Finance

In most parts of India, in Delhi especially, buying a property either for residential purposes, construction purposes or just as a source of investment is considered to a be a very good decision because the real estate industry is one of the ever booming industries in the country today. There are quite a few loan providers who offer attractive interest rates and tax benefits for the buyers today.

With the demand for residential apartments at its peak today, buyers are trying to make hay while the sun shines as they want to buy a property for themselves. This results in huge profits for them as the value keeps appreciating over the years. The only hitch here is that buyers must ensure that they invest in the right kind of property that has all the necessary authorisations and approvals from the State Government. Following are some of the important points one should keep in mind while buying property.

Things to Remember

• Purchasing a plot requires a big financial investment from the buyer. Therefore, it becomes one of the biggest decisions in his life. It is very important to check that the property one plans to buy is clear of any disputes and has a clean ownership title.
• When the buyer is dealing with a seller, the first thing to check is whether the seller is the right person to sell the property. Does he have a clear title, does he have the eligibility to sell the property, is the land in his name are some of the questions that the buyer must ask himself. The original title deed should be checked thoroughly along with a legal expert, if needed.
• The buyer must get hold of the encumbrance certificate of the land from the office of the sub-registrar before deciding to buy it. This is the certificate that will confirm that there are no dues or disputes pending on the land and that it has a legally clear status.
• The plan and layout of the property should be approved by the local administrators or the City Development Corporation.
• All potential problems that might cause problems later while constructing one’s house on the plot should be assessed completely. The plot should have all necessary amenities and capacity for constructing a home. The plot must allow important activities like constructing public transport.
• The City Development Corporation and the local body should have given their go-ahead and approval for construction activities to be carried out in that particular plot.
• The roads near the concerned plot should also be analysed in terms of their ownership. It should be ascertained clearly if these roads control was handed over to the local council or the local council was the original custodian for this.
• The rate of land used on the plot should be in accordance with the plot’s master plan.