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Checklist before buying a flat in resale


Checklist before buying a flat in resale

Last updated: March 13 2013
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  • Checklist before buying a flat in resale

    Hello IRF - My first post. I'm buying a resale flat in Mumbai. The flat is in a co-operative society in Mulund (W), I've seen the flat and I like it, now this is my first flat purchase that too without a broker since I found the seller on real estate website.

    a) I would like to know what things I should check before I proceed to give a token.

    b) how do i proceed with payment before stamp duty and registration.

    Thanks in advance.
    Last edited December 14 2012, 09:12 PM.
  • #2


    Re : Checklist before buying a flat in resale

    Originally posted by rivernile View Post
    Hello IRF - My first post. I'm buying a resale flat in Mumbai. The flat is in a co-operative society in Mulund (W), I've seen the flat and I like it, now this is my first flat purchase that too without a broker since I found the seller on real estate website.

    a) I would like to know what things I should check before I proceed to give a token.

    b) how do i proceed with payment before stamp duty and registration.

    Thanks in advance.
    Zohaib2012 posted this in one of the post so i am reposting it again.

    1. First Calculate that How much you will end up paying from your Pocket. the all inclusive price quoted by Builder can be 10-15% less.
    BSP+All charges by builder incl. Parking, power back up, IFMS, External Dev. charges, Meter charges, Club membership, etc etc.
    Now add 5% extra area on you Super Area as when possession time, the builder will casually tell you that your 1500 sq.ft area is now 1600 sq.ft..and guess what NO increase in carpet be prepared.
    Add service charges...approx 2.5-3%...add registry charges, and another miscellaneous charges of approx. 25,000. Add all together and you will get you POCKET PRICE...This is essential for people on tight budget.

    2. As the builder if he has got allotment for land he is selling, if Not..when..he will get it. Has the builder also taken loan to pay for the case he has done it..there will be a tri partite agreement

    3. Are good banks like HDFC, ICICI, Financing on downpayment, if are more or less safe in terms of land allotment for builder.

    4. Have a copy of Master plan of the area with you..even though the govt. may change the master plan...but at least a "may" factor is there
    Avoid projects which share boundry or are opposite:
    Police stations, Hospitals, Sewage area, Dumping Grounds, School , Colleges, Major commerical Hubs, Shopping Malls, Villages, Huge Drains, Low income housing societies made by govt, Sector markets, Govt.offices, factories (this is a big problem in ghaziabad - Crossing republik has smokin factories across the road..with wind...all the buildings will get air pollution),
    Power station, High tension wires, railway tracks, Graveyards, Places of worship, wine and beer shops, Bus Terminals, Right on expressway (it should at least have service thats not a problem in Noida expressway)

    5. If Metro nearby...avoid buying a project which is within 500-600 mtrs from the metro station. Best is to be around 600-1000 mtrs away from Metro station. This is to avoid the mad rush around ur complex, auto rickshaws, hawkers, illegal parkings and lines of cars

    6. Preferred locations are..locations which share boundry or are opposite..Golf courses, five star hotels, master plan green park areas (avoid forest it means that they cannot be landscaped..and you may have monkey menace and dirt), Even IT Parks are O.K, If nothing ..then even next to plots will be o.k as at least you will not have a huge building staring at your face all the time

    7. Ask for a list of completed projects of a builder..commercial or residentail..not so just needs to visit them and see the quality of construction. Talk to maintenance staff there..they will tell you best about seepage and fitting they do the repair work.
    NO BUILDER IS SAFE in India...and even the BEST can fool you...its a risk which is there..and it will always be have to take it...No choice.
    After 2 years dont be surpirsed that a top or favourite builder has most complaints on completion and a small builder delivered a gemstone.

    8. Get details as to who is the Contractor for work in the project and who is the architect. Pls remember that contruction is sub contracted mostly.

    9. If your project has many "For Future Development" areas around..ask about them...its not possible that a builder has NO idea what he intends to build there...If you are buying a low rise and next to it is "Future development" which the builder plans multistoried...then your dream house will suddenly feel dwarfed...and not to forget the constrcution related pollution one will suffer for at least 3 years.

