Blogs Real Estate

Things to know for first-time property buyers

Buying a property is a huge financial decision. Whether you are buying a home or an office, for personal use, or as an investment, it is important to choose the right builder, locality, and construction, you also need to consider multiple other aspects to ensure that you get maximum value for your money. If this is your first time buying a property, then you are bound to feel a little overwhelmed due to the range of options available in the market. While finding the right property depends on your needs and preferences. Here are some important things that you should keep in mind as a first-time property buyer.

01: Plan your finances

Buying a property is a huge financial commitment. Therefore, the first logical thing to do is to be financially prepared for the purchase. Most people opt for a loan to buy a property. To get the best deal from the bank of home finance institution, you need to prepare your financials in a manner that highlights stability and a low-risk profile. Here are some tips:

  • Repay all high-interest debts like credit cards and personal loans
  • Start saving for the down payment since a property loan is usually around 70-80% of the purchase amount. You will also have to factor in brokerage and other costs associated with buying it

Remember, being financially prepared will help you estimate the price at which you want to close the deal and look for options accordingly.

02: Avoid buying on market fluctuations

Ask yourself why you are buying the property. If you want to live there, then create a checklist of amenities and features you would need to live happily. If you are planning to rent it, then make another list of features and amenities based on the type of tenants you can expect in the locality and their needs. Avoid buying a property only because the markets are down and the real estate rates are low. Always purchase based on your needs and not market fluctuations.

03: Talk to a reputed real estate agent

There are many aspects that one needs to keep in mind while buying a property. These include the strength of the construction, local amenities, proposed changes in infrastructure in the locality that might impact its demand, quality of the neighborhood, etc. Researching all these aspects yourself would demand a lot of time and effort. Hence, it is prudent to avail of the services of a reputed real estate agent who is aware of the area and can help you find the best deals for your needs.

04: Inspect the property carefully

A property inspection can help you uncover issues with its structure, electrical wiring, plumbing, seepage, and any other issues that demand expensive repairs. Identifying them can help you negotiate with the existing owner efficiently. However, this needs the assistance of a professional. Many real estate agencies have professional property inspectors that can help identify such problems and help you make a relevant offer.

05: Look at maintenance costs

Once you buy a property, you will have to pay monthly/yearly maintenance charges for the upkeep of the premises. This can vary from Rs.1000 to Rs.10000 or more per month. The maintenance charges are based on the expense of the property and the amenities offered by the builder. So, if you are buying an apartment and the complex has an in-house swimming pool and gymnasium, then its maintenance charges would be higher than a complex that does not have these amenities. Make sure that you review these charges carefully.

06: Check for natural light and ventilation

Homes/offices that do not receive a lot of natural light or ventilation are usually not preferred by home buyers. So, if you end up buying one, then finding a buyer at the right price might be difficult in the future. Hence, make sure that you choose a property that receives adequate natural light and is designed for ventilation. Lastly, if you are purchasing the property from a builder, then ensure that you check the RERA Registration and other approvals carefully. In Pune, Sankla Buildcoon has a reputation for being one of the most trusted developers of homes and offices. If you are looking to buy a residential property for the first time, then you can consider our projects SATYAM NIRANJANI at Hadapsar, SOMMET at Bhugaon, and AVANI at Mohammadwadi. On the other hand, if you are planning to buy an office space, then you can go through our modern offices at PS ANGAN, Magarpatta Road, and Satyam Prima, Manjri.
Blogs Real Estate

What is Maha-Rera ?

The Maharashtra Real Estate (Regulation and Development) (Registration of real estate projects, Registration of real estate agents, rates of interest and disclosures on website) Rules, 2017 in the state of Maharashtra through Maharashtra Real Estate Regulatory Authority (hereinafter referred to as “MahaRERA”) has the mandate to:
  1. Have real estate projects and agents registered.
  2. Usher in transparency in the sale of flats, plots and buildings.
  3. Protect customers, allottees, real estate agents and promoters who are involved in real estate transactions.
  4. Facilitate dispute resolution through a dispute settlement method.
  5. Create an appellate tribunal which buyers can approach to resolve disputes.
  6. Provide recommendations to the appropriate government authorities in matters related to development and promotion of real estate.
In Maharashtra, registration under MahaRERA is compulsory for each and every residential and commercial project. Real estate builders are not permitted to advertise, book or sell any real estate without registration.

Features of MahaRERA

  1. RERA AUTHORITY: MahaRERA handles registrations related to the state of Maharashtra as well as the union territories of Dadra and Nagar Haveli, and Daman and Diu
  2. VOLUME OF GRIEVANCES: Up to 23 September 2019, the regulatory authority received 8,968 complaints; of these, 8,351 complaints were against registered projects and 617 complaints were against unregistered projects. 5,355 orders have been passed against registered projects and 351 orders have been passed against unregistered projects
  3. EASY TO USE WEBSITE: MahaRERA also has an official website which is very user-friendly ( and is detailed and easy to understand. It provides information of projects which have been registered with the MahaRERA. It facilitates homebuyers and property investors to be better informed. Users of the website can find information related to expected date of possession, credibility of brokers, etc. Most importantly, now that borrowers/home buyers know when the project is going to be completed, they can decide when they should apply for a home loan.
  4. BUYER FRIENDLY: MahaRERA is buyer friendly because only projects registered under MahaRERA are permitted to advertise. Delays in completion of projects are handled stringently; in case of delay in project completion, If the allottees / buyers do not want to withdraw from the project, the builders are required to compensate the buyers by way of refunding the buyers’/ allottees’ money along with interest at the stipulated rate for every month of delay till the developer hands over the property to the allottee.

Benefits of MahaRERA

  1. HIGH LEVEL OF TRANSPARENCY: Before RERA Act, there was a lack of transparency in the real estate sector; buyers were left to the mercy of developers to obtain possession of property they purchased, promoters and developers could publish non-factual advertisements, etc. However, with the introduction of RERA, the consumer is provided all the information related to the project he has purchased his property in, the developer has to mandatorily adhere to registration of the project with RERA, report on its progress, intimate about delays, if any, is penalized for the same, etc. Additionally, buyers have the right to question each step involved in both development and promotion.
  2. ADHERENCE TO LAW AND ORDER: Now that MahaRERA has come into force, there is no scope for developers to funnel funds collected from investors and redirect them to some other projects. Down payment has been fixed at 10%. 7Non-compliance to RERA provisions attracts penal action of imprisonment up to 3 years as well as financial penalty.
  3. ACCOUNTABILITY: It is mandatory for Developers to deposit 70% of all funds paid towards a particular project into a single account. These funds are to be used only for construction or cost of land. Developers must also report progress periodically on the project to the regulatory authorities
  4. INCREASED TRUST: Perhaps the greatest benefit that customers have is the reinforced trust in the real estate sector. This has led to reinvigoration of the sector and greater confidence among property buyers.
MahaRERA has come as a blessing to real estate customers in Maharashtra, who can now buy the home of their dreams with confidence.