What are the things I should check before buying a flat in Bangalore?

Below are the few important things to check before a flat in Bangalore

1. Avoid choosing the property next to STP, recycling plant, garbage dumping spot, graveyard, highway, railway track, and polluting industry. Stay away from pollution for cause of your health & well being.
    
2. Visit the project history of builder and check the quality of construction
    
3. Flat should have natural light and decent air circulation.
    
4. Avoid 100% self-financing. Prefer bank loan, loan helps to control your cash flow. Bank supports for document verification besides offering loans.
    
5. Avoid verbal agreement and verbal promises from seller. Keep all the possible terms & conditions in sale agreement till the sale deed execution
    
6. As you know real-estate market is not fixed. we need strong negotiation skills to bring down the price.
    
7. Keep the booking amount as low as possible. Release rest of the amount only after you get confident about project progress. Avoid complete settlement in advance. Make the payment in installment as the project progress.
    
8. Under-construction properties are paid based on the progress of the project. like on-booking. 10%, Basement 10%, 1st floor, 10%, 5th floor 10%, plastering, finishing and registration. Release the fund slowly as the project progress.
    
9. Keep the record of payment. Avoid cash. Make payment through online, cheque or DD
    
10. Franking of sale agreement is mandatory to opt for bank loan.
     
11. Franking your agreement gives you better legal stand in case fail in delivery of possession, deal cancellation, delay possession by seller.
     
12. If the agreement is signed by GPA holder, collect the registered GPA from seller for cross verification.
     
13. Keep the eye on penalty clause in sale agreement. if delay in payment. Most seller demand at least 18%.
     
14. What is sale agreement says, if builder delay in delivering the possession.
     
15. What is in sale agreement, if buyer cancels the deal? Most seller deducts at least Rs. 1.5 Lakh or 10% of booking amount as liquidated damage. The Balance amount will be initiated only after the schedule property sold to other prospective buyer. Refund process is time-consuming and losing bank interest for buyer. (Try to modify this clause on your favor)
     
16. Most seller allows the property registration only after the complete payment that includes consideration price + parking charge + administrative charge if applicable + corpus fund if applicable + 3 years maintenance cost in advance + Utility implementation charges if applicable ( electric meter + bore-well +STP + water recycling + water softener etc..
     
17. Most seller provides only bore well water facility. At later stage, if owners association decided to access Cauvery water connection, each flat owner may suppose to contribute around Rs. 45,000/- per flat for cauvery water connectivity.
     
18. Buyer may spend another Rs. 10,000 for property tax application, khata transfer application, name change at electricity bill
     
19. Additional cost applicable for modification. The modification should be informed well in advance at the time of slab construction. Seller will not permit buyer to do modification on his/her own or modification should be done with permission of builder.
     
20. Most builders monopolies the interior contractor but you can take a call with price & quality competitive vendor after the sale deed is done.
     
21. You may not able to choose your parking space. Parking space is allotted by the builder. You should be lucky if no water or STP pipe running just above your parking space or there might be occasional water dripping from pipe. which might spoil the place and vehicle due to constant dripping. (Keep note of this point and inform the seller about your preferred parking spot at the time of paying booking amount itself)
     
22. Avoid parking space just above the underground water tank or STP. Such parking spot are very dangerous and not authorized to allot such space for parking
     
23. Be aware of your taxation. If the consideration value is more than Rs. 50 lakh. Buyer should pay TDS. TDS is 1% of considerable value. Pay TDS on time to avoid late payment fee. Most sellers are least bothered to discuss taxation part. Take interest and clear your tax on time.
     
24. Get the property inspected by professional before you get the possession from seller. Make sure the tiles, kitchen granite, piping, wiring, switchboards, and doors are fitted well.
    No seepage, no wall cracked and decently painted. Seller may not care to address the issue once after the possession letter is signed by you.
     
25. Hidden charges:

• Most builders charge administrative fees of at least Rs. 50,000/-. I really don’t understand why most builders charge an administrative fees of Rs. 50,000/- when the buyer itself pays for all the paperwork of stamp duty and registration charge.
   
• Most builders charge the non-refundable corpus fund of at-least Rs. 50,000/-. apart from 1st 3 years of maintenance cost in advance. Maintenance cost roughly around Rs.3.5 per sq.ft.
  
  For example, if your flat size is 1000 Sq.ft. you need to pay Rs. 1,26,000/- as 3 years maintenance cost on or before registering the property

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