders Agreement clauses signed between the Builder and the Purchaser. The Builders Agreement including the clauses pertaining to maintenance and association‚ holds good for successive purchasers and their nominees. An owner of the apartment has the onus to ensure that his nominees / tenants comply with the clauses and bye laws of the Association and there should be a clause in the Builders agreement to this effect.

Every buyer is entitled to a detailed area statement.

Area statements reflect the break up of Carpet area‚ the built up area of the apartment which includes the wall thickness and super built up area where the common areas and amenities areas are included. A detailed area statement will provide the exact break up of these areas and the buyer will know exactly what they get for they are paying for which is the Salable area. It is your (buyer) right to know about the break up of saleable area in whichever form the developer sells‚ even if the areas mentioned are in any form of the above mentioned nomenclature.

Project Floor Plans to match CMDA approved drawings.

Any construction should follow the rules‚ regulations and guidelines of the concerned planning authorities and local civic bodies. It is mandatory on the Purchaser to ascertain whether the project possesses all the mandatory approvals. Do compare the scheme drawings with the concerned planning authority approved drawings and ensure there are no discrepancies‚ as the competent authority can demolish illegal / unauthorized constructions / violations. Remember‚ pleading ignorance of the law would not be sustainable before the law. Do remember the Builders interest shall cease with the sale of the project as more often than not the Builder is a power of attorney holder. Ensure what you buy is truly an asset for a lifetime.

Soil Test & Water Test are critical.

It is prudent to have a soil and water test conducted before commencement of design and construction of a building. A soil test analyses the nature of the soil and based on this report the structural design of the foundation / structure should be designed by the structural engineer. Similarly‚ a water test certifies the quality of water in the water table and its suitability for construction. If the water is not suitable for construction‚ ensure good water is used for the purpose. Poor quality water used for construction would have detrimental consequences on the life of the structure. The water test also indicates whether the water is potable and suited for consumption. Getting into finer details is what makes the difference. Because some things can't just be tried‚ but have to be tested.

Find out if your design is as per Seismic zone requirements.

The Earthquake resistant design code of India divides India into 4 seismic zones: Zone 2‚ Zone 3‚ Zone 4 & Zone 5. Each Zone indicates the effects of an earthquake at a particular place based on the observations of the affected areas. Zone 5 expects the highest level of seismicity whereas Zone 2 is associated with lowest level of seismicity while Zone 3 is referred to as Moderate Damage Risk Zone. Chennai has been classified under seismic Zone 3 in the Seismic map. Check with your Developer‚ whether the building is structurally designed and constructed as per currently applicable seismic zone norms.

In large projects‚ never lose sight of the Key Plan.

The term "KEY PLAN" is used in civil engineering projects to describe a feature depicted on the construction plans of large projects. The overall project is first shown in one or more overall views drawn in large scale‚ showing the region or vicinity in which the project is built. These overall regional plans are then followed by multiple detailed views of the project depicted in larger scales and in finer detail. Often when we are reviewing the finer points on a detailed drawing‚ it is easy to lose track of where we are in the overall project. Thus the designer often includes a small "Key Plan" to the corner of the sheet we are viewing that shows the location of that detailed sheet to the much larger project.

Multi Storey Buildings must provide for applicable Open Space.

Multi Storeyed Buildings mean buildings exceeding 4 floors and/ or 15.25 meters in height. The minimum extent of site for construction of multi storeyed buildings shall not be less than 1500 sq mtrs with a minimum frontage of 25 metres. The site shall either abut on a road not less than 18 metres in width or gain access from public road not less than 18 metres in width through a part of the site which can be treated as an exclusive passage of not less than 18 metres in width. The advantages of MSB are that it provides for more plot area as open space that can be utilized effectively by creating play areas and other such amenities. The designers of the building can also create spaces with good ventilation and lighting.

Emphasise on better landscaping and more open space.

When you buy an apartment‚ you are buying a home not for yourself but for your family too. Therefore‚ before you decide‚ make sure that each member of your family has something for them too. Your children needs space to play‚ your wife needs an open space and the family as a whole needs a beautiful garden to spend those evenings‚ etc. A lack of all these would make them feel boxed in. Moreover a beautiful landscape in itself is soothing to the mind and soul. A perfect home is vital for a perfect living and ever–lasting happiness. So decide on a home that has everything for everyone.

OSR needs to be as per CMDA norms.

OPEN SPACE RESERVATION (OSR) is the reservation of land for community development purposes such as parks & play ground in cases of special buildings / group developments / multi storeyed building developments. As per CMDA Rules‚ OSR will be applicable where the land extent of the development exceeds 3‚000 sq m. OSR is computed at 10% of the plot area less the first 3000sq.m. However if there are any roads proposed in the development‚ its area is excluded from the plot area for the computation of OSR‚ provided they are transferred to the local body free of cost by a Gift Deed. It is the responsibility of the Developer to ensure that the land reserved as open space shall be free from any construction. Where it is not possible to provide open space due to physical constraints‚ the Developer shall take exemption from OSR provision‚ provided he is willing to pay the market value of the equivalent land as per valuation of Registration Department.

