Looking for a Flat to Buy? Here’s All You Need to Know

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Thane is becoming one of the fastest growing cities in MMR and the reason behind its rising popularity is no secret. Situated within the close proximity of Mumbai, only at a distance of 30 mins, Thane is easily accessible for every day commuting. Additionally, the living standards in Thane are at par with Mumbai.

The comparatively lower living cost is also a major factor that is contributing to the growing number of Mumbaikers moving to Thane. You can find 2 bhk flat for sale in thane west at rather affordable rates. 

If you’re also thinking about buying a flat in Thane, you’ve come to the right place. In this post, we have discussed some of the major factors you must take into account when looking for a flat in this city. Take a look at them:

Allocate a Budget

The first thing that you have to do before you start looking for a property to buy is fix a budget. Properly analyse your financial conditions and then set out a budget that you are willing to spend to buy your place. This step is important as it will give you a clearer idea of what you should be looking for. You can start searching for properties within your budget range.

Carpet Area of the Flat

After allocating the budget, the next thing that you must consider is the total area of the property. This should also include all stairs, shafts, elevator space, walls, balconies etc.

Whereas the carpet area is the total area within the walls of a flat, this area can be up to 30% less than the total area of the property. The price of the property is usually determined by the latter.

Property Record

Checking the land records of the flat you intend to buy is essential.

Having the record of the land on which your flat is constructed is quite important as it will save you from future issues. Similarly, you should also check the soil quality and topography of the area on which your flat is built. Also, check and verify the title deed of the flat as well.  

Legal Status

Before sealing the deal, you have to make sure that the property you’re going to buy is legally authorised. Check the developer approvals and NOCs from Area development, water supply, electricity boards and sanitation authorities. Likewise, you should also ensure that no matter has been or still in the court related to the property you’re going to buy.

Possession

It is important to ask the developer, before signing the contract, about the possession timeline, i.e. exactly how many days they’ll need for handing over the property to you. As a buyer, you must have a clear idea when you’ll be shifting to your new home. The general time that any builder usually requires is approximately a 6 months grace period. However, you must decide a final date for possession that should be valid under all circumstances.   

Financing

If you’re planning to get your flat leased from a bank or any other financial institute, you should check its validity beforehand. There are certain areas, builders and even types of buildings that some banks don’t approve of. Therefore, if you’re planning on getting your place leased, then you should confirm its status with your relevant bank.   

Agreement

After finalising a property that you’re going to buy, you must talk about the agreement with the builder in detail. You can buy some properties by just paying the token amount at the start. The rest of the amount is paid later on through a tripartite agreement between you, the builder and the financer. However, before finalising a property, you should discuss the agreement in detail and read all of its clauses. Doing so is important because all the queries need to be addressed before the signing of the agreement.  

Location

One of the most important things to consider while buying any property is the location. The location of your property plays a key role in determining its worth. Thoroughly check its locality, see if there are any markets, schools or hospitals nearby. Also, check the availability of transportation in that area. Once you’re satisfied with everything only then buy it.

We hope that using this guide you’ll be able to find flats for sale in Thane West that suits your needs.

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