[vc_row][vc_column width=”2/3″][vc_column_text]In India, the considerable noteworthy is attached to the property ownership. It indicates a sense of status; it is a cherished dream. Here are few quick points about the property checklist for buyers.
The real estate sector in Hyderabad has been observing a steady rise. Before buying a property, may it be an apartment or a plot, there are some document verification, regulations and other such details that one should be aware of, and need to check to avoid any problems or legal issues in the future.
Investing in an apartment is one of the most important decisions of anyone’s life and is probably an idea we have been nurturing since a very young age. Years of planning as well as years of saving cannot be let go at the right moment when you make the final decision.
Given various factors, many potential property buyers feel this is the right time to invest in an apartment to receive benefits in the long run.[/vc_column_text][vc_row_inner][vc_column_inner][vc_column_text]
[/vc_column_text][vc_column_text]
Property Price:
The first step in hand-picking an apartment or a house is to fix a budget. It makes it easier to shortlist an apartment if you know how much you are ready to spend on it.
Land Record:
The land on which your apartment is built is very important. You must research the quality of the soil and the land topography on which your house is constructed. The plot should also be cleared in the terms of all dues and must be registered. Before buying a house, checking in detail, the title deed must be verified. The deed gives all information on the rights, obligations and ownership towards the property.
Apartment Possession:
It has become a trend of late ownership of flats owing to delay in residential and commercial plans. As a buyer, you must have a clear approximate of the timeline for possession. Usually, a developer asks for a six-month grace period but however there must be a valid explanation for the said reason.[/vc_column_text][vc_column_text]
[/vc_column_text][vc_column_text]
Location of the Apartment:
One of the most crucial thing not to forget is, it is important to look around the area where you are going to be gradually residing in. The physical infrastructure, amenities and easy accessibility to all the basic places are important to keep in mind.
These factors will help you to have a peaceful, calm living in the house or apartment. The building you are investing on should be in a safe and secure place, offering high security to families living in the society.
Apartment’s Carpet Area:
Usually, a super built-up area or property’s area that is stated is the whole area including elevator space, shafts, stairs, the thickness of walls. However, the carpet area is the total area within the walls of the apartment. This can be 30 per cent less than the area used to calculate the price of the property or the built-up area.
For example, a two-BHK apartment stated 1,000 square feet apartment can just be 700-750 square feet. It is preferable to always go by the area enclosed within walls or the carpet area. If you are looking to buy an apartment for staying at a later stage, it is wise to first understand your requirements.
Calculate the Total Cost:
Do not always go by or listen what the broker/builder has tell you. Many times brokers just state the basic cost and no other factors such as external /internal development fees, parking/club/statutory charges, preferential location charges and service tax, which increase the total cost. Ask for the final cost of the property that you are planning to buy.[/vc_column_text][vc_column_text]
[/vc_column_text][vc_column_text]
Approval and Licenses:
Once you finally decide on the property, check the builder’s paperwork starting from commencement certificate for work, approved building plans and environmental clearance. Also, ask for the position of the land title and see if the builder has bought the land with all rights or has just development rights for it.
Here is a list of documents you must check.
Title Deed: Check the builder has a legal right over the property. While buying a plot or apartment, see the title deed of the land to get sure if the builder has the full right to it. You can also take help from a lawyer to get the deed checked. A NOC (no-objection certificate) from the local body does not considered to be proper approval by the authority.
Release Certificate: If you are buying a apartment in resale, always remember that it may have been mortgage to get a loan from the bank. In case like this, you are required to get a release certificate from the bank, which will work as a prove that the loan which was on the land has been repaid.
Check Encumbrance Certificate: It is also equally important to verify that the land or apartment you are planning to buy is free from all legal dues.
Verify land use: Verify the land-use zone as per the city master plan for the plot you are zero downed. You can get the plan from the local office in your respective city or area.
Approvals by Local Body: Making sure that the entire layout has been approved by the development corporation and the local body of the city is another important checklist that you should keep in mind.
Property Tax Receipts: If you are buying a property in resale, ask for past property tax receipts from the seller with other bills. This way you can sure there are no pending bills that was supposed to be paid. And also any bills to pay related to builder or association etc.[/vc_column_text][vc_column_text]
[/vc_column_text][vc_column_text]
CONCLUSION:
So, be clever before you buy a property as an investment. Buying an apartment is one of the most important steps in your life, but however, you should keep in mind each of these checklist points before you seal the deal.
Checking with the concerned authorities, seeking advice from people who are experts in this field and finally make sure you tick all your required boxes before investing the money on your dream apartment.[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″][vc_column_text el_class=”post-contact-form”][fc id=’2′ align=’center’][/fc][/vc_column_text][/vc_column][/vc_row]