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10 Things You Must Check before Buying Flats in New Chandigarh

Are you looking for real estate investment options in New Chandigarh? If yes, you should be mindful of certain factors to help you grab the best deal.

With several dealers in the market, buying a flat in New Chandigarh becomes challenging to choose. That is why it requires you to do good research to get your hands on the deals of the best flat you could get.

This blog talks about 10 things you must check before buying flats in New Chandigarh. These factors are crucial enough to make a property an ideal suit for your requirements. So, without any further ado, let’s get started.

Interest -Free Maintenance Security Charges (IFMS)

Interest-Free Maintenance Security Charges or IFMS is a necessary sum of the money a flat buyer needs to pay the owner or developer to reserve the flat until a resident association is confirmed. Post the payment of this fund, the owner transfers the funds to the association for the expenses concerning maintenance.

This procedure is crucial to meet the unforeseen failures in the amenities or future developments. These developments include security, lifts, parking extensions, etc.

The IFMS replaces the sinking fund. However, some developers collect the sinking fund besides the IFMS to distinguish between both. The owners allocate the sinking fund for emergency and repair purposes.

Location – A Blissful Connectivity

Choosing the right location allows you to lead a quality life with convenience. Availability of facilities, greenery, scenic views, and neighbourhood status factor enhances the value of the residential property.

Distances to markets, natural healing centers, organic farms, airports, transportation, educational centers, etc., are factors that make up a healthy lifestyle.

Basic Selling Price (BSP)

The Basic Selling Price or BSP in real estate is the base rate per square foot. This rate is based upon the property’s evaluation by the owner or developer. BSP does not include the charges for floor rise, preferential location, and other amenities. Alternatively, it is also referred to as the fixed cost per square foot.

PMAY Eligibility

You should verify whether you are eligible to receive an interest subsidy under the “Awas Yojana-Urban.” Under the Prime Minister’s Awas Yojana’s Credit Linked Subsidy Scheme, you should be eligible for an interest subsidy that can go up to INR 2,67,280 upon meeting the criteria. It is indeed a wonderful opportunity to save up.

Technology and Modern Facilities with Comfort

If you are a comfort-loving person and always aim for luxury, then be mindful of technology-driven homes and modern facilities that enable you with comfort.

Visiting a hill station and settling there permanently is highly possible. So, in demand of such requirements, aim for flats and locations with modern amenities that never fail to distribute comfort in your favour.

Research the Local Market

Before making any investment, thorough research is essential. Analyze the market condition in the area you want to invest in. Focus on the period of stay of the residents of the area. Most properties in Chandigarh are developed as per the demands of the buyers. Such information is acquired only through in-depth research to learn the market.

Environmental Sustainability- Stay with Nature

Can you live without electricity? Not in this age.

As is the fact, the energy reliability is evident from the stone age for the survival of human civilization to the contemporary era. Having an advanced lifestyle does not necessarily mean access to luxury only. It also means access to fresh air and a green atmosphere.

When looking for the perfect flat in Chandigarh, make a checklist of essential requirements.

Bank Financers

Most of the bank financers have led their flats for sale in Chandigarh. It would be great to research well and check for the availability of properties financed by the major banks. This way, you can ensure to get a low-interest house loan to buy your dream flat.

Nearby Amenities

Flats are multi-storeyed infrastructures. Some complexes have services like dispensaries, retail outlets, and more. However, in some cases, such amenities may be unavailable.

That is why it is important to be mindful of this factor and check for the required amenities within the unit. Visit the apartments personally and check the facilities yourself to double-check the location.

Possession Period

It is vital to keep track of the possession date in the contract between the builder and the buyer. The builder commits to finishing the construction work and documenting all the permits from the local authorities on the possession date.

This date is usually a few months or years later than the signing of the agreement. Every project comes with a different possession date.

Wrapping Up

Chandigarh has risen to be the epicentre of knowledge, with several educational institutions coming up in the city. This factor, combined with several other developmental factors, makes Chandigarh an ideal location for buying a dream home.

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