7 Answers You Must Have Before Buying A Real Estate Property In India

Buying a real estate property is like a dream for most of us. It is a big investment and takes a good insight to make money out of it. Buying a property is an enduring decision and requires proper due-diligence too.So, keep in mind the below points while purchasing a real estate property.

Is Your Dream Property Under RERA?

The Real Estate Regulation Act (RERA) ensure timely delivery by preventing the builder from channelizing funds to other projects. Due to this act, developers and builders have to be more transparent with the buyers. However, not all the projects are covered by RERA. So as a buyer, you should be aware of the norms under this act before buying the property to avoid future hassles.

Can You Trust The Builder?

When buying a property, make sure to check the company website or social media pages, see if the company has been delivering projects as promised and is the builder trustworthy. There are subvention schemes that require no EMI till possession. Be careful here as developers include interest in the property cost and if they fail to repay the interest, it impacts the credit score of the buyer.

What About The Location?

Property with a good location has better returns. A buyer should prefer the location which has all the facilities around it. Get first- hand experience by visiting the area atleast 2-3 times. If you are 100% satisfied, then only book the property.

What Is The Carpet Area?

A Carpet area is the actual surface area of the property. It is an area, the owner will actually get to use. The carpet area is usually 60-65% and the rest of the area is used for the amenities like lift, clubhouse and garden area. Find the actual area of the property by asking the builder the super built-up area and the carpet area both.

Are Legal Aspects Of The Property Clear?

Run a check on all the legal documents and see if the property you are planning to buy has all the title clear and the status of approvals & permissions.

Is Loan Available?

We do get emotional while buying a property and tend to extend our finance capacity for our dream home. It is obvious that buying a property requires a huge investment. So, check with the builder and the bank regarding loan papers and availability.

What Are The Additional Cost Associated?

Don't forget to ask about the additional cost like registration, stamp duty, brokerage and maintenance charge while buying the property, as it may increase your overall budget by 10%.

Be sure of what property you are buying as you will invest all your dreams and savings in it. While choosing the property it is okay to be emotional but try to think practically too. If needed, compare a few properties and then choose the best one. The things mentioned above should go a long way in helping you pick the right investment.