Ahmedabad being the biggest city of Gujarat is the first choice to live in for quite a lot of people in Gujarat. The former capital city boasts of amazing infrastructure, connectivity and never ending progress. In this article, we list out the things to watch out for when you want to buy a home in Ahmedabad.
The Area Type In real estate jargon, there are three types of habitable areas: Lower Income (LI), Medium Income (MI) and Luxury Income (LuI). The key here is to first figure out what your budget allows you to go for. Don’t get disheartened if you fall under the LI area group despite the fact that it’s away from the city. These areas are fast developing and nowadays, builders are going out of their way to provide the best basic amenities despite the bracket under which the area falls. Noroda, Narol, Nikol and new CG Road are a few examples of LI areas.
The MI areas are mostly the most affordable ones. They are mostly on the outskirts but can be in close proximity of the LuI areas. Examples include Ambawadi, Bhopal, Thaltej and Sarkhej. While the LuI areas are the best locations with not only the best views but also boast of the best looking buildings and homes. The homes here are bound to be super expensive. Examples include Satellite and Bodakdev.
From An Investment POV Property as an investment can be tricky yet very rewarding. In Ahmedabad, prices have so far remained the same as last year. There is an ongoing boon in infrastructure in the city with the construction of the metro rail lines underway as well as talks of building an international airport on the outskirts of the city. With the urban and industrial expansion of the city, and infrastructure boom second new International Airport, metro connectivity and rapidly developing GIFT city SEZ, real estate prices are bound to see an increase when all these projects will be completed.
So ideally, this is the best time to “invest” in a property.
Affordability + Home Loans This is up to three basic points: How much do you earn? Do you happen to have any savings? Aare you eligible for a bank home loan? Almost every developer in today’s times ties up with certain banks so that when a home buyer approaches the bank they don’t face any hassles in the loan application as well as that particular bank is opted by the person who wishes to buy a flat made by that builder. Important points to note here are: Every bank has different rates of interest and return tenures.
The more the number of years needed to return the loan, the higher the rate of interest. Every document of your is going to be scrutinised with a hawks eye so make sure you are well prepared and have original as well as backup copies of all documents needed.
Booking Agreement Once your loan gets approved, you will have to give the builder a down payment post which you will get a receipt. This payment receipt is an important piece of paper and is proof that you have already invested a certain amount in said property. In the end of the full and final transaction, you will get a big fat agreement contract. This is where you will need to tone down your excitement and read the contract very carefully. If possible, consult a lawyer or anyone who is an expert in legal jargon, scrutinise each and every point before you sign the document.
RERA Registered or Not? Always see to it that the home you are buying in Ahmedabad is registered under RERA by the builder. This will not only ensure that you will get your dream home on time, it will also make the whole transaction extremely transparent. The only exception would be if you opt for a home in a building which was constructed in the pre RERA time.
Status of OC and CC An Occupancy Certificate (OC) will be granted to a building only once the local planning authority deems that building is ready to be habitable. Strict checks are carried out for compliance to building regulations, safety regulations and whether utilities are provided. A Completion Certificate (CC) is an essential proof that your builder must obtain. It confirms the construction has been completed as per the plan approved by the local planning authority and construction laws have been obeyed.
Simply put, a CC will answer your question: Is the building structurally sound? If a builder doesn’t get a CC his building will not be eligible for an OC. In case of a newly built home which already have an OC, the home buyer is exempted to pay GST thus reducing the cost of the home.
Connectivity Ahmedabad enjoys good connectivity within the city and with the rest of India as well through roadways, railways, airways and waterways. When you zero in on an area however, you need to figure out how close the local railways station is, how are the conditions of the roads and is travelling by road from one area to another a time consuming option or not, how far is the airport located and the proximity of your home to important landmarks as well as schools, hospitals, malls, grocery stores etc.
Builder's Credibility In an era where most builders are trying their best to be as professional as possible and not repeat the mistakes of the past and thanks to acts like RERA most builders are pretty much dependable and they deliver. However, never rule out the possibility of a bad fish in the water. When you narrow down your preference to a particular builder, make sure you find out how the market and people think about the way he delivers, if there has been an instance where his project didn’t see the light of the day, if he has been booked for cheating etc. The best bet here would be to go to an already established name in the market or thoroughly ask questions to your real estate agent or the builder directly.
Other Points to Note Include:
Hidden Issues Every property has certain issues which are “hidden” or camouflaged so that the home buyer isn’t put off. You will have to really look and “inspect” the flat.
Which Way Does the House Face? If you want a specific view, make sure you open the windows and look outside. If you don’t like what you see they are plenty other options.
Smell Factor The air in the area you are investing lakhs of rupees to live in has to be breathable and odour free.
Plumbing If you have a sound knowledge of plumbing well and good otherwise make sure you are accompanied by a person who does. It will save you a lot of hassle later on. Are there enough electric power points? How is the water supply? Is there enough ventilation? What will be the maintenance charges?
These are all the small but vital factors you need to take into account before you decide to buy flats in Ahmedabad