A land of festivals, India goes all out on advertising during its auspicious season, sparing no efforts to woo the Indian consumers. Unbelievable discounts and the most lucrative and luring offers on flats and apartments under construction are spread across the sheets of the daily newspaper and can be heard over the television and radio ads inviting all buyers on a gold rush!
Overwhelmed with the auspicious flavour associated to the occasion, buyers often end up striking the wrong deals and making the worst buys which they wouldn’t have otherwise opted for. Amidst these wide array of offers and discounts, one of the most attractive category which gathers a lot of attention is that of offers on apartments and new launch projects by the real estate players. However, it is imperative to ensure that the apartment offer you opt for is a genuine deal and not a mere marketing gimmick.
Although they may seem extremely tempting and enticing, here are a few things to make note of before buying your dream nest:
One of the foremost advantages of buying a flat around the festival time is the wide range of freebies which may form a part of the festive offer! Most of the offers around this time include free lifestyle installations which the builder provides, such as in-built cabinets, cupboards, modular kitchen, etc., thus saving on the buyer’s costs. The lack of awareness of a buyer compels him/her to fall for such offers as they do not realize that the cost of all the freebies offered has in a very manipulative way been factored by the builder in the final price which is being offered. One should always preferably try and opt for deals which offer cash discounts rather than attractive freebies.
Credibility of builders
During the festive season, builders and developers try their best to cover up on the sloppiness of the preceding months, especially for residential projects, hence coming up with the most convincing and tempting offers. The credibility of the builder should form the basic eligibility criteria while contemplating over any attractive apartment offer, especially the ones under construction. There is a huge risk factor involved in terms of the completion time which a builder can take against what has been promised and in some exceptional cases builders may even abandon the project mid-way for reasons such as inadequate funding! It is always advisable to opt for an offer coming from a reputed builder to eliminate such possibilities.
Pricing of the flat
While one of the most obvious and fair advantage of buying an under construction flat during the festive season is the discount which one gets based on the per square feet area of the flat, the others may also include further discount for the first 25- 50 buyers. The size of the flat should constitute a prime factor while considering offers. The builder may have been endorsing his flats, fully built or half built, by claiming to offer the greatest discount and the lowest of prices in an area, however, if carefully observed, he wouldn’t be mentioning the size of the same. If one compares flats basis their price per square foot, one can then clearly justify the pricing.
Size of the flat
An extremely important thing to know before you start checking out flats is the difference between the carpet area of the flat as compared to the super built area claimed by the builder. This again helps in seeing through the pricing. Additionally, one should make note that visually, the sample flats which a builder might show to give you an idea as to what your flat would look like when completely built, will be bigger in size as compared to the actual flat which would be handed over post completion. This is simply because the flat on display is made of thinner walls and the furniture in it is positioned and sized in such a manner that the area of the flat gives you an illusion of being bigger.
Besides all the above factors there are a variety of factors which one has to look at from a legal perspective when it comes to buying an apartment at all times. With too many builders ruling the property landscape, at times, some also go all out in offering under construction apartments without any prior Commencement Certificate for building the same. Also, it is imperative to gauge the ownership of the land before opting to buy an apartment. At times it may turn out to be that the builder does not have the ownership right to the land on which he is offering you an apartment. All of these point towards a rigorous background and credibility check of the builder.