Indore is witnessing a boom in the real estate sector. A home is a must-have if you plan on being a part of this ever-growing friendly city. And buying a home is a joyous occasion, however, not a cakewalk. It involves a lot of risks as you are investing your hard-earned money. So while you are on a house hunt, make sure to ask these questions to your builder:-
1. Why invest in this particular property?
When your builder brings you to show his project, your potential home, ask him what makes this project special? By asking this question, you will get an insight into the amenities available within the project, the pros of the area, what all financial aids are available, how dedicated the builder is, the quality of materials used and many such tiny details that are often overlooked.
2. What is the super built-up and carpet area of this flat?
Always ask about the super built-up area, built-up area and carpet area. These jargons are marketing tactics that keep you in a constant state of confusion. Vaguely, the carpet area is the actual floor space you get to live in the property. The built-up area is inclusive of all the lofts, stairs and walls that are the house. The super built-up area is a calculation of all your personal and commonly shared space. It is inclusive of the parking area, elevators, staircases and so on.
3. What is the tentative date of project completion?
Before investing in any flat, that is under construction, always enquire about the completion date. Make sure that all these dates are mentioned in your contract as well. As a buyer, you have the right to know the tentative date, and in case the project isn’t ready by the said date, the builder holds the monthly liability. The builder should be mentioning this in your contract. In case you’re moving to a ready-to-move-in flat, ask about the shifting date.
4. Could you share all the documents beforehand?
Buying a home is no walk in the park. There is a massive amount of paperwork required before you start living in the house of your dream. Always ask your builder if they can provide you with the necessary paperwork beforehand- including a blueprint of the property, floor plan, contract, registry, all the permits, certificates and other documents. It will give you time to investigate if anything is missing and get it done.
5. By when can you expect the Occupancy Certificate?
Occupancy Certificate is the mandatory legal document issued by the local government for a building. It is only after receiving the certificate issuance that a building is considered habitable. Ideally, you should get the Occupancy Certificate before moving in. Having the certificate keeps you safe from the risk of eviction. It is a crucial document that is very much needed if you wish to re-sell your property or use it as a mortgage.