One of the most important decisions of your life is making an investment in real estate. There are huge chances that you are probably nurturing this idea for a very long time now. Your life’s savings and years of planning are involved when you make the final decision. Therefore, before you take the leap and make the final decision, it is crucial that you keep all possible points in your mind. You need to be extra careful as buying a flat involves taking a big home loan, followed by monthly installments flowing out of your income.
If you are planning to buy a flat in Ludhiana, Punjab, then there are a number of key factors that you should consider before zeroing in. Some of them are location, possession date, and price along with some more parameters that need to be looked into while buying a new flat.
Important things to remember before buying a flat in Ludhiana
Price of the property
First of all, you need to fix a budget. When you know exactly how much you want to spend, then the shortlisting process becomes easier. In order to get an idea if the builder has offered you a genuine quotation, make a comparison of the price of the property in question with the ones surrounding it from different builders. Getting a comparative of properties in the location you are searching for is quite essential. You can do that via sources such as portal listings, brokers of the area, or newspaper listings.
Carpet area of the flat
The area of a property or the super built-up area that is listed is usually the entire area including shafts, elevator space, stairs, the thickness of walls, etc. However, the actual area within the walls of the flat is the carpet area. This area can be thirty per cent lesser than the area used to calculate the property’s price or the built-up area. Sometimes, the price of the common spaces is shared when a floor is shared between two owners.
Land record
One of the most factors to keep in mind when buying an apartment in Ludhiana is checking about the land on which it is built. Researching about the soil quality and topography of the land on which the house is constructed is vital. The plot should not have any pending dues and it should be registered as well.
The title deed must be verified and checked in detail before you buy the property. The deed comprises details about the rights, ownership, and obligations towards the property.
Legal check of property
The property should be legally authorised to be constructed on the plot it stands on. There should be NOCs from area development authorities, water supply and sewage boards, electricity boards, and Municipal Corporation. However, the concerned bank will validate your property documents before sanctioning the loan in case you have decided to take a home loan.
Apartment possession
Sometimes, there are delayed possessions of flats because of the delay in commercial and residential plans. As a buyer, it is your responsibility to have a clear estimate of the timeline for possession. In most of the cases, a developer asks for a grace period of six months. But there should be a valid explanation for the same.
If you are in a hunt for 3 BHK flats in Ludhiana, ideal proposal for you. Omaxe has proposed a residential place in the famous city of Ludhiana. The place is located on Pakhowal road, Ludhiana and enjoys the virtue of brilliant architecture as well as design. Extensive greenery and, a royal view from and in the apartments are what make the apartment worth living. While the place lies at a considerable distance from the industrial belt in Ludhiana,
Owing to the above reasons, this is a perfect time to buy the apartment of your dreams in Ludhiana. A number of options are available for varied budgets. There are innovative apartments for your added convenience.
Are you looking for a world-class flat in Ludhiana? You can choose from The Royal Meridian, Celestia Grand, Twin Towers, Royal View Homes, Rose Villa, and Royal View Executive as per your budget and preference. The well-known real estate company has a presence in a total of 27 cities across eight states namely Uttar Pradesh, Madhya Pradesh, Punjab, Haryana, Uttarakhand, Rajasthan, Delhi, and Himachal Pradesh.
