Booking a flat in a new residential project is an exciting step. Whether you're investing in your first home or upgrading to a bigger space, the process involves several moving pieces. From understanding the pricing to checking the builder’s credibility, there’s a lot to consider before signing on the dotted line.
However, it’s easy to overlook certain details, especially when developers present appealing visuals and promises of world-class amenities. It’s important to step back, evaluate the finer details, and ask the right questions before making a decision.
If you are considering purchasing a flat in a growing real estate hub like Baner, this checklist will help ensure you are fully informed and protected from hidden pitfalls.
Here are 7 essential checks to make before booking your flat.
1. Builder’s Reputation and Track Record
The developer’s reputation plays a huge role in determining the overall success of your investment. A builder with a history of delays, legal disputes, or subpar construction can cause financial and emotional stress down the road. So, it’s essential to dig deeper into their background.What to check:
- Past projects: Research the developer’s completed projects, especially the ones that are similar in scale to your prospective property.
- Timely delivery: Check if previous projects were delivered on time and as promised.
- Customer reviews: Look up customer feedback on real estate portals or social media to assess the quality of their work.
- Legal disputes: Verify if there have been any ongoing legal cases or complaints against the developer.
A trusted and experienced builder will not only offer better quality but will also stand by their commitment to deliver on time. For example, if you're considering Baner real estate, choosing a reliable and well-known developer will help secure your investment in a thriving location.
2. Project Approvals and Legal Clearances
Before you sign the deal, ensure that the project has received all the necessary government approvals. Projects with incomplete or missing approvals can lead to complications like possession delays, legal issues, or even total cancellation of the project.Essential approvals to verify:
- RERA registration number: A registered project guarantees compliance with all legal and regulatory standards.
- Land title and ownership: Ensure the builder has clear and undisputed ownership of the land.
- Environmental clearance: This is mandatory for large-scale developments.
- Commencement Certificate (CC): This confirms the builder has obtained permission to begin construction.
- Intimation of Disapproval (IOD): Ensure that the builder has received all permissions for building the project.
3. Construction Quality and Materials Used
While flashy show flats may look appealing, the real quality lies in the construction itself. The quality of the materials used in the project impacts the long-term durability of the property.What to check:
- Cement, steel, and concrete quality: Ask about the brands of materials used in construction. Reputed brands are typically more reliable.
- Wall thickness: Thicker walls are generally more durable and help with soundproofing and insulation.
- Waterproofing: In areas prone to heavy rainfall or humidity, waterproofing is critical to avoid seepage.
- Fittings and fixtures: Look for quality electrical and plumbing fittings, as these can save you from costly repairs later.
4. Location, Connectivity, and Future Growth
A flat is not just an investment in the building—it’s also an investment in its location. Location plays a critical role in determining the future value of the property, your lifestyle, and your convenience. Research the neighborhood thoroughly.Things to check:
- Current infrastructure: Is the project well-connected to important areas like schools, offices, and hospitals? Proximity to key zones enhances the livability of your home.
- Public transport: Check if the location has access to metro, buses, or other forms of public transport.
- Development plans: Investigate upcoming infrastructure developments like new roads, malls, and commercial zones. These can drive up the property value in the long term.
- Community amenities: Check if there are shops, parks, or recreational areas nearby.
In recent years, driven by strong infrastructure growth, Baner real estate has experienced remarkable appreciation, driven by the expansion of tech parks, top-tier educational institutions, and world-class hospitals. As the area continues to develop, it's important to stay updated on upcoming infrastructure projects and policy changes that could influence the future appreciation of your investment.
5. Floor Plan and Carpet Area Clarity
One of the most misleading aspects of real estate deals is the ambiguity around floor areas. Builders often advertise the super built-up area, which includes walls, corridors, and other common spaces, making the actual usable area smaller than expected.What to review:
- Carpet area: This is the actual area you’ll be using inside your flat. Verify this by asking for the RERA-approved carpet area measurement.
- Room sizes: Check whether the dimensions of the rooms match your expectations.
- Layout: Assess the floor plan for convenience and functionality. Are the rooms well-ventilated? Is the layout practical for your needs?
- Balcony and utility areas: If you're paying for a balcony, check its size and usability.
6. Possession Date and Delay Clauses
Timely possession is one of the most crucial aspects of buying a new property. Builders often promise an ideal possession date, but delays are a common occurrence in the industry. Ensure you’re protected from unnecessary delays and penalties.What to look for:
- Possession date: Make sure the agreement specifies the exact date of possession.
- Grace period: Understand how much delay is acceptable before the builder is legally bound to pay compensation.
- Penalty clauses: Check if the builder has agreed to compensate for any delays.
- Exit clauses: In case of extreme delays, make sure there’s a clear exit option for you.
7. Hidden Costs and Payment Structure
The initial price quoted for the flat might seem affordable, but hidden costs and additional fees can quickly add up. It’s essential to get a detailed cost breakdown before proceeding.Potential hidden costs include:
- Floor rise charges: Extra costs for higher floors
- Parking fees: Charges for allotted parking spaces, if any
- Clubhouse or maintenance fees: Charges for using amenities like gyms or pools
- Stamp duty and registration fees: These are separate from the price of the flat and are essential to calculate.
Final Thoughts
Booking a flat in a new project is a big commitment and requires careful consideration. These 7 essential checks will help you make an informed decision, ensuring you’re not only securing a good deal but also protecting your investment in the long term. Whether you’re buying in a new development in Baner or any other location, due diligence is key to avoiding unnecessary surprises.Taking the time to evaluate factors like the builder's reputation, the legal clearances, and the true cost of ownership will lead you to a successful home purchase.
