Purchasing a home is a dream come true for many but it can also become a nightmare if the proper course of action is not adhered to. There have been a lot of cases where buyers have had to let go off the property as it was either agricultural land or the title was disputed or there were pending dues against the development authority. Hence, you are required to keep all possible points in mind before you take the leap and make a selection.
- The first and foremost thing to keep in mind is to look at the location of the property. The location of the property should have all the basic amenities like hospitals and educational institutes near it as a person needs all these things after shifting to a particular location. Moreover, the location should have enough of a green area around it so that there is enough oxygen to breathe. For instance-You can consider NH24, Ghaziabad for the location purposes in Delhi NCR rather than Noida as it is the future of the real estate industry after coming of the 14 lane expressway which is to deliver by March 2020.
- The second thing is to look at the complete chain of property papers and know about the generations of the property. The generations of property refer to the persons who have owned the property earlier and who are the current owners of the Land. Also, look at the construction approvals of the Plot or Flat.
- Furthermore, check the government approvals of the particular project and the permissions granted by the government for the building.
- In the case of societies, have a look at the carpet area, super area and the common area of the property.
- Make sure that you have an idea of the price of the property going on in the area so that you don’t give any chance to the property dealer for cheating.
- If you buy a property in a group housing society, then check the RERA compliance of the project and the date of possession of the project. In recent times, people prefer to buy near possession or ready-to-move-in property in multi-storey projects.
- As buying a house might also involve taking a good amount of loan, followed by monthly installment flowing out of your income, you need to be extra careful. So, look at the partner banks of the project. Prefer a government bank for home loans as it has a rate of interest which is much cheaper than the private banks.
- The most important thing to remember is to ask about the other charges except the price of the property such as GST, IFMS (Interest-free maintenance security ) and the registry which is approx 5-7% of the property cost.
- The home that you are planning to buy should have ample parking space as it has become a very big problem in metropolitan cities like Delhi and Mumbai.
- Proper safety and security are always suggested for the area to avoid any kinds of risks and tensions.
By: Darvesh Arora