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Buyers Guide

A comprehensive guide for every home buyer

HOME SELECTION CRITERIA

HOME SELECTION CRITERIA

PARAMETER
QUESTIONS TO BE ASKED
Location of the Project
While selecting the ideal home, you need to keep the following factors in mind- proximity to major roads, bus stops, railway lines, transportation services, civic & recreational amenities like educational institutions, parks, police stations, temples, community halls, hospitals, and auditoriums.
Affordability
Does the location fit your budget?
Place of employment
How far is your office from the location where you're planning to buy a home?
Markets nearby
Is there a market in the neighbourhood or grocery shops and convenience stores?
Education
Where is the nearest school or college?
Public transport Facilities
Is public transport easily accessible from the location?
Developer
Does the real-estate developer have a good reputation?
Water and electricity
Is there a steady supply of both?
 
Hospital/ Medical services
Are medical facilities easily available near the project?
Monthly Society maintenance
Is the monthly society maintenance a strain on your budget?
Safety and Security
Is there a security system in place, like a professional guard or an electronic facility?
PARAMETER
QUESTIONS TO BE ASKED
Chain of title
It is a priority to have all the registered documents from the proposed seller who declares the ownership of property. Do you have these documents that are vital for you to apply for a loan from the bank?
Existing conditions
What is the internal as well as the external state of the building?
Water leakages
Are there any water leakages in the building? Any property with water leakages should be an immediate no as it is bound to impact the entire building eventually.
Maintenance of the flat
Is the paint/wallpaper from the wall peeling away or is the concrete crumbling?
Neighbours
Are the neighbours intrusive or peaceful, pleasant and amiable?
Transfer charges
Are the society transfer charges too high or do they fit in your budget?
Ownership Type
Will there be trouble getting funding for the property depending on its ownership type? In some projects, the property available is only via power of attorney or "pugree" basis.
Self constructed property (SCP)
SCP is when you buy a plot of land and construct your property there. Though it might seem like a good idea to you, are most banks likely to fund such a project? Probably not.
Under construction property at an initial stage
Will it be difficult to get funding from the bank to invest in a project that is at an early stage of its construction, if the builder has a good track record for timely delivery in the market?

Disclaimer: The information provided herein is just for reference purpose collected from various sources. Rajesh LifeSpaces shall not be responsible for any changes in policies.

HOME LOAN FACTS

Disclaimer: The information provided herein is just for reference purpose collected from various sources. Rajesh LifeSpaces shall not be responsible for any changes in policies.

NRI FAQs

Disclaimer: The information provided herein is just for reference purpose collected from various sources. Rajesh LifeSpaces shall not be responsible for any changes in policies.

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EMI CALCULATOR

Disclaimer: The information provided herein is just for reference purpose collected from various sources. Rajesh LifeSpaces shall not be responsible for any changes in policies.

RERA FAQs

The Real Estate (Regulation and Development) Act, 2016 (the Act, from hereon) is an initiative by Indian Government to enhance transparency in the real estate related transactions by creating a systematic and a uniform regulatory environment, thereby protecting consumers’ interest and making real estate developers liable for timely completion of projects.

These are the five major objectives of RERA, 2016.

  • To establish the Real Estate Regulatory Authority (RERA)
  • To promote transparency and efficiency in the sale of real estate projects
  • To protect the interest of consumers in the real estate sector
  • To establish an adjudging mechanism for speedy dispute settlement
  • To set up an Appellate Tribunal to hear appeals from the decisions, directions or orders of the RERA

Yes, this act is applicable to all Indian states excluding Jammu & Kashmir.

Initially, the bill was supposed to cover only residential projects. On further amendments, commercial projects including shops, offices and buildings were also included.

Yes, A Central Advisory council will be set up to advice the Central Government on the implications of the Act to recommend policies in order to protect consumers’ interest and to supervise the growth & development of the real estate sector. In addition, there will be a dedicated Appellate Tribunal set up for RERAs to hear appeals from orders of the RERAs and the adjudicating officer.

  • As per the RERA rules, the consumer is entitled to receive information about the sanctioned plan, approved layout plan, stage wise progress of the project, carpet area and facilitation of basic amenities & services such as drinking water, electricity, sanitation etc.
  • The consumers can claim possession of the unit and the association of consumers can collectively claim possession of the common areas as declared by the real estate developer
  • In case the real estate developer fails to meet the timeline or does not deliver what was promised then the consumer has the right to claim refund of amount paid with prescribed interest and compensation for the same

  • It is mandatory for the consumers to make payments on time to the real estate developer as per the agreement. He/she is also liable to pay the share of registration charges, municipal taxes, maintenance charges, ground rent, electricity charges, water supply charges etc.
  • Once the real estate developer issues the occupancy certificate, the consumer is required to take possession within two months
  • The consumer is liable to pay prescribed interest if he/she fails to make timely payments for his purchase
  • It is mandatory for a consumer to actively participate in the formation of an association, a consumer federal or any cooperative society
  • A consumer must participate towards the registration of the conveyance deed of the unit

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