Luxury Flats/Apartments for Sale in Bangalore

A lot of planning, thinking, and calculations go into buying an apartment. Financially, it’s the biggest decision you make as it would involve the lion’s share of your savings. In a city like Bangalore, finding the right apartment that suits your budget, requirements and lifestyle may seem like a daunting task. But with the right information at your fingertips, the whole process can be made a lot simpler and easier.

Read on and find out what are the top 8 points to tick before buying an apartment in Bangalore.

1. The right location

You don’t want to spend quality time negotiating the infamous traffic in Bangalore. So, ideally the right location for you is the one close to your office, your kid’s school, reputed hospitals and places you frequent. If you’re looking at an apartment as an investment, considering prime localities will ensure you a good income in terms of rent. Other aspects that need to be taken into consideration are uninterrupted supply of water and clean and green surroundings.

2. The reputation

The real estate market has many players, both established and new. Besides, new entrants foray into the market from time to time. Obviously, the real task lies in choosing the right developer. Thanks to popular search engines like Google, it’s quite easy to research and find out everything about the developer that can suit your requirements: How many projects completed? Have they always delivered on time? What is the overall track record? Make sure that you go ahead only after finding satisfying answers to your questions. Choosing a reputed builder gives you peace of mind and guarantees higher rent and resale value.

3. The legal aspects

Clear titles, approvals and authorisations are critical when it comes to buying an apartment. Does the property have a clear title? Has the layout been approved by the relevant authorities such as Bangalore Development Authority, Bangalore Metropolitan Region Development Authority or Bangalore International Airport Area Planning Authority? Does the property have a Real Estate Regulatory Authority (RERA) number? If you’re investing in a property that is under construction, make sure that the developer has obtained a commencement certificate. Of course, you may find it difficult to check the veracity of all the documents and approvals. The best thing you can do is to hire a lawyer who can scrutinise all the relevant documents including builder-buyer agreement, title deed and all other legal documents for any kind of discrepancies.

4. The interaction

Don’t stop with the research you have done online. Before going ahead, meet people who live in the neighbourhood, or those who reside in the project complex – if you’re buying a ready-to-move-in home. Talk to your prospective neighbours, understand the locality and get a grasp of the environment. Bangalore, being a cosmopolitan city, is a potpourri of different cultures. Whether you prefer to live amidst people whose culture you’re familiar with or you want to embrace new cultures and perspectives, visiting the locality and talking to people can be of great help. To complement your face-to-face interaction, read reviews online. Together, they will provide you a better idea about your prospective home and its surroundings.

5. The amenities and facilities

Apartments come in all sizes and with a host of facilities – some are medium-sized with basic amenities in place, while others are sprawling and rich in amenities. Choose yours based on your lifestyle and requirements. It’s highly advisable to go for an apartment that offers amenities or facilities which you will find useful. For instance, it makes more sense to choose an apartment that has a playschool or creche in the campus if you have a little child rather than opting for one that offers fancy amenities which you are unlikely to use. Always confirm with the builder that they will provide the amenities listed out in their advertisements.

6. The inspection

Model apartments help prospective customers to get an idea about their future home. Hence, builders set up model apartments even when the project is under construction. Make sure that you visit the premises, take a tour of the model apartment, and inspect every nook and cranny thoroughly and critically. If you’re buying a ready-to-move-in apartment, make sure that you experience your future home in detail. Don’t hesitate to ask questions and clarify your doubts. It’s your home and it’s your responsibility to ensure that the developer has fulfilled all the promises and your home doesn’t lack anything in terms of finish and perfection.

7. The floor plan check

While inspecting the apartment will give you a fair idea about your future home, it’s not enough for a fool-proof evaluation. An ideal floor plan, however, will come in handy in this regard as it will have every detail including the design and measurement of the property. Be sure that you check the floor plan thoroughly and get the help of a qualified architect to further evaluate and ensure that your home has good ventilation, and it receives plenty of natural light.

8. The resale value

The appreciation and resale value of an apartment greatly relies on its location as well as the amenities it offers. As far as Bangaloreans are concerned, the preferred choice is an apartment on a higher floor. Two of the most prominent advantages of living in a high-rise home are as follows: 1) They offer a panoramic view of the surroundings. 2) They are less affected by dust and pollution in comparison with apartments which are on lower floors. Yet another factor that many a buyer considers, and which will have a say in matters of appreciation and resale, is Vaastu-compliancy. It’s a wise decision to opt for an apartment which meets all these parameters.

