Ways to Shortlist Real Estate Projects Before Buying (2nd Edition)

In edition 1, we discussed about the ways that will help you shortlist real estate projects before buying. In a market full of real estate builders and projects, it’s difficult and overwhelming to choose the best out of the lot.

However, choosing the best white cement manufacturer and other construction materials isn’t a big task as MP Birla Cement is the frontrunner in concrete game. When it comes to the durability of concrete and endurance of their construction materials, MP Birla Cement is unbeatable.

Let’s resume detailing the important parameters to help you in quick shortlisting of projects:

·         Comparison of Master & Floor Plans

Going at the higher level, analyse the detailed master plan and floor plan of the building. Take into account the number and height of towers, number of floors, apartments at each floor, and then shortlist the project if it suits your preference and needs.

Check and compare the super-built area against the carpet area and see what’s available for consumption. Higher the better! The number of rooms, balconies, utility area, servant rooms, bathrooms, and bedrooms available in each flat should match with what your preferences are.

·         Building & Nearby Amenities

Whether you’re single sharing the flat with your mates or a family with kids or without kids, make sure you make a detailed list of must-have amenities to be surrounded with, at all times. For families with/without kids, it is great if the building has sports and fitness-related amenities like Gym, Jogging Track, Courts (Badminton, Basketball etc), Toddler Swimming Pool, Kids Play Area, Creche etc

For families living with elderly, it’s good to have a lawn, small park, yoga/meditation area, medical store, in-house doctor’s clinic, and a reading lounge or library. Another crucial prerequisite to look for is the provision of ample parking space for every flat owner with ideal 2 spots for each a 4-wheeler and 2-wheeler.

·         Compare Bank Loans & Payment Schemes

Always make sure you check and compare the list of associated banks with the project offering home loans. Prefer the one that has tie-up with PSU banks like SBI, PNB, or Allahabad Bank as these banks have a more diligent process of checking documents and the builder’s history where private banks are lacking. PSU banks also carry lower rate of interest and easy payment schemes.

·         Mandatory Clearances

Yet another important criterion for shortlisting a project is the necessary clearances. Check whether your builder has acquired necessary clearances in order to operate as a provider and if these clearances are available to check on request.

Some of the important clearances to check are:

o   Land Registration or Title Deed of the property (in the name of Builder)

o   Encumbrance Certificate (certifies property is free from legal dues)

o   No Objection Certificate (given to Builder from land Seller)

o   Fire Department NOC (to be obtained during pre-construction phase)

o   Environmental clearance (to be obtained from state Pollution Control Boards)

o   Commencement Certificate (certifies commencement of construction)

·         Completion Timeline

Check carefully for the project completion date and never believe on the verbal dates told by the sales person in their pitch. Usually the verbal dates committed always exceed the actual completion time. Check and believe the time mentioned in the sales agreement and the grace period beyond which the builder is made to compensate you.

Apart from above, make sure you check for the quality of construction materials used, durability of concrete, and others because these factors ultimately decide the endurance of the building. Make sure you look for the tag of trusted white cement manufacturers to never regret your decision.