Investing in a property or real estate is among the biggest decisions of your life, and it’s quite overwhelming. From choosing the builder to evaluating the property, there are a lot of tasks which is to be done before finalizing anything.
Openly speaking, a wrong investment in the property can derail your family’s or individual’s financial planning. And there are a lot of cases in the metro cities and continues to be so. Now, as a buyer before investing in a house in Mumbai, you must put down some of the questions in front of your developer and expect satisfactory answers in return.
If you’re not sure what exactly you need to ask about them here, we have mentioned some of the most crucial questions that you must ask your builder when buying an apartment for sale in Mumbai.
- 1 Q1. What are your past projects? Can you give some preferences?
- 2 Q2. What’s the maintenance charge?
- 3 Q3. What’s the average price of the apartment?
- 4 Q4. Does the contract include the cost escalation clause?
- 5 Q5. What happens if the building does not complete on time?
- 6 Q6. Do all the bills are settled before abandoning the property?
- 7 The Final Verdict
Q1. What are your past projects? Can you give some preferences?
In recent times, the construction market has grown significantly and the operators that enter into this business without understanding its clauses and challenges and invests a huge amount of money.
Therefore, it is best to investigate a builder’s past work by making visits to their previously constructed properties. You must check the details like the quality of the construction and project deliverables from customers. Moreover, if your builder is an honest person it will provide you will all the details about the contractors involved in different parts of their projects and financial backers as well.
Q2. What’s the maintenance charge?
Necessarily, if you’re living in the society, there are minimum maintenance charges which each member has to give. These can be either monthly, quarterly or sometimes semi-annual payments. The charges are based on the areas of your home.
Make sure you ask your builder to mention the minimum maintenance charge on the title deed if you’re living in the society to avoid further disorientation.
Q3. What’s the average price of the apartment?
Well, there is no fixed price for any property. You can ask for the average price from the builder, some builders are transparent and they might tell you the same. Moreover, you can buy through the resale or from brokers and get a 15%-20% discount as compared to the builder’s rate card.
You can find an average price based on your research, inputs from the builder and should not pay more than average price under any circumstances.
Q4. Does the contract include the cost escalation clause?
A cost escalation clause allows the builder to charge you for any unanticipated costs that arise as a result of necessary labor or material. So, in case the lumber prices arise before your developer has purchased the materials for your flooring, or an unexpected delay adds a few weeks into the build, you’ll be on the line for those costs.
Try to find the builder that doesn’t include a cost escalation clause in the contract as it can save you from further expenses.
Q5. What happens if the building does not complete on time?
Well, this question might seem irrelevant; however, most of the homebuyers are unsure about the specific provisions and the power of real estate regulators. Now, if your builder is honest, he will have a well-defined contract stating that whether there is a delay in delivery.
Moreover, this particular clause saves you from unscrupulous builders that might use your funds to fill their pockets and in the end, they will give you a substandard constructed property.
Q6. Do all the bills are settled before abandoning the property?
Ask your builder or developer to give you proof of all the electricity bills and telephone bills before they hand over the property. From the date, you obtain the ownership of the apartment or a house all the bills becomes your responsibility.
Do check that if all the other society dues have been settled. Once you’ve moved into your new home, make you inform the local electricity board off to change the name of the occupant. In case the telephone has been left behind, make sure to get it transferred to your name.
If the society has a gas pipeline, you must get it transferred in your name. Also, get in touch with your cable operator for broadband and television.
The Final Verdict
A newly created Nobroker’s this list of 2bhk flats is quite a useful. However, we have mentioned questions which you should ask your Builder before purchasing a flat or a home. It’s a necessary purchase, and you don’t want any surprises later.
So, be smart and try to clear all your doubts before you genuinely going to purchase. More questions you ask your builder fewer surprises you’ll potentially face in the future. Now, in case you’re looking to book an apartment for sale in Mumbai or other location then do let us know in the comment section.
If you have any queries or suggestions, do enlighten them in the comment section. We’ll be happy to assist you!