Oh boy! What a last few weeks. After days of following up with the bank on the loan and then paying taxes to the government followed up by dealing with the developer, I finally have the keys to my apartment. Yay 🥳
I’ll be honest, I didn’t face as many issues with this purchase as my last purchase all because I decided to go with a ‘standard developer’ instead of going with the local one. The local developer didn’t inform us anything about paying TDS. By general logic the developer should be paying the TDS bit it turns out as a buyer you are supposed to pay it. However the standard developer clearly stated the process and also helped out with the exact amount I had to pay. Nevertheless there were a few hiccups. A purchase as big as an apartment can’t be without hiccups. For example, it turned out that the total amount of the apartment was lesser than they initially informed us. I was happier but I ended by paying extra amount of 1000 INR in TDS. The officers at the developers have informed me that I will get it back but I’m unclear. Now I’m not going to lose my sleep over INR 1000 but dude I’m tryna FIRE here.
The handover process also was pretty seamless although I had to travel about 40mins away to the developers head office from the location of my property. They made me sign that I received all the promises the developers had made. Overall I received as many equipments to call the apartment semi furnished. The developers provides us with — Fridge, washer/dryer, air purifier, 2 units of AC, curtains for main room and bedroom, chimney, gas connection and Stove hobs, towel holders in both the baths, and fire extinguishers,. The kitchen also comes with modular cabinets. If I have to move in I just need to get a bed and mattress. I still haven’t discussed the craziest part.
A few days ago we received calls from a broker if the apartment was up for rent. We hadn’t even received the handover yet. We still promised to let them know once we got the handover. Turns out the brokers is the authorised broker for the developers and they only deal in renting out apartments from this particular developer. So once I got the handover after checking everything was up to my expectations I naturally went to meet her. They do have a few interested parties. Let’s see.
The broker also informed us that due to covid the rent has significantly reduced and I shouldn’t expect more than INR 27K. I’m okay with such low rent provided it’s a long term contract with built in increases in rents.
However, before I put the apartment on rent I need to get some work done. I’ll be making small amount of work in the main room, bedroom and kitchen. As per my estimation this shouldn’t take more than 10 days. I’m waiting for the quotation from the contractor though. I’ll move forward only if it’s affordable. Fingers crossed.
I am learning to edit a video and will shortly be posting a video of the apartment on my Patreon page. Do subscribe to my patreon page if you want to know the nitty gritty of my real estate deals.