Things To Know When Buying Property In Delhi
The capital of India enjoys a good deal of attention when it comes to infrastructure development and law and order
. Naturally, everyone wants a piece of the capital land for themselves. But Delhi has already hit its upper limit to real estate development and hence most buyers will find themselves in the second or third generation of buyers.
The area where new developments are thriving is the much famed NCR with locations such as Gurgaon, Noida, Ghaziabad, Faridabad, etc. Whether new development or not, there a few things you must know before buying
property in delhi.
Developer Background Check
The new buying trends involve plans such as time-linked plan, construction-linked plan wherein the buyer risks loss of investment if the property never gets through completion or is delayed for a significant amount of time. Hence it is essential to opt for a reputed builder and do a simple background-check about the projects completed, transferred over to tenants, the quality of facilities and construction, consumer complaints, etc. Most importantly the development needs to be absolutely legal and usually banks only lend for fully government approved and cleared projects. Hence simply getting a pre-approval for a loan may help get an insight about the developers even if you havent zeroed in on the developer.
Complete Knowledge about the Deal
If a broker or advisory agency is involved, their services must be hired after checking their credentials as well. The following deal details are a must-know
Property specifications size, built-up area, basic facilities, installations, etc.
Whether parking is included.
Unlike
properties in Mumbai, consumers buying in Delhi-NCR usually have to pay additional charges on top of the base price over the project. Such details need to be cleared before entering the deal.
What are the taxes and charges stamping, registration, yearly property tax, etc.
Whether the property is free of legal hassles and comes with a no dues certificate from the housing society.
Ownership title must be verified thoroughly before and after the transaction, if a broker is a power agent, his position must be verified too.
The loan type that has been agreed upon, if there any hidden charges or penalty to be wary of.
Research
In Delhi, a Tier I city 1 bhk flats are scarce except for studio apartments. Even then the minimum ticket price would be 35-60 lakh which certainly deserves a great deal of research before being spent or invested. Remember property decisions must first satisfy personal goals for which research is the starting point. Example - A couple may find buying a
1 bhk flat in Pune more sensible than a studio apartment in Delhi.
by: Lucy liu
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