Real Estate (Regulation and Development) Act, 2016 FREQUENTLY ASKED QUESTIONS (FAQs).
What is a residential apartment?
A residential apartment is an autonomous housing unit that consists of bed rooms, living rooms, kitchen, bath rooms, etc. It occupies only a part of a building. Apartments may be owned by an owner or by rented tenants. In commonwealth countries, the term 'flat' is used to describe apartments.
What should a buyer keep in mind while purchasing a residential apartment?
Some important points to keep in mind while buying a residential apartment are:
* Locality – Proximity to workplace, educational institutions, hospitals, shopping areas, entertainment center, transportation, pollution levels.
* Quoted area of the flat i.e. Carpet, Built Up Area and Super Built Up Area
* Car parking space
* Quality of construction
* Reputation of the builder or seller
* Sufficient water and electric supply and other utilities
* Cost components like price, stamp duty, registration charges, transfer fees, maintenance charges and other payments
* Appreciation of the property for resale and rental
* Other distinguishing features or advantages of the property
Should I inspect a property before buying it?
It is definitely important to inspect the property before purchase as probably it is one of the largest single investment made by most buyers. It is crucial to know all the details of the property and need for any major repairs / modifications before it is purchased. It is easy to crosscheck the commitment made by builder and actual implementation if a pre-purchase inspection has been carried out. A close inspection points out the positive and negative aspects of the property, as well as the maintenance that will be necessary to keep it in good shape.