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A house is the biggest investment that one makes in his lifetime in the middle class Bihar. One wrong step and you can land in trouble. The recent measures by the Reserve Bank of India on the ’80:20’ loan schemes are also aimed at bringing more transparency in the deal while safeguarding the consumer’s interest, specially the mid income group. Before you sign on the dotted line, here are a few things that you need to keep in mind before buying an apartment in Patna or buying a flat in Patna. Checklist Affordability check 1 Check for payments that you may have to make like brokerage, society fees, security deposit, maintenance fee etc. 2 Account for additional work that you may have to get done once you move in for example wood work, lighting etc. 3 Look for any preferential location charges that you may have to pay. Location check 1 Check proximity from work place and civic amenities. 2 Check building byelaws applicable in the area. Ensure that the builder is building without any violations. 3 Check for specifications as mentioned in agreement to sell/sale brochure to compare with what is being offered in reality. Property check 1 Check the quality of construction. Check for cracks, paint peeling off etc. 2 Check water supply facility as well as fire fighting systems installed in the building. Also check the lifts and other security systems that are installed. 3 Check if the property is leasehold or freehold. Prefer buying freehold properties. Builder/developer check 1 Talk to the neighbors in the locality and seek information on problems they might be experiencing and verify claims made by the developer. 2 Buy from an established developer with an unblemished record. 3 Look for quality certifications that builders posess, project ratings etc. Paperwork check 1 Always ask for commencement, completion & occupation certificates from local municipality. Incase of re-sale properties, check for payments made in full for water, electricity and obtain documents in original. 2 While buying property from a developer, check if he is the absolute owner or holds a registered power of attorney to sell the property. 3 Check clarity in title. Incase of any difficulty, obtain a certified copy from the local sub-registrar's office.
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