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A TIMES OF INDIA PRESENTATION

ADVERTORIAL AND PROMOTIONAL FEATURE FRIDAY, SEPTEMBER 13, 2013

A CONSUMER CONNECT INITIATIVE

PHOTO USED FOR REPRESENTATIONAL PURPOSES ONLY

uying a property is a huge investment and it is imperative that one dedicates quality time and goes that extra mile for sourcing information about the project. It is also important to understand the real estate dynamics which will help buyers be more prudent in their dealings. Every consumer has a specific set of requirements and hence, there will be a different set of influencing parameters while finalising a home. Research: The first and most important step to take is to undertake in-depth research on the available developers, projects, fi-

nancing options, preference in amenities, etc. One should do a thorough background check on the past projects delivered by the developer and inquire whether they were delivered on time. Real estate agents, along with websites and blog sites that are part of the social media domain, now make it possible to obtain the correct and relevant information about a project and its developer. Due diligence: It is critical that all the relevant documents are in place so that the buyer's interest is safeguarded in the long run. "These include land title certificate from a reputed lawyer, agreement of sale, which in-

SEVEN DOS WHILE BUYING IN CENTRAL MUMBAI

cludes all the terms and conditions of the transaction and all other critical information. Also, it is extremely important to check whether all the statutory approvals and no objection certificates are in place," informs Percy S Chowdhry, director, Rustomjee. Make sure that the plans are passed under the new DCR and there are no pending litigations. Also, in case of redeveloped buildings, the appropriate NOC is acquired from the landlord/land owners/government. This is crucial, as a delay in receiving approvals will have a direct impact on the completion of the project. "The investor must understand the sale agreement along with the transfer charges in case he wishes to sell the apartment during construction or prior to registration," avers Anuj Puri, chair-

man and country head, Jones Lang LaSalle India. The buyer should establish whether the agreement captures the official cost of all the amenities, parking, etc., that the developer promised at the time of the sale or whether these are mentioned separately. Location: Depending on the budget of a home buyer, the area or location comes into the picture. One must understand what one's budget is, so that one can narrow the search into a manageable process. The convenience of public transportation, options available to one's work place, schools and proximity to other facilities are important deciding factors. A modern day home buyer prefers connectivity to CBDs and convenience in day-to-day business travel and hence chooses large community layout projects that provide a sense of comfort, security, convenience and

With areas like Thane, Kalyan, Dombivli and Badlapur seeing a lot of residential development, Anuradha Ramamirtham outlines the factors buyers should keep in mind while investing in the central suburbs of Mumbai
above all, a sophisticated urban living experience. Today, there is a lot of emphasis given on childfriendly amenities in the project so that the needs of children are taken care of. "The location of the development may be important but so is the location of the plot or apartment within the complex. Investors should avoid buying flats on the top floors of highrise buildings, as these artificially

add to the total cost due to the floor-rise concept," adds Puri. View: With the space crunch in central Mumbai, a majority of the new developments are growing vertically. "One advantage these developments have is the view of the eastern sea. Usually, with developers charging a premium on the view of the western sea, due to the presence of the sea link, one can opt for a better priced layout facing the eastern sea," says Rajesh Turakhia, director and CEO, Pashmina Developers. Cost: The investor must clearly understand the delta between soft launch, launch and current price of the developer. "The price band of the development should be lower than the last highest peak in 2008 (exceptions can and should be made for quality, delivery date and location)," says Puri. Parking: With narrow lanes encompassing the central Mumbai area, the buyer must ensure that there is ample parking space available within the property, which is maintained efficiently. Internal layout: One should ensure that the usable space within the flat is maximised. "Further, it is equally important to seek clarity from the developer with regards to carpet area, built-up and super built-up area before investing in the property," adds Chowdhry. The list of amenities and facilities assured and mentioned should also be cross checked regularly. Finally, the investor should keep an eye on the market and sell the residential property at the right time in order to multiply his wealth. "If all the above precautions have been taken, the property should have appreciated at a consistent rate of 15 per cent per annum for three years. It is important to remember that one can almost never sell at the peak, just as it is impossible to always catch the lowest price," concludes Puri.

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