    10. No builder will give you important details like which brand modular kitchen, fitiings ,tiles, wiring they will use...Pls notice its clearly written...XXX Brand OR that "Equivalent" will come from its best to go for a Raw flat..untill unless you are getting a really great offer. its best to get a raw flat...and get it done as per ur specs before you shift

    11. Piped gas, CCTV System, etc are common these days...u may not get piped gas immediately but if they have made provision for it...its ok

    12. The maintenance of appartments done after possession is often poor and done by useless labours..Once a project is completed..its forgotten by builder....the guards are nearly all useless. Its best to have provision for video doors ..if they are not providing..get the wiring done

    13. If you have a balcony in your bedroom and no provision for split a.c then you will use half of ur balcony for that window a.c. Thats why split a.c provision is must. Nowadays builders provide both

    14. DONOT get fooled by statements like 70% open...5 acre park....the simplest way to know is "HOW MANY APPARTMENTS IN ON ACRE OF PROJECT"...Heres how you calculate...If Total area of project is 10 acres and you have 5 towers..with 4 appartments on each floor and 25 stories high measn one building will have 100 total 5 buildings will have 500 appts..meaning 500 appts in 10 acres...meaning 50 appats per acre. Now this is an open project.In my opinion (may vary from person to person)
    Less than 40 appartments per acre...Premium project..very expensive
    Between 40 to 60 – Good open it shud be within reach
    More than 70 – Average open area
    More than 100 – Its way too crowded

    15. If you have a tight budget you will have to compromise on that case opt for a higher floor....between 6 to 10 is good enough...this is my personal opinion though...Simply becoz..its the bombay like situation then in high density areas..more open on top...

    16. A project may have excellent facilities but less space..and a project may have average facilities but lots of space...go or a spacious a supermarket, coffee shop, saloon, chemist can open dpeends how pro active ur RWA will be...but one can NEVER get more space..Real estate in its most Raw form is Land...

    17. Be fully aware that maintenance cost will be minimum Rs.1.50 per sq feet per month and the Bill for Power back up used is entirely different. Its per unit charges may be around Rs.10-12 Per unit..compared to Rs.4 of govt.
    Power back up is NOT free. More the facilities..more the maintenance charges
    A premium project may charge as high as Rs.2.50 psf per service charges

    18. If you are planning to buy in Greater Noida new sectors (so called Noida extension), be fully aware that you will have an area which will be very dense. Construction will contnue around you for at least 7-8 years. These sectors of greater noida donot enjoy the openness of greater noida nor the Service industry boom of Noida..but are very smartly located. Noida expressway will benefit from Metro along it from sector 93 onwards to pari chowk..but for everything they either have to head to greater noida...or noida main sectors. And going from one side of expressway to another isnt smooth either.
    This area will also witness massive construction but due to open layout...the constrcution related issues will be less
    Also IF I REPEAT IF..Jaypee takes over the expressway and tolls it..then where the exits will be (if any at all) another question..there may be None one knows..but then too many ifs to this subject.

    19. If they are claiming to be Earthquake resistant...ask who will certify it and till what level they are planning to make. A building can be safe for 4 richter scale. 5 richter scale. 6 richter scale..The higher the better

    20. Penalty clause is ONLY for BUYER...if you delay in payment..he will charge interest..but even if the builder delays possession by 2 years..nothing will b paid..they have it all under control..remember they have a team of lawyers...NOT YOU.So if a builder says 3 prepared for 4 years...simple.

    TO END :

    Reviews of property you see from so called experts on T.V and read in paper are PAID for. Media is on sale in this country.Be careful

    Brokers and Builders will always show as if they are doing you a favour by selling you an appartment..All flats are either sold out or only last few garbage locations left.They want booking cheques asap. Some will even say that we will shift you in a better location LATER on...please for Gods sake..dont fall for these traps

    If you are seriuos about a project... calls to brokers wont work...You may have to visit them to show that you are seriuos...suddenly inventories will start coming..NEVER compromise on location..unless they are willing to give you a huge discount

    Brochures are to Lure Buyers....The "White firangi" familes and "Western names" copied and pasted from internet...Please dont start dreaming looking at them..

    Never issue a cheque to anyone unless you have the company’s application form filled with Unit No. and super area clearly mentioned


    Property is Never bought knowing where it is Today but by knowing where it will be tomorrow. A modular kitchen, wood work, electrical fittings can all be bought in 2-3 lakhs easily....but NEVER the location..NEVER the space...

    Keep it simple and keep it Real


    Have any questions or thoughts about this?