Dream to buy 2bhk flats in Punawale or elsewhere? The idea has been nurturing since a very young age. Investment in property is one of the most crucial decisions in your life. However, years of saving and planning cannot be left to go in vain; hence certain points should be kept in mind before you take the leap and invest in a property.

Since buying property might require you to take a loan, followed by EMI flowing out from your monthly income, hence you need to be careful with your plan. Listed below are some parameters that need to be looked into while purchasing a new flat.

Price of the property: The first step is to fix the budget in selecting a house or apartment. This makes your work easier in shortlisting the house, and you will know how much you are willing to spend. Comparing gives you insight into the surroundings against the price the builder has offered.

Flat’s Carpet Area: Usually, property area or super built-up area that is mentioned include elevator space, stairs or thickness of the wall and others. However, the carpet area is the actual area of the flat, i.e. the area within the four walls of the flat. Generally, the builder charges based on super built-up area, so the user needs to clarify the carpet area before entering into the agreement or contract.

Land Record: It is a must to research the land on which your flat is built. The soil topography and quality should be checked prior. The plot should be debt-free and should have registration. The title deed must be checked and verified thoroughly as the act gives the details on rights, ownership and obligation towards the property.

Legal Check of Property: Be it the 2bhk flat in Punawale or elsewhere, it is crucial to check the authorization of the flat on which it is to be constructed. The buyer must check the approvals and NOCs from Area Development authority before entering into an agreement or contract. However, if you are taking a home loan, the concerned bank would validate the necessary documents before loan sanction.

Timeline of Apartment Possession: As a buyer, you should make sure that all the statement of the timeline of possession is clearly verified. Usually, builders have a six-month grace period before they give possession of a flat.

Financial Banking: Generally, before entering into the agreement or contract of buying a flat, we take a home loan. Therefore the builder’s reputation should be checked so that the bank does not refuse to fund the project on which you are willing to invest.

Builder-Buyer Agreement: An allotment letter is given after the buyer deposits the amount against the selected flat or house. This allotment letter, including the clause that is mentioned, must be thoroughly read, and doubts should be clarified before signing.

Location of the Flat: Location of the flat is crucial, so the buyer must visit the place before buying and should check all the facilities and amenities that the area provides.

Hidden and Additional Charges: Property cost is not the only cost that the buyer needs to pay, add on charges are also included like a club membership, parking charge, tax, maintenance cost, preferred location cost, etc. Sum of all the additional charge is the actual amount you need to pay. So it is advisable to go through all the clauses and terms and conditions before getting into an agreement.

Whether you are looking for a 2bhk flat in Punawale or any other location, buying a home is a big milestone, one that should be celebrated. However, it's essential that you make a buying decision after due consideration.