August 11 2023

What Is The Process Of Buying A Flat From Builder?

Investing in residential property has always been a dream for all. It is one of the most crucial decisions to make in life, and for some of us, it is a meaningful life achievement. The flat buying process is emotional and thrilling because you are investing your hard-earned money.

However, let your emotions not overwhelm you. Make thoughtful and smart decisions by considering all the pros and cons involved in investing in a particular property, so you won’t have to regret it later. So, here is a guide on the process of buying under construction flat to help you find a suitable apartment.

Things To Consider While Buying a Flat

Here are some things you must consider before buying an under-construction flat in India.

Identify Your Needs

Understand the type of apartment you are looking for to suit your unique needs and personality or lifestyle choices. Ask yourself questions like, “Do I want to live there?” or “Am I looking for an investment opportunity for future returns?”

If you are looking for a flat to live with your family or to reside alone, you can check out for the amenities and furnishings you need. And if it’s an investment option, you can consider options like leasing it out or selling it at a higher price when the appreciation value rises. Seek professional help from real estate agents for proper guidance about home investments.

Get All the Details

Consult your real estate professional to get the most detailed information about a particular flat. For example, if you are purchasing an apartment for investment, learn about the rental costs for living in flats in that area, the rate of appreciation growth, etc. And if you are willing to move in, acquire crucial knowledge like the flat’s size and location, and determine when you wish to shift to your new apartment.

Furthermore, check all the available amenities, facilities and furnishings. Additionally, consider the size of your family to determine which flat size would suit the needs of individual family members. Also, check the transportation facilities, such as proximity to bus or railway stations and airports.

Flats are available in multiple sizes, including 1BHK (best for single residents), 2BHK, 3BHK, 4BHK, and more. Also, consider your plans to expand your family and whether your flat size would be able to accommodate your new members.

Learn About the Required Documents

As a part of the flat buying procedure, you might need the following crucial documents and paperwork.

- Latest receipt of tax paid

- Absolute sale deed under the seller’s name

- Account certificate

- Current electricity bill and receipt for the apartment you are going to buy

- Latest bank statement, if any loan is outstanding on the flat

- Occupancy/Possession certificate from the builder

- NOC from Housing/Apartment Association

- Sanctioned building plan, and many more.

Steps to Buying a Flat

If you are sure you wish to buy the said property, you need to visit the Registrar's Office for property registration. It involves the following procedures.

- Verifying the property’s title

- Estimating the property value

- Preparing the necessary stamp papers

- Preparing the sale deed

- Paying the registration charges and stamp duty

- Approaching the Sub-Registrar for property registration

- Submitting the required documents.

You are now coming to the last step of the flat purchase process. After visiting the registrar's office, the concerned lawyer will prepare a deed on your behalf. You can get the property's ownership rights within 3–5 days if you wish to purchase the property in cash.

But if you wish to buy the flat with a loan, you should submit an affidavit at the registrar’s office. It helps to verify the loan amount, the number of repayment years, and the interest rate. You can obtain ownership of the flat after submitting the required signatures of the buyers or sellers in the documents. But both owners should be present simultaneously during the document signings.

Final Words

We hope the above guide and process of buying a flat from a builder will help you make smarter decisions. It is a big and vital investment, so consider each factor carefully. Even if the buyer seems to hurry you into making a decision, refrain from such impulsive buying decisions. We wish you luck and best wishes on your property investment.

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