The most general trend that we see is old houses tired down to build new housing complex. It can be daunting at first, but everyone nowadays prefers to live in an apartment than renovate a good old house. Whether it is good or bad, is a different matter altogether. But people purchasing flats must keep in mind certain points that can help them making a purchasing decision.
Delayed Possession
Another irritating trend among the builders is delayed possession. They give you an approximate date but due to some paperwork, the date always gets postponed. Most residential plans go through these problems due to the incompetent work of either the builder or the authority delaying paperwork. As a buyer you must have a clear timeline as to when you should possess your apartment. Usually the developer asks for a 6 months grace period, but there must be a valid explanation if dates are postponed.
Financing Banks
If you are looking at Apartments For Sale In Nanakramguda, a clever way to assess a builder is to look at what bank he is using for financing. Most banks also do not offer loans to the builders because of their bad reputation. Their association with the bank may automatically tell you, the kind of person you are dealing with. On the other hand, if you are applying for a loan, your bank may not cover a certain land area or might not finance a certain builder. This is the benchmark of a good builder and one with a bad reputation.
Builder Buyer Agreement
When you decide on the apartment of your choice, the process involves depositing a notable amount which books the flat on your behave. You get an allotment letter in return, following of which you get a tripartite agreement involving you, the builder and the bank. The remaining amount is cleared through the help of the agreement. It must be noted that it is important to read each and every line of the agreement. You must read between the lines and discuss all points that is not agreeable to you. Not everything will be at your terms, but there should not anything fishy about the points in the agreement.
Hidden Costs
Apartments For Sale In Nanakramguda generally involve a lot of hidden charges. That is why reading the agreement is so important. There may be points about delays and penalties which is charged upon the builder. The price of the flat will also include taxes. Initially no builder mentions the tax amount. It is your responsibility to know how much tax is required and the approximate amount that you need to pay. There may be GST, stamp duty, stamp paper costs, registration fee, inspection fee and several other charges required in the documentation process.
Apart from these there may be several other factors to catch your eye. These are just guidelines to keep you cautious. You need to find out as many information as you can, before making an investment.
