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Things to Keep in Mind When Buying a Residential Apartment in South Delhi

Certain points become mandatory to be noted before you are purchasing the Residential Apartment in South Delhi. The area is upgraded when compared to many others. However, only when you consider these points you can rest assured that the property will be the best.

Some of them are as follows:

Approval and license

Look out on the property. You have to check the builder's paperwork ranging from the commencement certificate for work, environmental clearance, and the approved building plans. Also, you have to ask for the status of the land title. See whether the builder has bought the land or is just holding the development rights for it. You have to look for the title deed, release certificate, verified land use, property tax, recipient, and the local body's approval.

List of the financing banks involved in the project

You have to look for certified real estate companies and have enough cash to complete the project. That said, banks become essential for financing them. When you look out on the project, you have to see that builders are getting the bank loans' approval. In this way, you can rest assured that approvals will be done well in place. You have to find out about the banks that are already funding the project.

Get the calculation of the total cost.

You shouldn't ever negotiate based on what the broker is telling you. Many times it happens that the broker just mentions the basic cost and doesn’t consider the factors like the internal and external development fees, parking club, or statutory charges, differential location, charges service tax, and the others that are responsible for collecting the total cost. You have to always look for the final cost of the property.

Look for the right plan in the payment options.

You will get a variety of norms coming inside. You have to look for the down payment plans like a payment plan, position linked plan, construction linked plan, and everything else. It would be best if you always chose the plan according to your customers. Customers also have a proper understanding of the late payment or default on the part of the builder. It will be showing up certain schemes that will be impacting the credit history. You can also look for the guarantee to Central schemes that are under the developer for paying the rent for a fixed period.

It includes span during the construction or after the second-period position. You will get regular payments from the developer. Everything is inclusive of the house's construction that will help in the objective of setting the option. It becomes a part of the EMI for rent cost. In this scheme, you will get the properties that are outside. The city limits by the developer are offering the rental income after position.

Apartment size

Builder strangely mentions the size of that built-up area in the process. It comes inclusive of the common areas like the lobby, staircase. You have to note the flat's carpet area can be around 30% less than the super built-up area. You can get the 2BHK 1000 square feet flat that will be 707.50 square feet. It becomes advisable always to go using under the carpet area. It will be giving you an idea about the area that is enclosed within the walls. Besides, you must also go for the plans for the infrastructure.

Metro connectivity

Metro connectivity becomes the essential factor that you should choose when you're looking for a flat here. The location of the property must be such that it will give you a boosted return on investment. You have to ensure that the property size is not closing due to the polluting industry.

You must also keep a check on the reputation of the builder.

It is possible to go for the ready position. Look for the Garden play area. Sometimes, they can also start building something else on the land. If you don't want to see a balcony of some other buildings, then you must negotiate based on that plan. It is also recommended to put the maximum possible down payment. Otherwise, it may happen, so that bank interest over the long tenure starts eating up the property's price appreciation. In the process, you must not consider the income while also planning for the EMI.

Final Verdict

When you consider all the above mentioned points and the layout given, you can rest assured that your buying property will be the perfect experience. However, you have to always compare the reality with the one that is depicted in the brochure. It is good to visit before booking the property. Interacting with people in the neighborhood helps a lot. So, go ahead with the buying decisions by considering the points that we have mentioned above.

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