If you are going to invest your hard-earned money in a new house or a flat near Chandigarh then Here are the top 9 things you must know before buying a flat In Chandigarh to make your investment worth it
Buying a new house or flat is one of the most critical decisions of one’s life and probably it is an idea that you have been nurturing since a very young age.
Therefore, you are required to keep all necessary points in your mind before you take the leap and make a selection. Sometimes, buying a new house also involves taking a handsome amount of loan, which is followed by monthly installments flowing out of your income so in that case, you need to be more aware.
Here’s The list of some parameters you need to be looked on to while going to purchase a new flat In Chandigarh
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Basic Selling Price (BSP)
BSP in real estate stands for Basic Selling Price. It is the base rate per sq ft at which the property is listed by the developer or owner. BSP is excluded by the additional charges of floor rise, preferential location, and other amenities like parking or other maintenance charges. Generally. it is also known as the fixed cost per sq ft.
For instance, if you are buying the property of Rs 40 lakhs so you would need to pay around Rs 46.86 lakhs for the property, depending upon the amenities or other maintenance charges that are levied by the developer or owner, Also additional charges are almost 20% of BSP.
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Interest -Free Maintenance Security Charges (IFMS)
IFMS stands for Interest -Free Maintenance Security Charges. IFMS is a mandatory sum of money that the flat buyer must pay to the owner or developer who reserves it separately until a resident association is formed. After that, the owner is expected to transfer the funds to the
association for maintenance expenditures. This procedure is useful in case of unprecedented breakdowns in the amenities or for future developments like security, lifts and parking extensions, etc.
Globally, the IFMS has replaced the sinking fund but some developers collect a sinking fund in addition to the IFMS by making a distinction between the both of these. Sinking fund is an amount that owners allocate for emergencies and repairs. While IMFS. According to the owner is get to use in daily meetings and expenses like small repairs.
Roof Right Charges (RRC) Chandigarh
A rooftop or terrace is a common area in any residential society that can be accessible to any member of that society. Places like terraces, rooftops, lifts, and elevators are all shared areas of any society and have to be made accessible to all apartment-owners with any exclusive access. In case of repair and maintenance cost of such common areas has to be borne by all the apartment -owners collectively. In the same way, any profit or income arising from the use of these common areas has to be distributed equally among all the apartment- owners.
RERA Chandigarh (Real Estate Regulatory Authority)
RERA stands for Real Estate Regulatory Authority, Real Estate (Regulation and Development) Act, 2016. RERA was made to boost real estate investments and to protect the home purchasers. The RERA act is effective from 1 May 2016.
Real Estate Regulation and Development (RERA)
Under the RERA act, a minimum of 70% of the buyer’s money will be kept in a separate account and that money will then be allotted to the builders only for construction-related work. The developer or owner cannot ask for more than 10 % of the property’s cost as an advance before the sale agreement is signed that saves the buyer from having to source the funds fast and having to pay a large amount.
The developer or owner is supposed to submit the original documents for all projects they undertake. An owner should not make any changes to the plans without the consent of the buyer.
Under the RERA Act, the developer or owner has to sell properties based on carpet area and not on a super built-up area. In case the project has been delayed then the buyer is entitled to get back the entire money invested or they can choose to be invested and receive monthly investment on their money.
The owner must solve any issue faced by the buyer within 5 years of purchase. The issue must be solved within 30 days of the complaint.
A regulator cannot advertise, build, sell, or book a plot without registering with the regulator.
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Car Parking Charges Chandigarh
The Supreme Court of India upheld in 2010 stating that parking spaces cannot be sold as independent real estate units, ‘open to sky’ areas or ‘covered’ portions of flat complexes, usable as parking spaces, cannot be sold separately by developers or owners as ‘garage’. It clearly shows that parking areas are not to be paid extra.
Power Backup
As you are going to invest in your dream house so make sure that an apartment society should essentially be equipped with power backup plans to keep their residents at ease as without power backup.
You can choose your power backup option based on the area you are going to live in, the weather of that region, and the kind of appliances you want to use, depending on the size of your to be home in the housing society you can choose your generator. This is the most efficient power backup plan through which AC loads, essential lights, and electrical appliances can work.
Park Facing Flats
The park-facing flats are on much higher values as compare to flats that do not face a park. So, investing in a park-facing flat assures that the property can be sold at a higher price in the future and one of the vital benefits of buying a park-facing flat is that you have easy access to visit these parks. When people start living in park-facing flats then there are high chances that they will visit the parks for a walk or exercise there.
Security and Surveillance
Make sure that the flat you are going to buy should have a proper security system by installing video surveillance and security guards. Proper security and surveillance, not only does it help reduce liability but it creates a safer environment for residents.
Benefits of Proper Security and Surveillance
- It minimizes the threat of criminal activities and tenant misconduct.
- Prevents society from unwelcome visitors from accessing the on-site parking areas.
- You can have an eye on the video surveillance system from your tablets, laptops, and smartphones, etc.
- It will help to decrease the cases of theft and vandalism.
- Provides safeguard to your property from physical damage.
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Radiation Free Area In Chandigarh
In today’s lifestyle we all enjoy the benefits and convenience of technology but is the time for us to consider the advantages and the harmful effects that few technological advancements such as hazardous cell-phone tower radiations, wi-fi router pose to human life. We are living with transmission and reception of EMF-radiations, these are the hazardous radiations that have adverse effects on human health. Cell phone towers emit high-frequency radio waves
of frequency ranging between 800-1800 MHz, or microwaves that can travel up to 72 km over level terrain. In big cities, most of the cell phone towers are mounted on high-rise buildings to get very good signal reception so if you are going to live in these buildings then the closer you are the greater the danger.
So, make sure that you should not buy a flat that is nearby any cell phone towers and a reduction in the value of the property is not uncommon when there is a cell phone tower in the neighborhood or on the actual roof or terrace of the property.
I hope, You’ll understand What should be checked before buying a flat In Chandigarh?
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Flat buying tips In Chandigarh
- A comfortable location means it should be close ta a school, a hospital, a market, and a bus stop.
- The development of the place would ensure you a good resale value of the property in case you think of selling it off later.
- The property you are going to buy should be free from any legal issues and in case it has any legal issues you might end up abandoning the flat for valid reasons.
- The land on which the property is constructed should have approved by the government for construction.
- The most important thing about buying a flat is to compare and check the prices of other flats, to make sure that you are well aware of the current market value offered to you should match the carpet area and the super built-up area.
- You should make sure before buying a flat that you should well aware of the facilities provided in the flat. And you should also know if there is a membership fee on any of the services, the buyer should enquire and negotiate with the builder.
Precautions While Buying a flat In Chandigarh
- To avoid being cheated it is advisable to have a home inspection done before investing in a flat.
- In many cases, the flat is sold through a person holding power of attorney (POA) on behalf of the developer or owner.
- Proper documentation should be a must before you are going to invest. The sale document should be properly registered and stamped. The no objection of that society is not required for sale as per the new laws.