How to Evaluate a Residential Real Estate Project in Gurgaon: A Checklist
- Gaurav Gupta
- Jun 29, 2023
- 4 min read
Updated: Oct 9, 2023
Are you considering investing in a residential real estate project in Gurgaon?
When it comes to life's defining moments, few can match the significance of buying a home. Whether you're seeking an investment opportunity or a place to create lasting memories, the stakes are undeniably high, especially in a dynamic city like Gurgaon. With property values steadily on the rise, apartments have emerged as the favored choice for prospective homeowners in Tier 1 and Tier 2 cities.
If you're eyeing an apartment in Gurgaon, thorough research of the real estate market is non-negotiable. This process is a blend of due diligence and careful consideration. So, what are the key factors you should keep in mind when embarking on the journey of purchasing an apartment in Gurgaon? Let's dive into a comprehensive checklist.
It's important to evaluate various factors to make an informed decision. Let's explore the key aspects you should consider, why they matter, and the potential pitfalls to watch out for.
Step 1: Research and Budget Planning
1. Setting a Realistic Budget: Determine how much you can comfortably invest without compromising your financial stability. Consider both the down payment and any additional renovation or furnishing costs.
2. Registration and Stamp Duty: These are the additional charges levied by the government while registering the property in your name. A substantial amount needs to be paid for the registration and stamp duty. Additionally, the cost of notaries, home inspectors, and lawyers (if required) should also be included in your budget.
3. Additional Furnishing/Renovation Cost: Some properties require extra work that the builder will not guarantee. Consider these ‘additional renovation’ or ‘furnishing’ costs in your budget before buying an apartment. Some apartments are semi-furnished, and some need additional maintenance, depending on the age of the building. The price of new and fully furnished flats might be higher compared to older apartments.
Step 2: Property Selection Criteria
4. Water and Power Supply: Even an apartment in a prime location would not be a wise investment if there are regular power cuts and a scarcity of water. Be sure to enquire about the power and water supply in the area beforehand. Advertisements might not always give an accurate picture of the residential project’s water supply, source, etc. However, you can investigate and learn about the issues by talking to the residents. Also, enquire about the power backup and inverter facilities.
5. Builder's Reputation: People often forget to consider the builder's reputation, taking note of the builder's reputation is important. Unfortunately, a builder could make false promises regarding amenities, handover dates, property documents, and finances. Thus, it is best to do a thorough background check to know the builder's reputation in the market.
6. RERA Compliance: It is mandatory for all real estate builders to register for a RERA Certificate for their Property. Make sure you comply with the RERA guidelines before investing in a property.
7. Security: Safety is paramount while selecting an apartment. Before buying an apartment, check if the complex has 24x7 security guards and security cameras. Also check if the apartment complex has anti-theft alarms, safety doors, etc. It will help give you an idea of the additional investments you need to make to ensure your safety.
Step 3: Property Features and Amenities
8. Typology: Which is the main typology, 2 BHK or 3 BHK or 4 BHK? Choosing the right typology is essential to ensure harmony within the community. Look for a project that offers limited typologies or maximum units of your preferred size to prevent conflicting opinions in the future.
9. Payment Plan: Understand the payment plan in detail. Is it construction-linked or follows a different structure? Pay attention to the denomination and schedule of payments to ensure it aligns with your financial capabilities. Beware of developers who accept cash components, as this could raise concerns about transparency.
receive a transparent overview of the purchase costs
10. Density: Higher unit numbers often translate to higher density. Assess the density level and determine if it aligns with your lifestyle preferences and privacy requirements. Consider the space available within the project and how it caters to your comfort.
11. Size and Layout: Don't be fooled by the vague "Super Area" measurement. Scrutinize the exact size of the units, including loading and actual carpet area. A clear understanding of the size and layout ensures that your living space meets your needs and provides ample comfort.
12. Specifications: Examine the specifications provided by the builder. Pay attention to the quality of materials, finishes, and fixtures. Ensure they meet your standards and expectations for a desirable living environment.
Step 4: Construction Quality and Amenities
13. Construction Technology and Partner: Research the construction technology used and the expertise of the project's partners. Reliable construction technology and trusted partners contribute to the quality, durability, and timely delivery of the project.
14. Basic Amenities: Evaluate the availability and quality of basic amenities such as a clubhouse, swimming pool, gymnasium, and children's play areas. These amenities enhance your lifestyle and contribute to a fulfilling living experience.
15. Inside the Building: Consider factors such as the number of units per lift, cross ventilation, and parking facilities within the building. Adequate provision of these factors ensures convenience, comfort, and efficient living within the project.
16. Car-Free Zone: Check if the project designates certain areas as car-free zones. These zones create a peaceful and pedestrian-friendly environment, promoting safety and tranquility within the community.
17. Maintenance: Inquire about how the society's maintenance will be handled, whether by the developer, a third party, or the Resident Welfare Association (RWA). This plays a significant role in the long-term maintenance and overall health of the society.
1️8. Daily Convenience: Evaluate the project's proximity to essential facilities such as schools, hospitals, shopping centers, and transportation hubs. A well-connected location ensures easy access to daily necessities and saves valuable time.
1️9. Miscellaneous: Consider if the project caters to the needs of senior citizens with features like ramps, elevators, and senior-friendly amenities. Explore additional services provided, such as 24/7 security, housekeeping facilities, and maintenance support. These services add value and convenience to your daily life.
✅ By carefully evaluating these factors, you can make an informed decision when investing in a residential real estate project in Gurgaon.
At TheRealAsset.co, we understand the significance of these factors and strive to offer meticulously curated projects that meet your expectations for quality, amenities, and convenience. Visit our website www.TheRealAsset.co to explore our exclusive offerings and find your dream home today!
🌐 Contact us now for personalized guidance and assistance in making the right investment decision. Your perfect home in Gurgaon awaits!
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