subject: Buying Property At Real Estate Indore: Things To Know Before Signing The Contract [print this page] Recently my cousin bought a flat under construction at a place known to be a great location in Indore. This was his first investment in property terms. Months back I saw him hunting for a good property in the real estate at Indore and finally suggested by one of his realtor friend, he got one. Obviously he is salaried and could not go without a housing loan. So the best part was that the property developers themselves arranged a loan process from the bank my cousin preferred.
Well if you actually are not indulged in the detail the whole picture above looks so rosy. But mind it people whatever the real estate developers in Indore or anywhere in the world says and how much you are convinced with the location or with the off and on advertisements on Radio channels or news papers, there are somethings you will always be unaware of and which could lead you to fix unknowingly in contractual deal for a property. Same things happened with my cousin.
For instance,
He could not understand the payment schedule is subjected to change with the developers norms or government norms.
He did not know that even after sanction of loan he is liable to pay certain definite percentage of money as cash to the developers company. Only after that bank would start making payments as per loan process.
He did not know that one parking facility per flat are not chargeable as per law but still is included in the price of flat.
He may have read the agreement but did not thought of the penalty amount he may need to pay if payments are not done according to schedule given by the developer.
He had no idea that super built up area is usually 25 to 30 % and he was charged for it 35 to 40 %.
Fittings and fixtures within the construction of are not of proper brands but the prices are being included for the same.
Water sources were supposed to have the river line apart from underground water line but the permissions were still hanging with the developer.
Indore is now booming from small buildings to land projects covering thousands of acres and each project is speaking of best facilities and resort style amenities. Competition is tough and every realtor wants to win the market. In whole thing you as a consumer have to reap the benefits from this competition by being aware of land deals and making great gains through properties being offered here. But you have to be a smart buyer before you sign the contract.
