Important Tips must be considered while buying Apartment

[mybdaprop]

Hi All,

If you are buying Apartment, then you must read this...

All Apartment Sale agreement must contain seperate agreement for Undivided Share of Land... If the builder is not giving you "Undivided Share of LAnd" then you will be wasting your money...

The Age of any Apartment will be 40 to 50 Years.. and then builder will demolish the apartment and try to build new one at same land, then your "Undivided Land Share" will play important role in fetching you handsome money if you want to opt out of Apartment and buy some other property...

Remeber toooo many flats in apartment will lead to very less Undivided Land Share... and you building value will become Zero after 20 years.... and if you want to resell your apartment only the "Undivided Land Share" can Probably fetch you some money...

Dont be blind folded to book junk apartments in out skirts at hefty prices where there is very less "Undivided Land Share" or "no undived Land " Provided in your sale Agreement...



Lets take sample Example on determining the Price of Apartment..

Total Cost = Building Construction Cost + Cost of Undivided Land Share

say you are buying 1500 sf Apartment

Then

A-> Cost of Building for 1500 sf Apartment is = 15 LAkhs (one Lakh Per 100 Sqft as you will have shared roof and shared floor and just walls)..

B -> Undivided Share Land = 400 sqft = 400 x 3500 (say Apartment in Bannergetta road, cost of land per sqft is considered) = 14 LAkhs...

Total Cost = 15 LAkhs + 14 Lakhs = 29 LAkhs... (you can add other miscellaneous cost + 5 LAkhs) = Grand Total = 34 LAkhs for (big 3bhk Apartment)...

Now you think how much extra much you are gifting the builders....

Say you want to Resell this Apartment after 15 years.. only Undivided Land Share can save you from getting good value for apartment..


Think.. Think.. then pay your builders.... and dont fall in universal trap.. the builders are weaving....

[ramkish]

Very usefull information.

Thanks

[ganeshhousing]

NIce tips on buying the apartment. When You going to buy any apartment you follow or You Should Know Before buying
Decide on the area you want to buy an apartment. This may involving spending some time in that area or at least doing some research at home.
Before you buy, research the market to make sure you are getting value for money. Talk to independent valuers and real estate agents, and check recent sales in the area. Don’t rely on advice from the developer or their agent. This is particularly important if you are buying off the plans. You want to know that the value of the finished apartment will reflect at least what you paid.
Visit as many places as you can looking for properties that fit your criteria, so you’ll have a good idea of what your money buys.

[shailesh123]

thanks for this informative post..

[prabhu422p]

As mybdaprop said undivided share is very important thing to look for when buying a flat.When purchasing flat most people look for only carpet area.Private builders will give very less undivided share i.e 30 to 40% of super built up area.6 months back i bought a 4 year old LIG apartment in KHB Suryanagar Phase 1.The undivided share i got is 60% of super built area.

Thanks
Prabhakar