Essential Do’s and Don’ts of Buying Property in India

Putting your hard earned money into real estate can be tricky as well as extremely rewarding. However, it is often seen that people investing in property tend to not only put in all their savings but also choose to take loans for the purchase. Extreme caution when finalizing a property deal is thus highly recommended. 

·         Budgeting your Purchase 

Make sure that you have all your finances in order before you take the plunge. Even if you are dealing with one of the top real estate builders in India don’t get tempted to stray away from the budget you set for this endeavor. Make sure that the EMI you spend on the purchase doesn’t exceed 40% of your monthly income.

·         Conducting Research 

The next step is to do your homework. After understanding your requirements, work on properties that suit your needs. Take into account factors such as-

-         Locale

-         Accessibility and connectivity

-         Proposed and existing infrastructure development

-         Social infrastructure

-         Safety

It is ideal to avoid areas that are out of the way and lack basic infrastructure such as water supply, drainage systems and roads. Make sure you engage only with the top real estate builders in India and do not get swayed by promises made by developers that are in reality relying on your money. Since infrastructural projects can take eons to actually kick off, it is best not to pin your hopes on a possibility that is will never happen. 

·         Credentials of the Builder 

The Indian real estate market is littered with developers that are not necessarily reliable. If you come across an offer that is too good to be true from a builder that isn’t really well known in the market, avoid funneling your hard earned money for this project. Check the credibility of the developers and go take a look at some of their older projects. This will give you a better idea on how reliable they are.

·         Sorting out the Legal Documents 

The title deed is critical to any successful property transaction. If the seller isn’t able to provide a clear title deed, avoid investing in that property. Note that the absence of a clear title deed can result in legal problems in the future. Make sure you insist on one and have it verified by a lawyer before you confirm the purchase. Also make sure that all clearances related to the property are in place before you purchase the property and if it is still under construction, make sure the developer is able to provide you an allotment letter along with a development agreement. The allotment letter highlights the price of the property, the date of delivery, the floor plan and the details of the liability the builder holds in case of any delays. In the development agreement you will be able to confirm the terms under which the landowner has permitted to use the land.

Finally, make sure that all the taxes associated with the property you intend to purchase are duly cleared. If you have any kind of doubt, it is best to get an expert involved for assistance.

Affordable Property in Lucknow: Made Possible By PaarthInfra

Residential apartment houses in Lucknow built by Paarth Infrabuild Pvt. Ltd have received a lot of accolades from the buyers, investors and the community in general. Lucknow Development Authority (LDA) has come up with many affordable properties in Lucknow. There is an increasing demand for new residential projects in Lucknow and Paarth Infrabuild Pvt. is trying to meet that need.

About ten years back Delhi was the only main city in Northern India which was the chosen destination for the IT and ITES companies like GE, Accenture, and IBM etc. However since Delhi and NCR is overcrowded, Lucknow has become a chosen destination for many corporate to set their shops. Hence the property prices have increases and LDA flats in Lucknow are in high demand.

These new residential projects in Lucknow have yielded good returns in the last few years and hence NRIs too are showing interest in investing in the land of Nawabs. LDA flats in Lucknow are getting constructed and sold like hot cakes.

There are studio apartments (540 Sq. Ft.), 1 BHK service suites (785 Sq. Ft.), 2 BHKs (1835 sq. Ft.), 3 types of 3 BHKs of 1860 sq. ft. (with Servant Room), 1710 sq. ft. (with Store) and 1400 sq. ft., 4 BHK (with 4 toilets and a servant room) of 2140 Sq. ft. and 4 BHK (with 4 toilets) of 1900 Sq. Ft. Hence there is a home for every budget and need. These flats in Lucknow are the chosen destination of the elegant and sophisticated citizens.

The best part about these flats is that along with the high class facilitates comes affordability. So I can live in style without living under the burden of loans. It is a rare combination. Most of the luxury flats cost a bomb and is out of the reach of the middle class families like ours. But the day I went to see the model flat with my family, I fell in love with it. I could not believe that luxury can be so affordable too.