Buying Any Real Estate – Do’s and Dont’s
1.Invest in developers with a proven track record. Do not go by the biggest brand names, or the unknowns; Do not be swayed by glossy brochures or attractive advertisements.
2.Validate everything with an experienced Advocate. Ensure that the documents of title of the property you intend to purchase are clear. Defective title will create problems at any point of time.
3.If offers are cheaper than the prevailing market rates, beware! There may be certain hidden problems. So you should be extra-careful in your due-diligence.
4.Check up the genuineness of the documents with the concerned authorities in person.
5. Ensure Agreement for Sale and Sale Deed, duly stamped, executed and registered are in your possession. Both should contain fair clauses for both the parties.
6.Check whether there is adequate water supply and sanitary line facility.
7.In case of GPA (general power of attorney ) holder transaction, please ensure the validity of GPA and whether it applies to the transaction.
Buying land
1.By definition, land plots in layouts are more difficult to exit than apartments- hence try and go for a property that has more reasons for resale value- ex proximity, access, facilities etc.
2.Ensure that the building has been constructed as per the sanctioned plan and if any deviation in the allowed limits. It is not in a low-lying area or in a filled up water body.
3.Purchase the property in a developing area. The value of land will appreciate.
4.Go for layouts with wider roads, and larger sized plots (atleast 60*40) - too many 30*40s create crowded communities with narrow roads and too many people- holding back appreciation
Buying Flats
1.For Apartments/Flats/ etc, go off the main road on wide streets , check it should be away from slums, cinema halls, marriage halls, open drains, factories, places of worship.
2.On the other hand, it should be near schools, colleges, offices, hospitals and retail shops.
3.If you buy the flat under construction, visit the work site regularly and see the work progress.
4.You may not be a Vaastu believer, but purchase house or flat or land that is Vaastu-friendly from resale point of view.
5.Ensure that the developer has Clearance Certificates from government departments viz., Electricity Board, Water and Sewage Board, etc..
6.Commencement Certificate and Occupancy Certificate are other important documents that are necessary while buying the flats.
7.Whilst purchasing apartments, please check the specification of the building, including material used, difference between carpet area and super built-up area – which play a role in defining the price you will pay.. Other facilities like Club House, Swimming Pool etc., also will have to be considered.