Check if your builder is Quality Management System Certified.

Quality Management System (ISO 9001 2008) ensures that the construction activities are carried out in–line with a set of documented procedures. Its main focus is on enhancing customer satisfaction in terms of delivering quality product in agreed time without any deviations. It provides way to carry out the construction activities in a systematic way by developing Standard Operating Procedures (SOPs) for each and every construction activity which ensures that the quality is in–built at the time of construction itself. Apart from this ISO 14001 2004 – Environmental Management System (EMS) focuses on how to eliminate the impact of construction activities on the environment. BS 18001 2007 – Occupational Health and Safety Management System (OHSAS) focuses on health and safety of the personnel involved in the construction activity by reducing the risks of work related hazards.

Make sure your building has Rain Water Harvesting.

Rain water is harvested to conserve and augment the storage of ground water‚ to reduce water table depletion to improve quality of ground water‚ and to arrest sea water intrusion in coastal areas. For recharging ground water‚ rain water may be harvested by two ways: Rain water that falls on the terrace of the building and in open spaces around the building. Roof top rain water can be diverted to the existing open / bore well. Along with this‚ rain water available in the open spaces around the building may be recharged into the ground through the following simple effective methods: Percolation pits (Small houses)‚ Recharge Trench (Big houses /apartments)‚ Recharge wells (Large buildings / Industries).

Open Car Park comes Free of Cost.

In the absence of byelaws and guidelines to sell an apartment‚ even open car parks are being sold in an apartment complex. Open car parks cannot be demarcated with a portion of the undivided share of land. Under the concept of undivided share of land‚ no portion of land can be demarcated and in our opinion it is not fair to offer the same for a price as it is tantamount to selling the same area twice. The Purchasers in the apartment complex cannot claim partition of their undivided share (UDS) of land and the same shall remain alienable but undivided and impartable.

Common Areas are Common for All.

Today one of the bone of contention pertains to the usage of common area. But then how do you draw a line where none can be drawn? All the co–owners of the property have right to the common area as also all co–owners have a proportionate share of common area inbuilt in the super built up area for which they have paid. But then‚ the usage should not be in a way that is exclusive or advantageous to one person. Remember‚ common areas are there for common and equal enjoyment.

Visit completed projects of Builder before you buy a home.

Seeing is not believing. When you are making a lifetime investment like buying a home just checking out the property you intend to buy may not be enough. A prudent and less taxing method of ensuring that you pay for quality construction calls for good homework at your end. If you are buying an apartment‚ check out the credentials and track record of the Builder. Get hold of a list of other projects undertaken by the Builder and inspect these projects to see how they have braved the vagaries of weather‚ usage and time. It will also enable you to assess the quality of construction‚ the materials used and the standards observed. Also meet existing customers of the Builder and understand the quality of after sales service and customer satisfaction levels.

Real estate project rating reveals risk assessment.

Many leading financial rating companies like CRISIL have started evaluating real estate projects on parameters like quality of legal documentation‚ construction related risks‚ financial viability of project and track record of project sponsor. They usually do the evaluation on a scale of 7 Stars. The higher the Star Rating‚ the lesser the risk. So it's always safer to buy homes based on the star rating of the project.

Developer rating reveals solidity of company.

Real estate being a high investment category‚ it might help to buy homes from developers that are capable of completing the project because these days‚ companies take up multiple projects simultaneously. Currently CRISIL's Developer Ratings ranging from DA1 to DA5 assesses precisely this. DA3 is considered good. While DA1 is the highest rating any developer can ever imagine.

Buy a home from a company who cares for the society.

Corporate Social Responsibility is a buzzword today among many enterprises. The level of CSR activity is a fairly good benchmark of how much a company cares for the society. A real estate company into CSR usually plants more trees‚ takes better care of construction workers and won't hesitate to build utilities for the under privileged. It pays to back developers with a track record of CSR as they are bound to be more thoughtful.

Figure out if your building is sustainable from an eco point of view.

The energy requirements of certain type of buildings act as a burden on the environment. And in the long run end up burning huge holes in your energy bills. Sustainable buildings however don't fall under this bracket. They are buildings conceived with eco–friendly material and energy conserving processes. Green buildings are by definition sustainable. It helps to raise questions about the sustainability as it might affect your electricity bills and carbon footprint in the years to come.

Insure your home loan to safe guard your interest.

Home Loan is a loan taken by the borrower from the bank‚ issued against the property intended to be bought by the borrower‚ giving the banker a conditional ownership over the property. Borrowers are required to pay at least 20% of the value of property at the time of availing home loan. Interests on Home Loans are of two types: Fixed Interest Loans and Floating Interest Loans. It is advisable to insure both your Home and Home Loan to safeguard your interest. The normal tenure of the home loan is 20 years and depends on the current age of the borrower. Home Loan principal & interest repayments are eligible for income tax rebates.

Be cautious about your Pre–EMI payment.

