Before You Buy That Flat: The Checklist Nobody Gives You

Last week we established two things: why a woman's name on the property deed matters, and five things to verify before paying a booking advance. This week we go further, into the questions that separate buyers who make good decisions from those who wish they had.

The first question most buyers never ask is: what has this builder delivered before?

A RERA registration tells you the project is legally compliant today. It does not tell you whether the builder has a history of delivering on time, at the quality promised, and without disputes. Before any purchase, search the builder's name on your state's RERA portal and look at their past projects. Were they delivered on schedule? How many complaints were filed? What were they about? A builder with a pattern of delay complaints across previous projects is telling you something important about the project you are considering. A builder with a clean record across several delivered projects is telling you something equally important. This search takes twenty minutes and is entirely free.

The second question is about the difference between buying under-construction and buying resale

Under-construction property is typically cheaper because you are paying for something that does not yet exist. The price advantage is real, but so is the risk. Construction can stall. Completion can be delayed by years. Your money is tied up while you continue paying rent elsewhere. Resale property costs more but it exists. You can see it, inspect it, understand the maintenance charges, meet the building management, and move in without waiting. For a first-time buyer, particularly a woman buying independently, resale in a RERA-registered building often involves significantly less uncertainty than under-construction, even at a higher price per square foot.

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The third question is about the true cost of ownership, which most buyers never calculate fully

The purchase price is only the beginning. Stamp duty and registration charges together add six to nine percent. If an agent is involved, brokerage adds another one to two percent. Most new flats are delivered as bare shells requiring a full interior fit-out, which in a mid-range property can run three to eight lakhs. Monthly maintenance charges in buildings with amenities can be two to five thousand rupees or more. There is property tax. And there is the opportunity cost of the down payment, which is money that is no longer invested elsewhere and earning returns.

Before any property purchase, calculate the total outflow over five years and compare it honestly against what the property might generate. In most Indian cities today, residential rental yields are between two and three percent of the property value annually. A bank fixed deposit earns more with no maintenance responsibility. This does not mean property is a bad investment. It means the full calculation deserves to be done before the decision is made, not used to justify it after.

The fourth question is what to do when things go wrong

Despite RERA, projects do stall and builders do face financial difficulties. The important thing to know is that buyers are not without options, but they must act quickly. RERA complaints filed early have a better chance of resolution than those filed years later. Buyers can organise collectively with others in the same project to file a joint complaint, which typically receives faster attention from the authority. If a builder is declared insolvent, the case moves under the Insolvency and Bankruptcy Code. This process takes time, but buyers who have documented their payments properly and filed their claims early are in a meaningfully better position than those who waited.

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The fifth question is one that women buying independently are most likely to face, and least likely to be warned about.

Legally, a woman buying property alone has exactly the same rights as any other buyer. The law makes no distinction. But in practice, some builders and some housing societies have historically been more difficult with women who do not have a male co-applicant. Insisting on a lawyer reviewing the agreement before signing, ensuring all terms are in writing, and not accepting verbal assurances are protective measures that cost very little and matter a great deal. If a builder or agent behaves as though your independence as a buyer is a problem, that is information about how they will behave if you ever need to hold them accountable.

This week, before any property conversation progresses, do three things. Check the builder's track record on the RERA portal. Calculate the true five-year cost of ownership, including stamp duty, interior, and maintenance. And make sure a lawyer has reviewed the agreement before you sign anything.

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Property is one of the most significant financial decisions most families make. It deserves the same rigour you would bring to any other major investment. The questions in these two columns are not difficult to ask. They are simply not asked often enough.

This column is for educational purposes only and does not constitute financial advice. Please consult a SEBI-registered investment advisor for guidance suited to your personal situation.

Write to us at iamolaxmi@gmail.com. We read every letter.