13 point checklist before moving into your new house

The key to your new house unlocks not just a new abode but also unravels happiness and laughter, making way for the best memories. But before you take possession of your new house, you must ensure that certain things are in order. Here is a quick checklist for you:

 1. Do the paper work with a hawk’s eye
The house is technically not yours if you don’t have all the important legal documents in place. It is your duty to verify each and every document. They must be duly signed and stamped, wherever required. Here are some crucial papers you should have to your name:

 

  1. Possession Letter
  2. Blue Print
  3. No Objection Certificate
  4. Development Agreement
  5. Power of Attorney
  6. Commencement Certificate
  7. Search Report of the Builder’s Advocate
  8. Receipts of payments made to the builder
  9. Letter of allotment
  10. Confirmation on property registration with local authority

 

  1. Not just another brick on the wall
    Before taking possession, examine all the walls closely. Cracks, damp patches, leakage, peeling paint or any kind of chipping must be brought to the notice at the earliest. 

 

  1. Fix it
    In case of ready to live in house that are furnished to the T, a huge chunk of the price that you pay covers the fittings and fixtures like taps, faucets and bathroom fittings. Just ensure that they are in working conditions. Problems like leakage in piping, faulty fittings and defective wiring should be fixed.

 

  1. Sparks flying?


    Safety is paramount. You must ensure that the electrical wiring is in order. Starting from the sockets and plugs to the main fuse, meter and inverter. Don’t settle for any electrical fitting that is inferior to the standards promised. Also, check if the miniature circuit breaker (MCB), an expensive equipment, is of good quality because it is important for your safety.

 

  1. Knock Knock
    Open and shut. And repeat. Do it all over again till you are sure that all the doors and windows are working smooth. Also ensure that the locks are secure and you have all the sets of original keys and their warranty details.

 

  1. Get to the bottom of the gas pipeline
    If you are going to enjoy the facility of piped gas in your new home, you must become familiar with the do’s and don’ts’s of its usage. Before you plan to move in, verify the quality of tubes and all the devices. They should all bear the ISI mark. You should also check upon a leakage detector, if provided. Keep the emergency contact details handy.

 

  1. Get connected
    If your new house is equipped with digital features like lighting control, security cameras, and temperature control, scan all the gadgets for their quality, brand and functioning.

 

  1. Your space beyond the walls


    Your home is a package of the flat and the amenities that you have invested in. You must check upon all of them. Playground, swimming pool, gymnasium, jogging track, club house - everything that was promised to you should be there and adhere to the specifications promised.

 

  1. Take the lift
    The lift is crucial, especially if you enjoy the higher views. They should comply with all the rules. You should be concerned about the common areas as well and check for the flooring and tiling.

 

  1. No less than a painting
    Paint defines the look of your house. All rooms should have a double coat paint with no visible patches. It is best to address concerns regarding the painting of the exteriors and grills etc. at the time of possession, so it can be taken care of before you move in.

 

  1. Don’t get drained later
    Clogged drains are a common problem in new homes. Ensure that the drains in balconies, bathrooms, kitchen, and utility rooms are clear.

 

  1. Keep calm and stay cool
    Be cautious about the ducting for split AC. It is important for effective cooling and has an impact on your monthly electricity bill. Check on its water outlet as a small issue could lead to seepage in your walls and damage the paint.

 

  1. Make it your safe haven
    Often overlooked in the excitement is the safety of your house. You must make a note of features like refuge area, fire alarm system, smoke detectors, and so on.

 

Do some homework before you decide to take the keys in your hand. Make your arrival at your new home an absolutely happy and auspicious one.

 

Pre-Budget Expectation for Real Estate Sector

Pre- Budget 2016, exepectations for Real Estate Industry

The Budget 2016 session will be extremely critical for various sectors and real estate is no different. With sluggish demands, stalled projects, cash crunch, dwindling sales, rising debt levels, high inventory, delayed approvals, and negative consumer sentiment, the real estate sector is hoping for interventions in the budget for increasing buyer confidence & easy financing options.  

We are putting forward our expectations for the real estate sector from the Union Budget 2016:

Boost to affordable housing

In spite of the well-publicised figures of the shortage of houses in the affordable housing segment, not many developers have ventured into this space. One of the key reasons has been the thin profit margins in this segment. The profits can be easily eroded with delays in approvals or even fluctuations in prices of raw material prices. This Budget could provide incentives and systems to reduce these risks and attract more developers to this segment.

One of the ways to ensure success for government’s ‘Housing for All by 2022’ target is to provide a much-needed boost to buyers in this segment with cheaper financing options. 

Improved infrastructure and connectivity in the peripheral areas of cities where the land costs are relatively less will enable faster development of affordable housing.

Developers in the affordable housing space could be given tax concessions to further boost this sector. Affordable housing can be included under section 80 IB which allows 100% tax exemption along with service tax exemption on housing projects with a certain limit of built up area.

Secure financial interests of home buyers from project delays:

Currently, home buyers who purchase in under-construction properties can claim tax benefits of Rs. 2 lakh post possession if the project was completed within three years. But if the construction is further delayed, the benefits reduce to Rs. 30,000. We want this to be extended to 5 years as often developers face delays in getting approvals.

Improve affordability

We expect the Union Budget to make a provision of allowing home buyers to claim tax benefits from the time they start paying interest on housing loans instead of post-possession. This would considerably reduce the interest burden on them and also facilitate increased home purchases.

Boost Green/Sustainable Real Estate with incentives:

India has so far been a reluctant adopter of the green real estate because home buyers in general, are wary of paying an extra premium for green projects. Low demand for green buildings means developers are not invested in this segment and the Indian real estate has been lagging on this front.

We hope the Budget should encourage developers and home buyers to opt for green projects by providing them with incentives. Buyers need to be convinced of the cost effectiveness and benefits of a green real estate to give a boost to its development.

 Industry Status

We sincerely hope this year’s Union Budget would address the demands of the real estate sector for industry status. This’d help developers to avail finances at a lower rate.  

Single Window Clearance

We strongly believe a single window clearance can make way for faster project approvals and thereby on-time delivery.

Implementation of RERA

Despite the Union Cabinet approving the Real Estate Development and Regulation Bill last year, it is yet to become a law. The law is expected to boost developer, investor as well as the much-needed buyer confidence by making real estate more transparent & organized. It would attract more FDI and would address the common concerns within the sector. RERA would also make registrations of projects as well as real estate agents mandatory, thereby promoting transparency & accountability and protecting the interests of residential & commercial property buyers.

Minimum Circle Rate

We also hope the Budget would focus on doing away with the provisions that make it compulsory for transactions to happen at minimum circle rates decided by the competent authority. Moreover, the minimum rate should also take into account factors such access to the main road, the shape of the plot, etc. which has a big impact on the value of the land.

Streamlining HRA

While salaried people can claim the deduction for house rent allowance (HRA) as a salary component of their total salary, self-employed persons without an HRA component can only claim a maximum deduction of Rs 2,000 a month under Section 80GG. The Budget needs to boost buyer confidence by addressing this anomaly.

What are your expectations from the Union Budget 2016 for the real estate sector?