Buying a flat is a significant investment, and it’s crucial to gather all necessary information before making a decision. Here are essential questions to ask your property broker to ensure a smooth and informed purchase:
1. What is the Total Cost of the Property, Including All Charges?
Often, brokers mention only the base price of the flat, excluding additional charges. Ensure you get a detailed breakdown of all costs, including:
- Stamp duty and registration fees
- Maintenance deposits and monthly charges
- Parking fees
- Preferential Location Charges (PLC)
- Goods and Services Tax (GST)
- Clubhouse or amenities charges
- Legal and documentation fees
Understanding the full financial commitment helps in better budgeting and avoids unexpected expenses later.
2. Is the Broker RERA-Registered?
The Real Estate (Regulation and Development) Act, 2016 mandates that all real estate agents and brokers must be registered under RERA. A RERA-registered broker ensures transparency and accountability in transactions. Ask for the broker’s RERA registration number and verify it on the official RERA website.
3. What is the Resale Potential of the Property?
Inquire about the property’s resale value and market demand. Ask questions like:
- How many units are sold or unsold in the project?
- What is the appreciation rate in the area?
- Are there upcoming infrastructure developments nearby?
This information helps assess the investment’s long-term value.
4. Can I Customize the Flat Before Possession?
Some builders allow modifications in the flat’s layout or interiors before possession. Clarify:
- What changes are permitted?
- Are there additional costs involved?
- Will customization affect the delivery timeline?
Understanding these aspects ensures your new home meets your preferences.
5. Are There Any Legal Disputes or Issues with the Property?
Ensure the property is free from legal complications. Ask the broker:
- Is the land title clear?
- Are all necessary approvals and permits obtained?
- Is there any ongoing litigation related to the property?
Verifying these details prevents future legal hassles.
6. What is the Payment Schedule and Are There Penalties for Delays?
Understand the payment plan for the property. Ask:
- What are the payment milestones?
- Are there penalties for delayed payments?
- Is there flexibility in the payment schedule?
This helps in financial planning and avoids penalties.
7. What Amenities and Facilities Are Included?
Clarify the amenities provided with the flat, such as:
- Parking spaces
- Clubhouse access
- Security systems
- Power backup
- Water supply
Also, inquire about any additional charges for these facilities.
8. What is the Timeline for Project Completion and Possession?
Ask for the expected completion date and possession timeline. Ensure these dates are mentioned in the agreement to avoid delays. Also, inquire about the penalty clauses if the builder fails to deliver on time.
9. What are the Maintenance Charges and Who Manages Them?
Understand the monthly maintenance fees and what they cover. Ask:
- Who is responsible for maintenance?
- Are there escalation clauses for maintenance charges?
- What services are included in the maintenance?
This helps in budgeting for recurring expenses.
10. What is the Cancellation Policy?
In case you decide not to proceed with the purchase, understand the cancellation terms. Ask:
- What is the refund policy?
- Are there any deductions or penalties?
- What is the timeframe for the refund?
Knowing these details ensures you are prepared for any eventuality.
