Everything you need to know before buying a home — from choosing between a plot, flat or bungalow, to legal safety, RERA rights, Vastu and what happens after possession. Written by R.K. Builders with 40 years of experience.
Plot: A raw piece of land. You have full freedom to build as you wish, but you manage the construction yourself.
Flat: A unit in a multi-story building. Offers community living, security, and amenities at an affordable price point.
Bungalow: An independent, single-story house on its own land. Offers maximum privacy and space.
Row House: A series of individual houses sharing side walls. A "middle ground" offering independence with a community feel.
Twin Bungalow: Two bungalows sharing a common wall, usually on a larger plot — providing more space and status than a row house.
Under-construction: Often cheaper, allows for better payment planning, and offers modern design. Delivery takes time and carries some construction risk.
Ready-to-move: No waiting time, no construction risk. You can verify the final quality before buying. Usually priced higher.
The right choice depends on your urgency and budget flexibility.
Prioritise your "Daily Triangle" — the triangle between your work, your children's school, and daily necessities like hospitals and markets. The shorter this triangle, the better your quality of life.
Also consider the area's future infrastructure growth for better property appreciation over time.
The base price is just the cost of the structure. You must add approximately 20–25% extra for hidden costs including: Stamp Duty, GST, Registration charges, Maintenance deposits, and interior setup costs.
Always ask the builder for the full cost breakdown before committing.
No. Banks typically fund 80% of the property value — excluding stamp duty and registration. You must pay the down payment (20%) and all government charges from your own savings.
If you buy an under-construction property, banks may charge only the interest portion (Pre-EMI) during the construction phase. Full EMI starts once you take possession. This keeps your monthly outflow lower during the waiting period.
Check if the project is registered under MahaRERA. Never trust only a verbal promise. Insist on the official RERA registration number and cross-verify it on the MahaRERA official website (maharera.mahaonline.gov.in).
Also verify the builder is a CREDAI member — CREDAI members follow a strict code of conduct that protects buyers.
Title Clarity means the land is legally owned by the builder with no pending court cases or hidden mortgages. Without a clear title, your home loan will be rejected by the bank, and your ownership could be disputed in the future.
Always ask your lawyer to verify the Title Deed before signing any agreement.
An EC is a document proving the property is free from any legal or financial liabilities — such as an unpaid bank loan by the previous owner. It is mandatory for home loan approval and gives you proof that you are buying a "clean" property.
Absolutely. Never skip professional legal advice for a property purchase. A lawyer will verify the Title Deed, check for encumbrances, and ensure your Sale Agreement protects your interests. This is one expense you should never cut.
Vastu is the ancient Indian science of balancing nature's five elements within your living space. A Vastu-compliant home is designed for optimal light, ventilation, and energy flow — which many buyers believe contributes to better health, harmony, and prosperity in the home.
Start by assessing your Net Take-Home Income and your current savings for a down payment. Then use an EMI calculator to understand what monthly installment fits your lifestyle without straining your budget. This gives you a realistic budget range before you start visiting properties.
You can apply for Pre-Approval even before picking a home. This gives you a confirmed budget and positions you as a "ready buyer" — making negotiations with builders much easier and faster.
Once you pay the booking amount, the builder provides an Allotment Letter detailing the unit number, floor, area, and all agreed-upon costs. This is your first official document — keep it safely. However, it is not the same as ownership. The Sale Deed is what proves ownership.
Under RERA, the builder is legally liable to pay interest on your invested amount for every month of delay. Always ensure the "Possession Date" is clearly mentioned in your Sale Agreement. If delayed, file a grievance on the MahaRERA portal — it is a fast online process.
Once the building is completed, the builder receives the Occupancy Certificate (OC) from the municipality. You then register the Sale Deed, pay the remaining amount, and receive the keys to your new home. Post-possession, the Housing Society takes over maintenance responsibilities.
This is a major misconception. When you buy a flat, you own an Undivided Share of Land (UDS). Even if the building is demolished after many decades, the land underneath still belongs to the apartment owners — not the builder. Your ownership is permanent.
