Before deciding to invest in a property, it is advised to study the pros and cons, know the legalities, documentation and other details in this connection.
- Titles of the property.
- Sanction plans from the concerned authorities like Ranchi Regional Development Authority (RRDA), Ranchi Municipal Corporation (RMC).
- Nil encumbrances for a minimum of 30 years, to ensure that the property is free from all encumbrances.
Understand the additional charges involved:
- Government levies like Stamp Duty and Registration
- Service Tax.
- Car Park (if applicable), depending on whether or not a slot is opted for.
- Society Deposit.
- Legal Charges.
- Generator & Electricity Charges.
- Maintenance Charges.
Approval from financial institutions:
Only properties with clear legal titles are approved by leading financial institutions, thereby increasing the credibility of the developer. Ensure that the property you decide to invest in has approvals from leading financial institutions.
Understanding Real Estate Jargon
Super Built up Area:
This includes the apartment along with the corridors or passages, lift wells, electrical and sanitary ducts, stairways and fire escapes, common areas such as lobbies and the clubhouse. The space considered super built up is in effect, the entire building including the thickness of walls, balconies and all other common amenities, which are divided in proportion to individual apartments. This varies from building to building. If the building has wider corridors and more amenities, the super built up area will be larger.
BUILTUP AREA shall mean the entire covered area of the units, including the plinth area of the Units, including the plinth area of the bathrooms, balconies and open terrace, if any appurtenant thereto and also the thickness of the walls (external or internal and pillars). However if any wall is common between two units then the thickness of that wall will be divided between both the units.