5 Important Things To Ask A Real Estate Builder Before Buying A Flat In Mumbai

Mumbai - The City Of Dreams is the quintessential city that caters to all. Being the financial capital of India from teenagers to adults, this city has space for all your dreams & aspirations. Speaking of space, Mumbai's skyline effortlessly transitions from Dharavi, one of the biggest slums in the world, to the most immaculate high-end skyscrapers available. With the way we have started to live, our needs for opulent homes have seen a rise day by day making it a noticeable phenomenon for builders in Mumbai. Owning a house in the city of dreams is an important turning moment in one's life. A home in India is not only considered a house but also represents one's standing in a societal set-up. Real estate developers have started to take this into account while being entrenched as a property developer. Ambit Realtors is a well known real estate builder who believes that buying a home is a decision that comes in with an added amount of stress & prolonged decision making as it's considered a once in a lifetime opportunity. As a consequence, the final verdict should be a well thought out, considerate decision. Here are 5 important things to ask a real estate builder before buying a flat in Mumbai.

1.What is the property's size?

The decisive elements that affect the property size are frequently things like location, facilities, etc. Finding out a house's characteristics, such as its amenities like the terrace, parking, balconies, and the number of bedrooms & bathrooms, is essential. We all know about the various bifurcations of areas like the carpet area, built up area & the super built up area. The RERA carpet area is the one that makes sure you pay only for the area usable to you. It consists of internal walls like the partition walls, kitchen, toilet, cupboard spaces, etc. It excludes your balcony, open terraces, external walls to name a few. The built up area is generally 10-15% more than the carpet area as it also includes your balconies, external walls, open terrace areas etc. To end with the differentiation of the super built up area, it is by large 20-40% more than the carpet area as it takes into consideration the common areas like the club house, lift lobby, staircases, etc. Before 2016, builders usually used to sell the flats according to the super built up area as to gain more profit across. But after 2016, the RERA act coming into establishment, urges builders to charge according to the RERA carpet area thus encouraging a neutral pathway for both the parties to align with. In essence, this establishes the range of potential future evolutions.

2.How is the neighborhood & location?

When purchasing a home, you should also take into account the type of neighborhood it offers. Thinking about potential future chances for simple accessibility is important at this stage of life. Excellent public transportation, easily accessible service providers, close proximity to hospitals and general stores as well as schools and health facilities. The quality of life that one can anticipate is greatly influenced by all of these variables and more.

3.What is the actual cost?

In addition to the physical cost of the property, there are other expenditures associated with purchasing a home like the stamp duty, maintenance, parking & GST to name a few. Make sure you inquire thoroughly about the price breakdown so that you'll have a better knowledge of the situation when the time comes to finalizing. A diligent buyer would inquire about all charges, including GST and parking space fee, among others.

4.Would the project be delivered as per schedule?

The promised delivery timetable made by the real estate developers is one of the most crucial things to ask your builder before purchasing a property in India. Make sure they have a delivery time in writing that won't interfere with your move-in date or the rewards of your investment. Go a step ahead & crosscheck if the RERA number for the official completion & delivery date of the project aligns with the one told to you.

5.Is the builder a revered name?

Before buying a home, it is essential to ensure that the builder you entrust with this opportunity is a trusted one. Make sure you have done enough research on their background & goodwill in the industry. Thoroughly go through the previous projects that they have worked on, the timely delivery of the respected project, etc. To ensure that what you want will genuinely be yours without any headache or future issues of ownership, registration, or any other law, this is just as important as the emotional decision to buy property. Thus, the above mentioned are some points you should keep in mind before investing in a property.