Take 100% of the Home Loan upfront‚ save Pre–EMI: That is the mantra of many financial institutions today. On the face of it‚ a great proposition‚ but with lots of risks involved. Delay in completion of the project burdens you with paying EMI for the property you have not yet taken possession of‚ along with the rental for your rental premises if you are staying in a rental accommodation. Phased disbursement linked to work progress makes it obligatory for the builder to stick to time schedules and enables you to exercise control on the builder for performance. So is it not time to exercise caution!

Check whether Infrastructure Charges have been paid.

In June 2007‚ the Tamil Nadu government levied the infrastructure and amenities charges on special and multi storeyed buildings. The levy is meant to make developers compensate for the strain their projects exert on infrastructure like roads‚ drains‚ sewerage‚ and drinking water supply systems. Builders have to pay infrastructure charges upfront before issue of Planning Permission. Make sure that your builder has made the remittance.

Payment Schedule to match with Work–in–Progress.

There is a growing tendency among Purchaser to pay the full amount at the outset to enjoy the benefit of better price. However a small gain now may turn detrimental in future. Paying upfront is putting one self at the mercy of the Builder. There are two methods of payment schedule‚ Payment linked to specified dates and Payment linked to work in progress. It is always in the interest of the Purchaser if the payment schedule is in accordance with work in progress because he can see the progress of work and then commit his payment.

Service Tax is payable only for a project with more than 12 Homes.

Service Tax is applicable only where the project has more than 12 units. If the complex is constructed by a person for his personal use or for the use by another person as residence on rent‚ Service Tax is not applicable‚ even if it has more than 12 units. The Services covered under Service Tax include New Construction‚ repairs‚ alteration‚ renovation‚ restoration or similar services such as glazing‚ plastering‚ painting‚ floor and wall tiling‚ wall covering and wall papering‚ wood and metal joinery and carpentry‚ fencing and railing‚ construction of swimming pools‚ acoustic applications or fittings. Service Tax for construction of residential complexes was introduced in 2005.

Register before the Financial Year & save on Stamp Duty.

In the case of a first sale as per prevailing norms the stamp duty and registration charges are levied on the land value only. Also the land value for your share of UDS is calculated based on the Guideline value (GLV) fixed by the Government for each locality. This GLV is revised every financial year. It is always wise to register your home just before the financial year and you can save an appreciable sum on stamp duties. When you make an investment of this magnitude‚ it is always prudent to ensure you don't unnecessarily end up paying higher taxes and other levies. Definitely doing things at the right time has its rewards; don't you agree.

Association Membership Clause – Integral part of Agreement.

What happens when the project is completed‚ handed over and all occupants start living in it? What happens when the various aspects related to the maintenance‚ etc have to be undertaken? These questions would have to be addressed by the Residents' Association. But how would the association be formed when the various occupants hardly know each other? This is where the Builder comes in. At the time of handing over‚ the Builder is the only entity familiar with all the occupants and who is knowledgeable about the formalities and procedures required to start a welfare association. Therefore the Builder should initiate the association formation process and help in electing the office bearers and take care of its functions till the elected body takes charge hence the need for incorporating the association membership clause an integral part of the agreement.A smooth take off is necessary for the future functioning of the association.

Insured homes are always better prepared to handle risks.

There are different kinds of Home Insurance available. Insurance from Natural and Man Made disasters. The first type protects the structure from calamities like cyclone‚ earthquake‚ floods etc. While the second‚ guards you against thefts‚ fire‚ electrical failure and terrorism. It always helps to buy homes from a builder who bundles home insurance. Even when the insurance is bundled‚ it makes sense to study as to what the coverage entails.

Buy a property from a developer who cares for maintenance.

Maintenance cost is going to be the next big investment from your side after buying a home. So it will help if you spend considerable time on this subject in trying to understand as to how maintenance–heavy is your home going to be. After you evaluate this‚ it will be a good idea to take a look at the earlier projects built by the developer. If those projects haven't been maintained well‚ then you can safely assume that you will be paying through your nose in the near future.

Apartment maintenance cost to be proportionate to apartment area.

The quantum of maintenance charges payable becomes a bone of contention if the Maintenance charges levied have no proper structure. The total common maintenance expenses of a project should be shared among the occupants‚ in proportion to their apartment area. Therefore make sure the maintenance charges have been calculated according to the total area you own and the same is mentioned in the agreement. It is also important to bifurcate the expenses into long term‚ for which a sinking fund can be created and short term which can be managed through a monthly payment to the association. The Builder Agreement should also stipulate that every Purchaser agrees to be a part of the Association and that in case the Purchaser rents out his space the rules of the association shall be binding on the tenant.

Check After Sales Service before Check–in.

Today's market dynamics have changed from Caveat Emptor (Buyer Beware) to Caveat Vendor (Seller Beware). Any product we buy‚ from Car to Refrigerator‚ we ensure to check out what kind of after Sales Service the companies offer to ensure the longevity of the product. Then why not check the same when we are doing a lifetime investment? Like all products an apartment too undergoes wear and tear over a period of time. Timely and efficient support from the Builder always helps to maintain your apartment in good shape. Hence while buying a home check out the credentials of your Builder not just for the Quality of Construction but also for the After Sales Support from existing customers.