According to the Real Estate (Regulation and Development) Act, 2016 (RERA), carpet area is defined as 'the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment'.

Built up Area is the actual used area of an apartment, it comprises of carpet area plus the thickness of outer walls and the balcony.

Super Built-up Area is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc.

Agreement for sale contains the terms and conditions of sale of a property agreed upon by the parties, and bind them. An agreement to sell is the document basis which a conveyance deed is drafted.

Total Consideration means the amount amongst others payable for the said unit and the properties appurtenant thereto but does not include other amounts, charges, security deposits, stamp duty, registration fees, municipality tax and any other charges/tax/cess/levies etc levied by any authority that may be payable by purchasers.

Gone are the days when you would have to depend on your relatives, friends and Newspaper classifieds to find you your ideal home. In this era of internet, almost all of the major properties are just a google search away. There are a number of property portals such as Magicbricks, 99Acres, Commonfloor, etc. where you can find thousands and thousands of properties with full details. You can search for your property as per your needs. Refine them depending on your location, budget, size and there you go, select the one you want. It is good to do your research before hand and then only contact the marketing agencies / developers. When you call and enquire with them they will push you to visit their properties but ask for the complete details first. Visit their offices, do site visits only if the property matches your needs. Conserve your time and energy for the better ones.

Different buyers have different needs. Be specific about what you want. Here are a few things you should be looking for in your home.Location- Don't compromise on location because at the end of the day this is what is going to matter the most. Apart from searching properties try to do some research on the upcoming infrastructure in the city. What might be very far, distant and in the middle of nowhere right now could be well connected and one of the sought after locales in the coming future. Road extensions, metro line extensions can be a game changer in the property market.Budget- Don't be over optimistic on negotiations and bargains as the prices set by builders is to attract customers and not to chase them away. Choose and spend time on properties that are within your budget.Amenities & Specifications- Do not be blown away by the flowery brochures, walkthrough videos and what not. Beneath the layers of the beautiful artistic impressions and virtual tours try to read the fine prints in the literature that is given to you. Be sure about the amenities, fittings, brands of fittings that are given with your flat.Builder- Not undermining any one, but it is usually safer to book in projects by reputed developers. After all you do not change homes every season.Flat Size / Layouts- You know your family size so you know how many bedrooms you need. Be futuristic and think 10-15 years ahead before deciding on number of bedrooms, surely if your budget permits then only. Most of the projects today have brochures wherein you get the floor plans. Do check the dimensions of the rooms and its size in the floor plans. This will give you an idea of the livable space in your home.Vastu- Depending from person to person, if you are peculiar about Vastu then it is better to consult a specialist.There are a whole lot of other things like the view from your home, open ness of the flat and what direction it is facing, the immediate neighborhood, etc. Keep this thing in mind that you will never be able to tick all the check boxes so prioritize your needs accordingly.

First thing first. Most of the organized and reputed brokers do not charge brokerage from the buyers. They receive the commission from the builders only. So price wise it does not make any difference to you whether you contact a broker or a builder directly. On one hand a broker will give you better pre sales service and show you more options from different builders but on the other hand contacting a builder can be tire some as you will have to contact different people for different properties but you will get all the true information regarding the project from their end and you can expect some favors from them as selling the unit to you directly will save them the commission which they would have to pay in case you contacted them through a broker.

A lot of buyers get confused between these terms- Carpet Area, Built Up Area and Super Built up Area. Most of the ongoing projects charge you on the basis of Super Built up Area. With the advent of RERA however things will change and builders around the country will now be calculating prices based on Carpet Area.Now just defining these three in simple language for you.Carpet Area - Carpet area is defined as the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.Built-Up Area - This area includes the Carpet Area and shared wall area with adjoining flat / common area.Super or Standard Built-Up Area - This area includes the Built-up area plus the area of staircase, lift lobby and other common areas divided in the proportionate ratio.

With the ever-increasing demand in the property market in the last decade or so most of the buyers buy the homes during the construction stages and in cases even before the construction commences. It depends on the buyers needs and mindsets however keep these things in mind before deciding on any one of them-Pros-The good thing about booking a flat early is that you get the cream of the inventory available in a certain project since more number of flats are available for you to choose from.Generally speaking, the price of a property tends to increase after the project is complete. So, it's a good idea to buy early if you want to save some of your hard-earned money.When you buy in an under-construction project, the total payment is usually broken down to smaller fragments so it's easier to pay and the you get 2-3 years of time to make the payment.Nothing is 100% perfect and the same may be the case with the flat that you have chosen out of hundreds of other. Everything is nice about it but you just feel if you could turn the door the other way around or may be you wanted an extra basin in the living area or change the color of tiles of your toilet, and so on. These are possible up to an extent in an under-construction project. These are subject to some extra costs but if it's worth it then you do have the option to go for it.Cons-It is not rare in the market where the builder promises a lot of thing initially but delivers below par project, be it the quality of construction or the fittings provided in the unit or in cases the amenities provided with the project. A good way to identify the sincerity of the builder is to research a bit about the builder's history and if possible do try to give some time to visit some of its recently completed projects. In this industry the builder's brand and goodwill is of utmost importance.Under Construction projects are taxable under GST so it adds a good chunk of money to the final price.Be very sure about what is the final price of the flat you are buying. There are many other charges, deposits and taxes added to the flat cost which you need to know before booking. Be 100% sure about the exact amount you need to shell out of your pocket except the applicable taxes as these are subject to change.There are many instances when the projects are delayed by the builders. It affects home buyers and their financial planning badly, specially those who stay in rented apartments and eagerly want to shift to their own home. Be careful about the inclusion of delay and its penalty clause in the agreement for sale.

Pros-You get what you see. When you buy a flat in a ready project you just throw speculations and promises out of the window. Visit the property, see everything first hand and if you like it go for it.Currently the flat cost in a ready to move project is not taxable under GST, so it will save you some money.Cons-It's difficult to find a flat of your choice in a ready to move project as the better ones are sold early during the construction stages.The prices rise after the project is completed, so a bit of extra pressure on your pocket.When you book a ready to move property you have to make all the payments upfront and get very little time to do so. It can be difficult for some.Although you like the flat but if you just wanted to shift a door or do some small change in the flat, it is difficult and even if you insist on doing it, it will cost you a huge amount and the developer will be reluctant to do so.

Once you have zeroed in on a project and have chosen your dream home, first thing you need to do is get the total amount to be paid for the unit including everything and the terms of payment. Now you need to manage your finances. If everything falls in to place then go ahead with the booking. Usually, you book the flat with a token amount that can range from Rs. 50,000 to Rs. 10 Lacs depending on the project you choose. Once the booking is done insist the developer to execute the Agreement for Sale as all the future rights and liabilities of both the developer and the buyer will pertain to the terms and conditions mentioned in this agreement. You need to pay a percentage of the flat value during this agreement say 20% of the total flat value. The balance amount is to be paid as per the payment terms agreed upon in the agreement for sale with the last installment payable at the time of possession. The payment terms are usually construction linked with stages of payments linked to different construction phases. Once the full payment is done and the project is complete, insist on doing the registration asap. When done you can take the keys and inspect the flat thoroughly before moving in. if there are any issues you have regarding the flat get it cleared then and there. It's the builder's responsibility to hand over the flat in perfect condition.