Important Things to Keep in Mind Before Buying a 2 BHK Apartment

Home is where the heart is. No matter how hackneyed the saying may be, it still stirs the same warm emotions in every soul aspiring to own residential flats for a family someday. In the Indian context selecting the dream home is like balancing a mathematical equation. One needs to find a fine balance between practicality, utility, family values, social nuances, budget and expectations that vary across generations. A home; be it a residential flat or a constructed house, is generally, the forever home for most Indians.
Keeping in mind the long-term investment perspective of a nuclear family, mostly vying for a premium 2,3 BHK flat or luxury apartment, let us understand the important pointers to keep in mind while zeroing down on the final project.

1. The background of the Developer and track record of completion of past projects:
This can be verified by examining the project’ RERA details. Most projects are listed along with their RERA Registration no. and website details. After this preliminary examination of the authenticity of the project, one should check for the Banks financing home loans for the said project. Banks like SBI, HDFC, etc. may even have special/promotional rates for projects with clean papers and developers with good records.

This should be followed by a personal visit to the projects to

• inspect the quality of construction,
• visit sample/ catalogue flats,
• understand the actual water, gas and electricity charge and availability,
• maintenance,
• 24 *7 security, gated security,
• parking facility,
• an attitude of the Builder during final possession.

If a builder has handed over flats with minimal deviation from the promised facilities in the past, only then one should consider the project.

2. Real Estate Agents:
They are very helpful in helping find the best match to requirements and budget. It is always better to go with one that comes from a referral to ensure an honest deal. The past records and verification of agent credibility are also important.

3. Stamp Duty & Registration fee in Lucknow:
Stamp Duty (as of Nov 2021)

• If a 2 bedroom apartment is registered in the name of a male the Stamp duty is 7 % of the sale consideration.
• If the registration is in the name of a female - 6 % of the sale consideration up to maximum sale consideration of Rs 10 lakhs and thereafter 7%.

The Registration fee is 1% of the sale consideration.

4. Connectivity and Accessibility:
All projects come with details about their connectivity to the nearest railway station, airport, metro line and major modes of transport are of primary importance. The premium and luxury state-of-the-art apartments provide easy access to facilities like swimming pools, parks, departmental stores, fruit and vegetable mart, salons, gymnasiums, play areas, and places of worship within the gated premises of the Societies.

5. Social Infrastructure:
If one is looking for a Premium and luxury apartment in Lucknow, one must be very mindful of the availability of good schools, malls, and educational and medical facilities, around the choice of residence. Some clients are specific about the Vastu and Feng shui of the project and must explore and understand them before finally investing. A clear appreciation of one’s static and dynamic needs is the key to finding the best fit when it comes to selecting a residential premise. Detailed and objective research on these pointers can save a lot of hassle and guide the buyer to an authentic and tasteful investment in their forever home.