When it comes to residential real estate in Delhi NCR, Greater Noida has become a hotspot in the recent years. With a number of upcoming real estate projects, finding a flat, be it a 1BHK or a 3 BHK flat in Greater Noida is not that difficult. That said, buying a home is one of the most crucial decisions you will be making wherein a wrong choice can jeopardize your future and ruin you financially. It is therefore important that when you decide to buy property in Greater Noida, you make sure that your investment is safe. Here are a few things you need to keep in mind:
Super Area vs. Carpet Area
When you purchase a flat, the most real estate companies and dealers will quote the super area of the flat. Also, this is the same measurement that will be used for calculation of the price of the property. This is the accepted practice and there is nothing illegal about it, but the total surface of the house will be lesser than that of the super area. The actual floor area is called the carpet area and in most cases, it will be around 80 per cent of the super area. The super area includes staircases, lobby, elevator space and shafts, etc.
Is the Project Under the Ambit of RERA?
The Real Estate Regulation Act (RERA) was introduced to protect homebuyers. The act ensures that projects are delivered on time by preventing the real estate developer from routing funds to other upcoming projects.
Does the Project have necessary approvals?
Before you purchase a flat in Noida Extension, you need to run a due diligence on the real estate project title and see if it has various approvals and permissions. There are agencies and banks that can do this on your behalf for a small fee. You can also try approaching a bank which can run a due diligence and approve your loan only if everything is right. If the project doesn’t have the necessary permissions, your loan may be rejected.
Is it easily accessible?
When looking for a flat in Greater Noida, you need to ensure that the project is easily accessible. Try to find a flat, 1 or 2 or 3 BHK in Greater Noida, which is close to your workplace and other important amenities. Also, ensure that it is easily accessible by various modes of public transport.
Can you afford the EMI?
After you have shortlisted a flat in Greater Noida, the first thing you need to assess is whether you can afford the EMI of the home loan you will be taking. That’s because buying a home remains a cherished dreams for most people. Owing to that, there’s a stark possibility that you may get emotional and overstretch your budget. As a thumb rule, the home loan EMI, maintenance charges, property taxes and other miscellaneous expenses should be within 30 to 35 per cent of you monthly income.
Banks will be willing to finance home loans for projects by certain builders but not all. This is due to the reputation that builders have. So, it is very important that you check with your bank if they are willing to lend you money to buy the flat.
Hidden and Additional Charges
When you are purchasing a flat in Greater Noida, ensure that all clauses of the sales deed are read in detail and you have understood the penalty clause. If there is a delay in possession, the real estate developer is required to pay you a monthly penalty. Other additional expenses such as GST, stamp duty, home loan processing fee, registration charges, etc. should also be kept in mind.
Taking heed before you invest in a flat in Greater Noida can help you steer clear of property-related concerns later on.