Banashankari is a well-established and highly sought-after locality in Bangalore. Combining modern amenities with the robust flavor of cultural heritage, this area is perfect for first-time home buyers or investors looking to invest in an apartment in Banashankari. The locality is highly attractive with proximity to top business hubs, educational institutions, and proper transportation.
However, buying an apartment is a significant financial decision; therefore, making proper choices is essential. This article outlines the 12 critical considerations while investing in an apartment in Banashankari, Bangalore, which will make the investment smart as well as secure.
Top Things to Consider While Buying an Apartment in Banashankari
1. RERA Registration
Ensure that your residence is RERA-registered property so that its authenticity can be verified. RERA assures legality on your part in case of a genuine purchase, thus saving you from false situations or any legal damages.
2. Developer’s Reputation
Investigate the developer’s track record. Look into his previous projects to see if there was any delay in delivery, and read reviews about it. A dependable builder is likely to give quality work on time.
3. Legal Clearances
Ensure all legal approvals, such as land titles, environmental clearances, and building permits, are available. Make sure that all the rules of the local authorities are followed in that particular project.
4. Occupancy Certificate
Ensure the luxury homes for sale in Bangalore have received an Occupancy Certificate from the local governing body. The OC holds that the building has been constructed according to the approved plans and can be occupied for a stay.
5. Area of the Apartment
- Understand the term carpet area, built-up area, as well as super built-up area. Carpet area: Measures the area within the walls of a usable property.
- Built-up area: Measures the carpet area plus the area occupied by the walls and other areas within the property.
- Super built-up area: Measures the built-up area plus the common areas.
6. Amenities and Infrastructure
Ensure that your dream apartment has basic amenities like 24-hour water supply, security, power backup, parking, and greenery. Investigate the infrastructure of the locality like schools, hospitals, parks, and public transport.
You can navigate to this website to learn more about buying a new home in Bangalore.
7. Connectivity
Banashankari has excellent connectivity to all parts of Bangalore via the Outer Ring Road and NICE Road and bus and Metro stations. Ensure connectivity to your workplace and other frequently accessed areas is convenient.
8. Price and Payment Plans
Compare the price per square foot with that of other properties in the same area. Also, check for available payment options like construction-linked plans, down payments, or EMI schemes to suit your financial capabilities.
9. Future Development Plans
Investigate upcoming infrastructural developments such as new Metro lines, malls, or IT parks in the area. Future developments can greatly enhance the value of a property after some years.
10. Rental Income Potential
Banashankari would be strategically located, commanding high rental demand. Check the rental yields in the locality to assess potential returns if one is buying it purely as an investment.
11. Home Loan and Financial Eligibility
Review the banks for eligibility of the project for a home loan. Get a pre-approval for your loan, which will come in handy for faster transactions and might even give you an edge in price negotiations.
12. Resale Value
Even if you are buying the flat for personal use, one needs to look at the resale value as being very important in long-term investment. It includes things like location, infrastructure, and developer reputation, which can affect the appreciation in the future.
Buying an apartment in Banashankari might prove very rewarding if this is the prime locality and has all sorts of amenities available. However, a thorough assessment of these 12 crucial aspects will guarantee that your investment is not only a cash commitment but also wise and future-proof.
That step will help you find your perfect home or investment property in Banashankari, be it checking on the legal documentation with the vendor, verifying the builder’s reputation, or rental potential.
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Frequently Asked Questions
Why is location important when buying an apartment in Banashankari?
Location determines convenience and accessibility to schools, hospitals, and work, and plays a role in future property value appreciation.
How can I verify the legal status of an apartment in Banashankari?
Check for necessary approvals from local authorities like the BBMP and ensure the builder has the Occupancy Certificate (OC) and Encumbrance Certificate (EC).
What is the importance of property insurance?
Property insurance safeguards your investment against damages due to unforeseen events like fire, floods, or earthquakes.
How do I check for hidden charges in a property deal?
Clarify all costs upfront, including maintenance, parking, and club membership fees, to avoid hidden charges.