Home Buying Tips

The decision of Home buying is a very critical decision in one’s life as it is a matter of investing their hard-earned wealth into their dream home which must be essentially perfect for their future and also customisable as per one’s needs. It is a crucial moment in a person’s life as it also involves the inception and planning of a family and its future where children would grow up to call it home. The search of a home is a meticulous process involving browsing several portals and several sources, talking to several people for their advice, visiting several properties and judging all the options based on various factors involved and then selecting the best option apt for one’s requirements. Various other factors come into play along with the inspection of the neighbourhood of your property

1. Location

Whether you have plans to live in a peaceful suburb or the busy city, deciding where to live is crucial to the satisfaction of a property owner. Considering all the attributes of a locality keeping in mind all family members to ensure comfort for everyone is essential. Another major factor is whether the locality matches your standards of living and the scope of development in that locality is high so as to ensure higher returns on investment, better connectivity, comfortable living.

2. Connectivity

Having a number of options to connect to the city centre and other parts of the city from your locality is a must. A vast road network connecting to all major locations along with various alternatives to decongest traffic and reaching respective destinations in a short time is essential.

3. Know your Neighbourhood

It is essential for a homebuyer to know the basic amenities available in the community or the presence of a township integrating commercial and residential living as having easy accessibility to all basic needs and amenities like commercial retail outlets, schools, colleges, hospitals, offices, shopping malls, restaurants and various other public places.

4. Transport Options

Considering vehicle reachability and commute options ranging from Metro-Bus-Auto-Trains-Public Transport is crucial. Quick accessibility of various transport options is essential for a busy and modern family.

5. Security

For a family, a home is their shelter. Firstly, you must ascertain the security conditions of their locality, then invest in an advanced security and surveillance system to ensure the safety of your family and your property. It protects your investment and at the same time makes sure you have your peace of mind. Carefully select the security system that is apt for your property.

6. Financials

The purchase of a home can initially be very exciting for the first-time home buyer. In this excitement, one must not forget scoping all the financials pertaining to your investment. It is also necessary that you have a sizeable amount of savings to spend. Determine the true costs of the property by taking a strong reality check.

As can be seen, various factors must be taken into careful consideration and selection of the best from a variety of options is a critical aspect.
Adinath Buildwell focused on satisfying customer’s requirements rather than commercial gains, someone whose offerings are unbiased and tailor-made for the buyer’s satisfaction is key to efficiency and profitability. We strongly urge you to get in touch with us all your needs, doubts and queries and let us help you find your dream home.

1. Carpet Area Standardized:

Due to lack of uniformity in the calculation of carpet area, this act has firstly defined the formula for calculation of carpet area to be adopted by all builders and developers. This is a major factor for buyers as the cost of a property is calculated based on this.
Cost of Property = Carpet Area x Rate per Sq. ft.
Earlier it was seen that a lot of developers would portray the carpet area falsely in order to hike the price of the flat which is not possible now.

2. On Defaulting, the rate of interest to be paid the same for both parties

In the case of defaulting on payments & possession by the buyer and the seller, the rate of interest shall be the same for both. The developers who used to charge more interest to buyers on defaulting payments would now be charged with the same rate of interest in case of defaulting on possession date by them.

3. Reduces Risk of Builder Insolvency/ Bankruptcy

Especially in the case of big developers who are involved in multiple projects at the same time, it is now mandatory to deposit 70% of the amount realized in construction costs in a separate bank account which can be used for that project only and can be withdrawn only on completion after being certified by concerned authorities.

4. Rights of Buyer in case of False promises

When the commitments given by a builder are not met, then the buyer is eligible for a full refund of the advance amount or any amount that was paid along with interest. Also, they will be allowed to claim compensation for their grievances.

5. Advance Payment

An advance amount or any applicable fees that are collected towards a property must not be more than 10% of the cost of the house and must be collected only after an agreement of sale has been executed between the buyer and the seller.

6. Rights of Buyer in case of defects found after possession

After a buyer has possessed property in case any defects have been found within 5 years of their possession, the builder is liable to bear all the expenses for repair of it and do so within 30 days.

7. Rights of Buyer in case of Delay in possession

In case of delay in completion or possession, the buyer can either withdraw from the project in which case he is entitled to a full refund or continue with the project till completion and collect the interest for the period of delay by the developer

8. Rights of Buyer in case of Defect in Title

Once a buyer has possessed the property and in case defects in the title have been discovered the buyer is eligible to claim compensation with no time limit on the discovery.

9. Right to Information

Gone are the times when the buyer would have limited info on the house, with this reform coming in the Buyer is entitled to know all information on the project right from title deeds to the time of completion.

10. Grievance Redressal

If the buyer, the promoter, or the agent has any complaints with respect to the project, they can file a complaint with RERA. If they aren’t pleased with RERA’s decision, a complaint can also be filed with the Appellate Tribunal.

The RERA act which has already been encouraging speedy, transparent and smooth developments in Real estate for the past 2 years, has been the biggest boon to the Home buyers in India.
We Adinath Buildwell are of the opinion that when the government and authorities have implemented such an important initiative to cleanse the real estate market, buyers must take full advantage of this as there has never been a better time to invest in Indian Real estate than now.