ABCDE of Homebuying: Tips & Thoughts


ASPIRATIONS

Looking for a new home? These may be some of your aspirations?

1.You may be aspiring to buy a home for staying with your family
2.Your aspirations may be to use your new home as investment by way of renting it or benefitting from asset appreciation in the near future
3.Perhaps you may be planning to gift it to a dear one
4.Have you decided on the nature of residence—is it an apartment or villa in a gated community? Are you looking for a super-luxury residence or a budget apartment?
5. Know more about the location where you wish to invest in a home. Consider the landmarks, conveniences, connectivity, reputation and future potential of the location—as well as the drawbacks. If possible visit the location and study the existing and ongoing builder projects in that location.
6.Or do you wish to construct an independent customized home on your own land? Mansions is perhaps the only known realtor which undertakes to fulfil such an aspiration.
7. You can choose between a Lo-Rise or a Hi-Rise apartment complex

BUILDER

Searching for the right builder? Here are some tips and thoughts to help you select a credible option
1. Look for Trustworthiness and Transparency
2. Validate Quality Assurance of materials, amenities, facilities, safety features…
3. Check Track record of Projects.
4. Talk to existing Customers or check for customer testimonials in the builder’s website
5. What about After-sales Service
6. Is the builder a Member of CREDAI
7. Visit previously handed over projects
8. Conduct a check on the background of the builder from independent sources such as Banks/Financiers, including reputed suppliers, and peruse the website of the company for details of the project mentioned in the website.
9. Verify the builder’s Delivery Record. It is possible that builders with strong cash flows are likely to complete projects in time. However if a builder has taken excessive project loans, and the apartments are not sold in time, they will find it difficult to pay their debts and consequently the projects will be delayed inordinately

COMMERCIALS

Wish to have a tight control on your home Commercials ? A home is normally a family’s most expensive transaction –here are some tips
1.Prepare a broad budget for buying your new home, and determine how much will be self-funded, how much will be borrowed either through bank loans or from other sources
2.Ensure that you are eligible to secure bank loans to the required extent and the interest liability that you will incur over time.
3.In case you are selling an existing property and using this money to fund your new home, explore all tax-related options like Capital Gains
4. Explore eligibility of soft loan schemes of the State/Central Government for promoting housing including schemes like PMAY
5. Guard against deceptive pricing, promotional offers and verbal promises. Don’t just go by empty claims. Get all commitments about your prospective home from authorized officials in writing, in case you need a legal recourse later
6. Find out if the new project that you are planning to invest, is approved for project finance by reputed banks/financial institutions—because they will do a legal vetting before giving Project Finance.
7. While estimating your Commercials, keep a provision for expenses which are not part of the cost of an apartment – Corpus Fund, Interiors, Fittings, Furnishings and related costs associated with a new home
8. Another cost component which becomes payable after Hand Over is the Monthly Maintenance Fees. It will be helpful to discover the approximate monthly outlay because depending on the luxuries and common amenities in an apartment complex, these Fees can vary drastically.

DELIVERY

Take care that you are aware of the basic steps while taking delivery of your dream home
1. Collect the Possession Letter from Builder.
2. Arrange a Joint inspection between Builder and Homebuyer, which can include-

a. Switch on all lights, fan points, plug points
b. Open all water taps
c. Inspect any cracks on walls
d. Check for hollow tiles
e. Check for leakages
f. Pay attention to drainage
g. Check doors and windows for cracks/ any complaint in hardware fixtures
h. Recheck if all the materials like tiles, switches, CP fittings and sanitaryware conform to standard quality and as per brands promised

3. If there are any incomplete works, make specific notings in the Joint Inspection Report. Don’t accept possession of apartment till all repair works are completed.
4. Check whether promised amenities and common facilities have been provided.
5. Ensure that the apartment has electricity connection from KSEB, water connection from Kerala Water Authority/ Borewell/openwell/ Filtered tubewell and drainage connection from KWA. If drainage connection from KWA is not available in that area, a Sewage Treatment Plant of sufficient capacity must be provided.
6.If the purchaser/buyer is interested in buying a fully furnished apartment, it must be checked whether all connections have been done and all dues till that date are cleared — and make sure that necessary documents are in order.

EVIDENCES

Are you are aware of the key evidences by way of documents and documentation which should be accessible or available to a legal houseowner?

A. Check following Documents Before Buying the Apartment:

1. Project Approval by financial institutions and if the builder took project loan for construction purpose
2. Title Deed (details about ownership of of land)
3. Land Tax Receipt from Village Office
4. No Encumbrance Certificate for the past 30 years from Sub-Registrar Office
5. No Objection from Fire and Rescue Services, Airport Authority of India, etc.
6. Approved Plan and Building Permit from concerned department showing Date of Validity
7. Make sure the floor where you have booked your apartment has been approved by the concerned authority.
8. Find out if the location where you have booked the apartment is categorized under Commercial Zone/ Heritage Zone/ Residential Zone

B. Check Availability of following Documents During Buying Process

1. Allotment letter.
2. Construction Agreement between Builder, Landowner and Homebuyer/Purchaser – and ensure there is no Power of Attorney between Builder and Landowner.
3. Any Compensation Clause if the project is delayed
4.Sale Agreement between Landowner & Purchaser, which has to be registered within four months of signing this Agreement.
4. Tripartite/ Quadrapartite Agreement to be signed if Purchaser is taking loan from bank.
5. NOC from Builder, if Purchaser is taking loan from bank.
6. Once RERA Rules take effect, ensure that the Project is registered with RERA

C. Check Possession of following Documents After Purchase

1. Sale deed between Landowner/Builder & Purchaser.
2. Land Mutation(Village Office)
3. Occupancy Certificate/ Property
Tax for apartment in the name of Purchaser (from Corporation / Municipality/ Panchayat)

New Year Homebuying: The Mansions Way


It won’t be long when 2018 will give way to 2019. And especially when you are planning a new home, months pass away in a jiffy. Conventionally, when a builder refers to a house, the reference is mostly to high-rise apartments and gated communities—and the occasional villa projects.

Mansions, which is celebrating 30 years, offers a multi-tier solution package to meet your homebuying needs– some of which are not quite conventional.

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Have Land? Explore Opportunities as a JV Partner!


Ganesh was a busy businessman running a successful firm. He was so engrossed in his business that he never had time to reflect on a vacant piece of ancestral land which was lying virtually as a dead asset. He did realize that the property was in a prime area in Sreevaraham,Trivandrum—but he was a bit helpless in exploiting the asset to his advantage.

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The Joys of Low-Rise Living


When Shibu, an IT professional, got a 3-year posting in Silicon Valley, it was a dream come true for him and his wife. But it was dismal news for his aged parents who were in their seventies.  All the four of them till now were living in a sprawling rented bungalow in Trivandrum. The two-storey house had four doors opening out into the porch & a terrace-garden, as well as a large main gate. It was situated in a posh colony, where houses were far apart.
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Customised Homes: A Home on Our Land


Paul Thomas who had spent two decades abroad, staying in apartments, was aspiring to build an independent home on his own land back in Trivandrum…and not settle down in a standardized skyscraper residential block.

Gopalakrishnan and his wife, having stayed in government quarters, and now a few years away from retirement, wanted their own dreams and designs to be translated into a wonderful home in Trivandrum for their family.
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