Buying property is a lifetime decision for most of us and quite naturally, is one of the most expensive moves we make too. As a result, getting it absolutely spot-on is of prime importance. A little care and caution on your part will go a long way towards safeguarding your interests in case you are thinking of purchasing property in India anytime soon. You should always check more than a few things when you are venturing to buy property.
Some of these key aspects have been listed below:
- Physical verification- You should always believe in what you see yourself. Whenever any apartment or home is being constructed, you should visit regularly in order to make sure that the material quality adheres to what the developer has promised and whether the plan is being followed. In case of ready to move properties, you can easily visit yourself and check out the location, size, placement and so on.
- Approvals and documents- You should always buy property that has suitable legal permissions and approvals from the requisite authorities. Verify documents including the building plans, environmental, fire safety, water and electricity clearances and commencement certificate along with the registration under RERA. All necessary clearances and approvals should be obtained from the Government and other regulatory bodies. The title deed should be clear and also verify the encumbrance certificate. You can always take legal help in this matter since it will save you the pain in the future. Also check whether property taxes have been paid in case it is a resale transaction.
- The developer- Always verify the identity of the developer that you are dealing with. Check out information about the company, its track record of development and projects that exist and have been completed in recent years. You will find all the information you need online. Steer clear of shady developers who do not have any track or information sources about them online.
- Work out the overall costs- It’s not just the basic price of the property. Factor in all the costs which include preferential location or floor rise charges, development fees, club house fees, maintenance fees, parking fees, etc. along with registration, stamp duty, furnishings and fixtures and more. This may add up to 10-20% of the overall price of the flat in most cases. You should always have this worked out before you venture to invest in property.
- Delivery/possession- Always make sure that the Builder-Buyer agreement has a specific possession/handover date for your apartment. The project should be registered on the RERA website and you should match the possession timeline given by the developer with the information given on the website.
The above mentioned aspects are the top 5 things worth checking when you are purchasing property in India. It is always better to be safe than sorry as the saying went and it is definitely true in case of purchasing property. On that note, here are some bonus pointers that might come in handy as well.
- Verify the super-built and carpet areas.
- Work out your future EMIs, property taxes, maintenance costs and your monthly outflow towards your new home.
- Check whether the other occupants of a housing complex are friendly and like-minded.
- If you are purchasing for investment purposes, think about the distance of the property from nearby public transport, parking spaces and other aspects. These will help you zero in on the average expected tenant profile and his/her requirements.
- Check the security aspect of the project and electricity and water supply in the neighbourhood.
- Find out whether it is a safe neighbourhood which has all necessary facilities available nearby.
- Check the average prices for similar properties in the locality to find out whether you are being taken for a ride by your developer. Note: developers may charge extra for additional amenities/special features.
Check if any nearby structure can come up in the vicinity of your building, thereby blocking the view or any existing building can be increased in height in the future. This will help you choose the right apartment for yourself, i.e. one that has a largely unobstructed view.