Under RERA, all common areas must be transferred to the Housing Society. The builder cannot retain or sell these to third parties once the society is formed. Your garden and parking belong to the residents.
Membership is mandatory. A strong society protects your property's value, manages maintenance, and ensures your voice is heard on building safety and improvements. Avoiding the society weakens your rights as an owner.
Vastu applies to any space. While you cannot change the building's orientation, you can apply Vastu principles inside your flat by arranging furniture, choosing colours, and positioning your bedroom and kitchen according to these guidelines.
Property is a strong asset, but appreciation depends heavily on location and infrastructure development. Research the government's master plan for the area and choose a builder with a proven track record — not just the cheapest option.
Always conduct a thorough inspection before taking possession — even of a ready property. Check for leaks, wiring issues, finishing quality, and ensure all promised amenities are in place. Under RERA's Defect Liability Period, the builder must fix structural defects for 5 years after possession.
Once the society is formed, residents — through the elected committee — take over maintenance. The builder's responsibility is limited to the Defect Liability Period of 5 years under RERA for structural defects only.
Freehold means you own the land permanently — it is yours forever. Leasehold means the land is owned by a government authority (like MHADA or CIDCO) and is leased to you for a fixed period. Always check your Sale Deed to confirm which type you are buying.
Structural changes are prohibited by law. Under RERA, builders also cannot change the approved plan without the consent of two-thirds of the buyers. Non-structural interior changes within your own flat are generally permitted.
Banks will finance a property as long as the title is clear and there is sufficient remaining lease tenure. The key factors are legal clarity and your repayment capability — not the building's age alone.
While East and North facing entrances are traditionally preferred in Vastu, many successful and happy homes have South-facing entrances. Vastu offers several remedies — specific door colours, symbols, and interior adjustments — to balance energy in a South-facing home. Consult a Vastu expert for personalised guidance.
Your UDS is your proportional ownership of the total land on which the building stands. In any redevelopment scenario, your UDS determines your share of the total land value. It is your ultimate long-term security as a flat owner — never overlook it when buying.
Under RERA, builders are responsible for repairing any structural defects reported within 5 years after possession at no extra cost to the buyer. This includes issues with the foundation, columns, beams, slabs, and waterproofing. Document any defects immediately after possession.
No. Under RERA, all charges must be disclosed in the Agreement for Sale. Anything not mentioned in the signed agreement is legally contestable. This is why reading the Sale Agreement carefully — with a lawyer — before signing is so critical.
The Conveyance Deed is the final document that legally transfers the land ownership from the builder to the Housing Society. It is the last step in truly "owning" your home. Without it, the society cannot apply for redevelopment, and the builder technically retains land rights.
In Vastu, the Southeast is the ideal "Fire Zone" for the kitchen. If your kitchen faces a different direction, simple interior adjustments — such as placing the gas stove in the Southeast corner of the kitchen — can help balance the elements according to Vastu principles.
As a flat owner, you have voting rights in the General Body of the society. You can raise issues at the Annual General Meeting (AGM), contest elections to the committee, or approach the Registrar of Cooperative Societies if the committee is acting against the interests of members.
It carries higher growth potential but also some risk. Always check the government's Master Plan for the area to see what infrastructure is planned. Ensure the builder has all land-use approvals (NA order, layout approval). A CREDAI member builder with a proven track record significantly reduces this risk.
The Allotment Letter is simply a booking document — it shows intent but does not legally transfer ownership. The Sale Deed, registered at the Sub-Registrar's office and stamped, is the only document that proves your legal ownership of the property before the government.
You can file a grievance on the MahaRERA portal (maharera.mahaonline.gov.in) online. It is a fast-track mechanism that bypasses the long delays of civil courts. The MahaRERA authority hears both sides and gives a binding order — often within a few months.
Consult directly with Abhijeet Renapurkar — CREDAI Nanded President & 3rd generation builder — at no charge.