There’s a lot of excitement surrounding new housing project launches, with developers pouring substantial amounts into extravagant parties, multimedia campaigns, beautifully staged show flats, and flashy sales offices. Amid all the noise, it’s essential to pause and make a thoughtful decision—one you’ll be happy with in the future.

Here are some key factors to consider before choosing to invest in an apartment:

Consider the Location

There’s a wealth of information available on this topic. One crucial piece of advice is to visit the site in person. Spend time in the area to evaluate nearby developments and proximity to social infrastructure such as malls, hospitals, and more. Don’t forget to check the commuting times to your workplace, your spouse’s workplace, and your children’s school.

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Check the Price

Always verify the actual price of your chosen apartment rather than relying solely on the base selling price (BSP). Make sure to request a comprehensive cost sheet that includes all expenses related to the purchase, as you have the right to receive this information under RERA. After reviewing all the costs, remember to factor in the applicable GST for each item.

“If you’re like many buyers who will be financing the apartment, don’t forget to add the cost of pre-EMI interest during the construction phase. Once you’ve tallied up all these expenses, closely evaluate the total cost. Ask yourself if it’s something you can afford, even if the apartment’s value doesn’t increase while it’s being built. Be wary of the figures presented in the developer’s marketing materials, especially from newer or smaller developers, as hefty commissions paid to middlemen can distort the true cost,” suggests Amit Raj Jain, Founder, Stride Homebuild and Oram Colonizers.

Avoid EOI Investing

A concerning trend in the market is EOI (Expression of Interest) investing, where buyers commit to apartments during pre-launch phases—before developers have secured all necessary approvals and RERA registration is completed. Remember, at this stage, any information shared has not been vetted by the RERA panel. Regardless of enticing offers, it’s best to steer clear of such deals. If you fall victim to a scam here, it’s most likely that RERA won’t be able to assist you.

Evaluate Developer Track Record

Be cautious about flashy brochures and promotional materials. Marketing can create an illusion. Investigate the developer’s history by visiting or reviewing prior projects they’ve completed. “Speak with current residents of their developments to assess the quality of materials used, the equipment left for the Residents’ Welfare Association (RWA), and their responsiveness to post-possession issues. Make your assessment based on quality, timeliness of delivery, and how well they handle post-possession support,” suggests Jain.

Request the Exact Carpet Area

RERA mandates that real estate developers disclose the exact carpet area to all buyers. Don’t rely solely on the super area, as its percentage can vary significantly from developer to developer and is solely a byproduct of design.

Seeking Guidance

When it comes to real estate purchases, there are two key components: advisory and transaction. Most channel partners excel at the transaction side, negotiating the best rates for you. But for advice on legal matters, location, or developer insight, it’s essential to leverage various sources for the best results.

Making Comparisons

“After thoroughly researching and understanding every detail, create a chart to compare the different projects, rating each one on a scale of 1 to 10 based on important factors. This is one of the most significant purchases you’ll make in your lifetime,” says Jain.

It is, therefore, essential to apply the same careful consideration to your apartment search as you would when selecting something straightforward, such as ice cream or a shirt!