Don't Run Behind Discount Offers, Says This Delhi-Based Home Buyer

Arvind Kumar, who works as a project leader in an information technology company in Delhi, bought his dream home in the Kiran Garden area of Uttam Nagar this year. Kumar, who hails from Patna and holds a Masters degree in computer application, believes a builder's reliability is the most important factor to consider while purchasing a property. In an interview with Srinibas Rout, Kumar talks about his home buying experience. Edited Excerpts:

Q. Tell us about your new home and is this your dream home.

Kumar: It's a 2BHK flat, spreading over 70 sq yards, situated in the Kiran Garden locality, Uttam Nagar. My definition of a dream home is where you find a small garden area, separate dinning and drawing space, space for a mandir (temple) and a study. I would not say my current home meets all my dream requirements, but it is affordable. My wife likes its kitchen and drawing area.

Q. What were the factors in your mind before you started looking for a home?

Kumar: I was looking for a place with a metro connectivity. Builder reputation was another crucial point. I also wanted to ensure the home had proper ventilation.

Q. How did you zero down on this property?

Kumar: I met many brokers and builders to check out properties but could not find any flats whose design, cost and location suited me. Then, a colleague suggested this property. What really made this deal a reality was the metro connectivity (Nawada Metro station) and access to the main road. My current office is approximately four kms from this place and my daughter's school is approximately three kms.

Q. How much did the home cost? How did you arrange your finances?

Kumar: My home cost me around Rs 38 lakh, including the registration and loan processing fees. I used our savings to fund the purchase and also took a home loan from Indiabulls. My builder arranged a meeting with the bank and after submitting all necessary documents, my loan was approved. It took approximately 12 days for the whole process to get over.

Q. Did you face any difficulties during the process?

Kumar: One of the problems that I faced while I was looking for a home was to find genuine properties. There are thousands of properties in the market but to find genuine ones through genuine property dealers is a difficult task. Talking about the documents, we only have the photocopy of registration documents, as the original copy is submitted to our bank loan provider. Also, we are still waiting for a Municipal Corporation of Delhi certificate and land pool documents.

Q. How would you describe your home buying experience and what are your suggestions to new home buyers?

Kumar: My builder was very helpful in my entire home-buying process, so it was a smooth affair for me. I would suggest new home buyers to check for builder's reliability on a priority basis and stay away from middle men. There are many misleading offers that promises you a dream home. Don't run behind offers. Take your time and make decisions judiciously.