Risk Factors Before Buying Your Sobha Avenue Apartment

The real estate market in cities like Bangalore has grown in leaps and bounds over recent years. The IT sector has been a key driver in accelerating growth in real estate here. But buying a house is a big financial commitment. Plus, you need to do the due diligence with regard to the paperwork. That is why it is useful to stick to developers like Sobha Limited which have certification under the Real Estate Regulations Act (RERA). New apartments in complexes like Sobha Avenue and Sobha Lake Garden are often free from legal encumbrances. But it is always a good idea to run a quick check on the property.

Legal formalities:

Look out for legal documents like the title deed and transfer certificates. If you are not confident about making sense of legal jargon, consult a real estate lawyer. It is a good idea to hire a lawyer to run a check that the property is free from legal wrangles. The legal check would involve close scrutiny of the following documents:

Title deed:

 Municipal corporation’s approval on use of land 

 Occupational certificate

 Property tax paid (in case of resale)

 No objection certificate (NOC) from bank confirming complete settlement of prior loan (in case of resale)

Total cost of property:

Before signing to buy the property, calculate its total cost. Say, you are looking at an apartment in Sobha Avenue. In addition to the cost of the property, you may have to pay for a parking space, as well as stamp duty and registration charges. These additional costs could add up to anywhere from 5% to 20% of the cost of the property.

Super built-up area vs. carpet area:

When buying a flat, make a distinction between the super built-up area and carpet area. The super built-up up area is the built-up area plus the proportionate area of common spaces such as the lobby, lift shafts, stairs, and so on. Sometimes, it may also include the swimming pool, garden, clubhouse, and so on.

You should focus on the carpet area instead. This is around 70% to 80% of the super built-up area. But this percentage varies from project to project and from builder to builder. However, the payment you make will be based on the super built-up area.

Basic amenities:

It is important to find out about the basic amenities such as electricity and water supply. Also important are availability of public transport, proximity to schools and hospitals, and whether the locality is safe. All these factors will affect whether your property purchase is a worthwhile investment.

Growth prospects:

Are there any neighbouring buildings, plots, or bungalows in the vicinity of your property? Before you buy your new property, check if any upcoming buildings or complexes are planned in the neighbourhood. Find out in advance if these might block the view from your flat.

Monetary transactions:

While purchasing a property, be very sure about how much you can afford to pay as down payment. Also, do a thorough study of the home loans available to you. Non-banking financial companies like Bajaj Finserv offer loans of up to Rs.3 crore for tenors of 20 years. Bajaj Finserv also brings you pre-approved offers for home loans, personal loans, and EMI finance on different products. This simplifies the process of availing financing and helps you save on time. Just share a few basic information and also check out your pre-approved offer.

Apartments under construction:

When buying an under-construction apartment, check the track record of the builder. This will give an idea about the quality of construction and whether the builder complete projects on time. This is why it makes sense to opt for properties like Sobha Avenue and Sobha Lake Garden which are by reputed developers.

Summing up:

Running these checks is essential when making a property purchase. Proceeding with care from the beginning is critical. This can help you to avoid landing up with a bad bargain. So, make sure to do the due diligence before you buy your dream home.