SOBHA – The Advantages

A name synonymous with quality, SOBHA Ltd., offers an array of apartments across Bangalore. Loaded with features and amenities, each home is meticulously planned to satiate even the most discerning of homebuyers. The advantages of owning a SOBHA home are manifold. A few of them are as follows:

• SOBHA apartments are spacious, airy and naturally lit.
• The properties are easily accessible to schools, colleges, hospitals and shopping centres, making them convenient places to live.
• The property is managed efficiently which not only sustains the property rate, but also maintains high returns on investment in the form of rental income and property appreciation.
• Has a track record of delivering positive results consistently, in terms of luxury and comfort.
• Renowned for its transparency and quality standards – SOBHA is the first real estate company in the country that introduced backward integration to gain complete control over quality and delivery.
• Maintains an excellent track record in delivering homes well in advance.
• German engineering and architecture that meet supreme construction and design standards.

Buying an apartment is the right decision you can make. But before going ahead, plan it properly, do your research and choose a developer based on their reputation, quality standards and transparent transactions.

Buying a home involves quite a lot of procedures and attracts a slew of statutory charges. It’s always better to know about these in advance, particularly about the latter, to avoid unpleasant surprises later on. Let’s get to know in detail about the stamp duty and registration charges applicable, when buying a home in Bangalore.

Stamp duty and registration charges vary from state to state. More importantly, these charges make your home costlier. But what exactly are stamp duty and registration charges? Section 3 of the Indian Stamp Act 1899 mandates the collection of these charges for the following reasons: 1) To authenticate the sale agreement. 2) To maintain a record of the property. It’s the state government that decides and fixes all charges that are collected towards stamp duty and registration.

Stamp duty & registration charges in Bangalore

Type of fee	Amount
Registration charge	1% of the property value
BBMP, BMRDA & village areas added cess	10% on stamp duty
BBMP & corporation added surcharges	2% on stamp duty
BMRDA & other surcharges	3% on stamp duty

 

Amount	Stamp Duty Charges
Less than Rs. 20 lakh	2%
Between Rs. 21 & Rs. 35 lakh	3%
Above Rs. 35 lakh	5%

What are the parameters that determine stamp duty charges?

Age of the property: Stamp duty is calculated based on the total value of the property you are purchasing. Since with age properties register depreciation, the age of the property has a prominent role to play in determining the stamp duty. Precisely the reason why older properties are easier on the pocket in terms of stamp duty when compared with brand new ones.

Buyer’s age: If you are a senior citizen, you’ve reasons to cheer while buying a property. Yes, senior citizens pay a lesser amount in terms of stamp duty whereas people of younger age get no relaxation, and hence end up paying more.

Gender: Yet another factor that has a say in stamp duty is gender. In most states, Women, in comparison to men, pay a lesser stamp duty – roughly 2% lesser than men. However, in Bangalore the rate is same for both men and women.

Type of property: While there is no escape from stamp duty, residential properties have an advantage. They, in comparison with commercial properties, attract a lesser amount in terms of stamp duty.

Location: Buying a home in an urban area? Be prepared to pay a higher sum as stamp duty. However, if your plan is to buy a home in a semi-urban or rural area, you pay a lesser amount.

Amenities: Does the home you are planning to buy have a host of amenities? Well, shell out more towards stamp duty. It is simple – the more amenities you have, the more you pay. If your home has a swimming pool, library, gym or even elevators, you will have to spend more money on stamp duty.

Whether you are opting for a budget home or a luxury home, whether your choice of location is an urban setting or a rural area, knowing about the charges towards stamp duty helps you greatly. One of the most important advantages is that it lets you be in control, in terms of budget. Make sure that you do your research thoroughly before buying your home.

So, finally, after pondering for months following consultations with family and friends, you have made up your mind to go ahead and buy your home. Congratulations! You have made the right choice. Mind you, this is one of the most important financial decisions in your life. You might have weighed the pros and cons in all its detail, no matter what they are. Before going ahead any further, a word of caution: check all the documents that you ought to check at each stage with utmost care. If you think that you cannot verify it all by yourself, do not hesitate to seek professional help. After all, it’s your hard-earned money, and you don’t want to take any chance.

