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Don’t be fooled by what you see:
The builder shows you a sample flat (Plaster of Paris) model and you think the actual flat would be the same. There is a nasty surprise waiting if you think that what you see is what you get.
The sample model shows you a higher ceiling (Means a higher storage space), glass partitioned bathrooms and expensive tiles.The actual flat once constructed may not offer you these facilities. You might have to pay more if you want a glass partitioned bathroom or expensive tiles.
You have to ask the builder if the glass partion, tiles, wooden flooring are part of the final construction.
What you are offered is not what you get:
The builder entices you to buy a flat offering you extra space. (Quoting a higher square foot area).This is the super built up area of the flat.The flat might have a lobby, staircase and other common areas such as corridors which make up the super built area.
You actually get the carpet area which is the built up area minus the thickness of the walls. The built up area includes the thickness of the walls of the flat and the area you get (carpet area) is much lesser.
Tie up’s with banks:
If the builder avails a loan from a reputed bank a due diligence is done by the bank on the property.The bank approves the project (and also the builder) and then sanctions the loan.
If the builder has availed a loan from a state owned bank you stand to benefit as a very strict due diligence is done. You can get your home loan sanctioned easily.
The bank might offer you a pre approved loan if you have deposits with the bank and a good track record of repayments on your credit card with them.
The pre approved loan is also offered if the bank is happy with the builder’s project.
Check for permits:
The builder needs to have permission to make constructions on the land. Permits from the electricity and water board are necessary.Environmental clearances may be necessary and special permits for a high rise construction if it overlooks a military base.
Penalty for late possession:
The construction of the flat might be delayed due to monsoons or certain factors beyond the control of the builder. The builder aware of this asks for a grace period of 4-5 months.
Make sure that there is a clause where the builder has to pay you a penalty if the possession of the flat is delayed beyond a certain time.Builders usually delay the construction and demand more money to proceed in the construction. They hold you to ransom.
If there is a penalty clause for late possession the builder might think twice before delaying the construction of your flat.
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