10 Checks You Need To Buy A House In Pune

10 Checks You Need To Buy A House In Pune

Buying a new home is a dream come true for most. More so if you are middle class and aspirational. But there is a surprising number who find this dream hard to fulfill not because they did not provide the down payment and waited for several years to move into their new abode but since the developer did not come through or the project got stuck due to a legal dispute.

The problem is most acute for those who do not buy ready to move in apartments since they cost about 25% more but prefer to get in at the start of the project often before the construction has yet to begin. At this stage, promoters are in acute need of funds and provide deep discounts to the first few buyers.

In the rush to buy the finest 2 bedroom apartment in Pune for a relatively affordable amount, buyers hurry and then face a long wait stretching for several years or even a decade.

Most of these hassles can be avoided by a careful process of vetting and validating before you decide to buy an apartment and move away from the 1bhk on rent in Pune that you occupy.

You have decided that a delightful apartment at Hinjawadi in Pune is just what you require. But how do you know the builder has the right to develop on the property? Also, what is the exact carpet area of your apartment and what type of fittings will the builder provide?

There are several documents and facts you need to examine, of which most the ten most important are:

Title Deed –

It will show you who has the title or ownership of the property. Has the builder purchased the land outright from the owner or has a joint venture due to which he has only the development rights and can sell a certain number of apartments.

At this stage, it is best to employ a lawyer who will minutely study the legal status of the property and also the builder’s rights.

Building Approval Plan –

It has to be sanctioned by the Building Department of Pune Municipal Corporation. The approved plan means the PMC officials have studied the road width and floor area ratio and found them to be as per norms.

All builders have to hire an approved architect and have the plan created according to existing by-laws. If the builder does not meet these norms then construction can be halted and the partial construction demolished.

Conversion Certificate –

As Indian cities keep growing larger, what was previously agricultural land is now being used for construction. But for this, the land use mode has to be changed and is recorded by the land revenue department. The NOC issued by such authority has to be verified by a lawyer.

List Of Financiers –

In most cases, developers do not have enough funds to construct a building. They have to depend on banks for loans. With a large real estate inventory, it is at times quite difficult for a developer to receive loans from banks.

The problem for the end-buyer is the project may get delayed for years due to lack of funds. Ask the builder for a list of bank branches that are financing the project.

Estimate The Cost –

The total cost of ownership may vary considerably from what the broker has told you. There are conflicting terms such as carpet area, super-built area, based on which price is calculated. Be sure to verify and have as part of the sale agreement the exact square footage you are purchasing and the total price.

The cost of a garage may or may not be included in the price of a flat. In addition, there is also stamp duty and registration charges. Taken together this may amount to about 20% cost escalation.

Actual Size of Flat –

What you pay is for the super built-up area. It includes the space for common passage, stairs, garden, etc that are used together by all the occupants. This is about 20 to 25% of the area of a flat. This means an apartment that is mentioned as 1,000 sq ft may actually provide you 750 sq ft or less of carpet area once the common area and area of apartment walls is subtracted.

It is necessary to understand the basis for the calculation provided by the builder and find if the carpet area is enough for your needs.

Terms Of Loan –

Be wary of home loans and banks regardless if they are private or public sector and reputation. Banks have floating rates which vary depending on the prevailing market. Find out what is the frequency at which the percent will be renewed. It may be monthly or quarterly. Be sure to read the fine print about any pre-payment fines, late fees, etc.

Premium –

Apartments that provide a better view are usually sold at a higher rate known as premium. This quite justified except that in most cases it is not shown as part of the sale agreement and thus has to be paid out of pocket. Negotiate for as low a rate as possible.

Fittings –

A builder has to provide in writing what exactly he will provide including the type of wood used for door and material of plumbing fittings. In some cases, the builder will sell a semi-finished apartment giving the owner the freedom to install own fittings and flooring. There can be no ambiguity about the terms.

Location And Security –

This is mentioned last but is the most important. Builders will frequently make promises that an IT park will come up just a kilometer away to prove how upscale the locality will be in just a few years.

Make sure that you make multiple visits to the plot and surrounding few square kilometers and find out how far it is from hospitals, schools, bank branches, ATMs and the market. Form a good idea of the layout before you commit.


This does not mean it is difficult to buy a home and does not suggest that it is risky to buy one. In fact, most of us know many who have bought one or more flats and it is easy to get good advice.

Most of all look for builders who are bona fide and have developed apartment complexes before. Visit those buildings and find out the quality of finish and at the end, if you are satisfied then sign on the dotted line and part with your hard earned money.