Real Estate

4 Things You Should Not Ignore While Buying Flats In A Metro City

Buying Flats

When the newlywed couple Dipankar and Ruchika, made up their minds to buy a flat in a metro city like Kolkata, demonetisation already had its hit over the country. Quite obviously, the property prices came down to a major low during that time. While the reduced price had triggered their interest to the highest level, they were also apprehensive about the possible dangers of buying a flat in such a volatile situation.

No doubt, this is definitely a difficult decision but, here we have come up with some helpful tips that you can consider before buying flats in a metro city. Take a look at the popular “sales pitches” and take your decision based on that.

“We don’t have any cut prices”

Following the demonetisation and the introduction of GST and other associated reforms, there’s been several corrections in real estate prices. But, the fact is, a builder will never accept it. For him, a price correction means that he has to bring down the prices. But, necessarily it does not mean that. A price correction actually means a revision of inflated price. When Dipankar and Ruchika were looking for flats within 20 lakhs at Madhyamgramthey have also encountered this problem. According to the real estate experts, developers do not officially cut prices as it reveals their desperation of selling out the flats when the economy runs on a downward spiral. What they actually offer is a set of freebies, which amounts to the same.

“Ours’ is the Most Affordable Project As of Now”

Don’t fall for this kind of statement as most of the time these are fake. For example, if a flat in a particular area is priced at 35 lakhs in a area, where the median rate is going 40 lakhs for the same, it’s definitely a steal. Right? Keep in mind that most of the real estate ads do not mention one of the most important details, which is the size of the flat. In the metro cities, the size of the flats has come down significantly. So, don’t be fool with the comparison of the price tag. Check the price on the basis of price per square foot. That’s how you can decide whether investing for a particular project is profitable.

“We Deliver As Per Our Promise”

The concept of “What you see is what you get” does not exist in the reality. What you see in the magazine or in the ads are just optical illusions. They are placed in such a way that the house appears bigger. Basically, there’s no way you can go for a comparison of the sample with the real. Your buying decision should not be influenced by the model flats that the builders show you at the very beginning. Compare the price of the superbuilt up area to get an idea about the price being charged for common facilities.

“We Will Offer Refund Anytime If Required”

Remember, getting a refund from a cash-strapped industry is not easy. The builders are highly focused on the down payment. While a builder charges 10% of the booking amount as a down payment, the others might charge 20%. Basically, there’s no such legal norm that determines it. So, it’s quite obvious that you may not get the refund in case of any discrepancy.

Consider these factors carefully, when you are planning to buy a new property.