Buying a home, of course, is a nuanced procedure and documents are integral to it. Let’s delve into the details of what documents you need to check before buying a home. As you are aware, asking questions and eliciting satisfying answers are of vital importance while buying a home.

Layout Approval – Does the property you are planning to buy have a valid layout approval? If yes, you’ve nothing to be concerned about. But if it’s a no, it’s not advisable to move forward, because buying a property without a valid layout approval will cause you trouble in future. In Karnataka, layouts are approved under provisions of Karnataka Town & Country Planning Act 1961 and Karnataka Urban Development Authority Act 1987.

Master Plan – Where exactly is your home in the city? What conveniences are available in the vicinity? Checking the city’s masterplan will help you find answers to these. But there is more to a city’s masterplan. It will help you find out any inconsistencies or irregularities in comparison with what you have been promised by the builder. The master plan, without fail, showcases even the minutest detail regarding the infrastructure around the property you intend to purchase.

Land Records – It’s the most important of all the documents. A proper land document gives all the details of the land including pending loans and ownership details. It is important to verify it in detail as any discrepancy will result in legal complications in future. Verifying land records is easier now, thanks to the Digital India Land Record Modernisation Programme (DILRMP) launched by the government of India in 2008. Karnataka being the first state to digitalise all its land records, now offers easy availability of them online.

Land Use Certificate – Land is categorised into different segments such as commercial land, agricultural land, etc. It’s not permissible to build residential property on lands earmarked for commercial or agricultural purpose. A land use certificate, also known as change of land use (CLU), is issued to the developer. Make sure that you check the land use certificate from your builder thoroughly for any discrepancies to ensure that your purchase is valid and trouble-free.

Occupancy Certificate – As the name suggests, an occupancy certificate (OC) is a guarantee that the home you are purchasing has all the basic amenities in place including water, electricity and drainage system. Ask for your occupancy certificate and scrutinise it further to make sure that the whole process of purchasing your home is truly transparent.

Allotment Letter – Issued by the builder once the advance is made, the allotment letter is a crucial document that comprises an array of information pertaining to the purchase. The most vital information that an allotment letter will have, includes the following: payment, terms of construction, construction schedule, amenities, the final amount that must be paid to the builder, the delivery date and the builder’s liability if there is a delay in delivering the project as promised.

No Objection Certificate – First things first – it’s unlawful to sell a property without obtaining a No Objection Certificate (NOC). An NOC is given to the builder by various departments that deal with safety, water, electricity supply, etc. Asking for an NOC is a matter of critical importance before you make any payment towards the purchase of your home.

Certificate of Commencement – Bruhat Bengaluru Mahanagara Palike (BBMP) issues the certificate of commencement. This certificate is a proof that the concerned authorities have inspected the construction site and find it satisfactory to give the nod. Obtaining certificate of commencement is mandatory for builders to start any type of construction.

Completion Certificate – A completion certificate is issued by the local authorities after verifying that a property is built based on the approved plan and complying to all the necessary standards set by the local development authority. Some of the most important details furnished in a completion certificate are details of the land, building plan, builder details, approved height of the building, the location and the building’s distance from other buildings in the vicinity.

Builder-Buyer Agreement – It’s quite important to read the builder-buyer agreement thoroughly before signing it. A typical builder-buyer agreement will have a construction timeline, price escalation clause, change in the area of the apartment and payment delay. While all these are important, particularly pay attention to the clause related to payment delay as it can result in you paying a hefty sum if you delay the payment.

Sale Deed Registration – Once the project is completed, you need to obtain the sale deed registration from the registrar’s office. Considered as the ownership document, it is important that you go through the sale deed in detail before purchasing the property.

Possession Certificate – The final one that is awarded to you, the possession certificate validates the ownership of the property. It is given once you have moved into your new home.

Now you know what documents and certificates you need to obtain and inspect thoroughly before buying a home. Remember, the whole process of scrutinising these documents can be exhausting. If you think that you will not be able to do it all by yourself, reach out to a professional. Make sure that you take zero chances to make your homebuying experience smooth and transparent.