Important Things To Remember Before Buying A Flat In Chembur
The suburbs of Mumbai have been the major focus for residential development and are a hot favourite among developers and buyers. One such enticing locality that one can think of is Chembur, situated in southeastern Mumbai suburbs, which is also a fascinating housing hotspot.
One of the primary reasons for Chembur’s rising popularity and market success has been its location, its close proximity to business districts and airports, and with its connectivity to the rest of Mumbai, making commuting easy for professionals, thereby resulting in a huge increase in the number of homeowners looking to buy properties here. Hence, Chembur is back on focus.
If you are planning to buy a flats in Chembur, here are some important things you should consider.
Verify The Builder
The piece of land in question may be under litigation. Hence, it is recommended that you conduct an extensive verification of the builder. You should be aware of all ongoing and upcoming projects in Chembur that the builder is in charge of. You could verify its past or current projects or even post queries across various online real estate forums.
The land on which your flat is built upon is very crucial. You must research the soil quality and the lay of the land on which the house is constructed. The plot should also be clear of all dues and be registered. Before buying a house, the title deed must be verified and checked in detail. The deed gives all details on the rights, ownership and obligations towards the property.
Legal Check of Property
Ensure the property is legally authorized to be constructed on the plot it stands on. The developer should have approvals and NOCs from area development authorities, water supply and sewage boards, electricity boards and Municipal Corporation. However, if you are taking a home loan, the concerned bank will validate your property documents before loan sanction.
Permitted user and Restrictions
This aspect should be verified as well. For example, one should see whether the property is residential or commercial as per the Development Control Regulations. Other factors such as heritage rules, set-back for road widening may apply to certain buildings, which should also be considered. As there are various upcoming transport and infrastructure projects coming through Chembur like metro, SCLR, etc., one should know the area and accordingly plan.
There are many builders who do not get bank loans at all. You should be aware of the banks that are willing or not willing to finance certain builders. Due to a bad reputation, some banks do not offer loans to some builders. So, it is very important that you check with the banks that are willing to fund the project you are planning to invest in. Once you finalise the property in Chembur and confirm that all approvals are in place, find out banks which are ready to fund the project and go with the one offering you a loan at the lowest rate.
Builders generally mention the super built-up area in the information provided. However, the carpet area is the actual area within the walls of the flat. This can be 30 per cent lesser than the built-up area or the area used to calculate the price of the property. So, it is advisable to always go by the carpet area. For example, let us say the super-built up area of a flat in Chembur is 1000 sq. ft.
Carpet area = 1000-30% of 1000 = 700 sq ft will be the carpet area.
Location of the Flat
Not to forget, it is important to look around the area where you are going to be eventually residing in. The amenities, physical infrastructure and reach to all the basic places in Chembur need to be analysed well. At the point, Chembur is surrounded by the development of transport infrastructures such as the Santacruz-Chembur Link Road (SCLR), the Eastern Freeway, the monorail from Chembur to Wadala and the proposed elevated road from Bandra-Kurla Complex (BKC) to Sion. Chembur would be the best destination for investment in terms of location.
So, keep the above-mentioned points in mind before you seal the deal.
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