The performance of the Real Estate sector hasn’t really taken out the sheen that we Indians attach to property purchase.
With so much of inventory already available and more being added each month, finding the right property that you can call “your home” could be a quite tiring exercise. With the experience our team has working as consultants and as developers for many years, we have put together a detailed guide focusing various parameters that you need to check and validate before you take the final call. This guide not only focuses on legal documentation required but goes much more beyond to other key decision taking parameters such as construction progress, accessibility and future growth opportunities etc., than can help you make an informed decision.
We have bifurcated the guide into two section for ease of usage; 1) Desktop Study – focusing on information that can be gathered from the internet and 2) Site Visit Checklist – consolidating all key parameters that needs to be looked into before you make the final decision.
Desktop Study
A home buying exercise should not start without spending enough time researching on the subject property before you make to effort to visit it. With the amount of information available on internet, you can narrow down your search options considering the following key aspects:
A. Property RERA Registration: This is the single most power tool the home buyers have today and should be the very first step to your home purchase journey. Few things to check on your local RERA portal:
Ø Check site plan uploaded on site (and cross-check at site when you visit)
Ø Timelines mentioned by the developer as per RERA
Ø Carpet Area As per RERA (watch out for the loading to arrive at Super Areas)
Ø Any complaints/queries filed with RERA for the specific development in consideration.
B. Availability of original title documents (more so important in case of individual plots/house or small-scale developers
Ø Nature of the title
Ø Land use of the property
Ø Any past/pending disputes or litigations on the property
We would advise you to hire a legal expert who can help you with a quick title search with concerned agencies.
C. Status and validity of all approvals (Note: most approvals come with a validity period and it is the developer’s responsibility to keep them updated)
D. Construction status and availability of completion certificate.
With the current condition of the real estate sector, we highly recommend looking for properties where Completion Certificate has been received (Ready to move in). They do go for a slight premium, but at the least there is some sense of time assurance and availability of the flat. At a minimum look for projects where the structure is complete, and services/finishes are underway.
E. Location Search with respect to growth prospects.
Once you shortlist a property, do a quick google search to understand the growth prospects of the area you are focusing on. Obviously, you would like to invest in a property that has growth prospects and can help appreciate your property value over the period. There is abundance of research literature that is published by many leading property consultancies (such as Anarock, CBRE, JLL C&W etc.,) which is available for free, you just need to make some effort to look for them.
2) Site Visit Checklist
Once you conclude your desktop study and arrive at a handful of properties that you would like to personally visit, use our consolidated “Home Buyer’s Checklist” to evaluate various parameter required to make a sound decision. Feel free to use this checklist and share it with your friends and family to make their home buying experience easy. Do not forget to credit us when you use this checklist J
We hope you find the contents in this article and the attached checklist useful and help you find the right home, which fits all your requirement.
Happy Home Hunting!
Regards,
squareO.in
