Top 17 Questions to ask when buying a Flat

These basic points should get the air cleared for you.

  1. Where is the proposed construction taking place, how is it accessed and what is being built?
  2. What is the total land area under consideration for the project and what will be built? Is the construction going to happen in phases? If yes, how?
  3. Which are the flats that are currently available and what are their sizes?
  4. Is there a differential pricing policy based on floors or the orientation of the flats? (Higher floors and premium orientations may cost progressively more)
  5. Are any modifications permitted in the flats? If yes, what kind of modifications/ upgrades are possible and what is the procedure to action the same from the buyer's end?
  6. Can multiple flats be combined to make a single flat?
  7. What are the common facilities and features provided in the residential complex?
  8. How is car parking allotted? What are the options. Read our article on car parking here.
  9. When will my flat be handed over in a ready position to me. When can I start the fit outs? If there is a delay in hand over, what is the compensation that the buyer is entitled to. Where will this guarantee be formally promised?
  10. How do I initiate the booking of the flat?
  11. What happens post the booking formality? When do I get a formal allotment? What is the payment schedule post booking and how time bound is it? (Remember that delayed payments on your end may be liable to late fines and interests. Clarify this as well.) When will the agreement for sale be signed? Are there multiple agreements?
  12. Is the project approved for home loans from reputed financial institutions? Which ones? Who is the person to contact to seek a clarification or to apply for a loan?
  13. Are timely bank disbursements my responsibility? (In standard cases, this will be a yes). What are the documents that will be sent to me by the developer so that I can process the disbursements with my bank?
  14. What is the extra charges payable by me apart from the flat cost? Clarify this in writing. Are there any escalation possibilities in the future? I don't want to pay more than promised in the future. Make that clear!
  15. When will the registration take place? What will be the expected government circle rate then? (This will help you prepare for the stamp duty funds in time, even if it's a rough estimate)
  16. Who will maintain the project post-delivery? For how long? What is the time frame for association formation and hand over of maintenance?
  17. Who do I get in touch with for status updates, queries and interaction about my flat and the project?