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.

Get Your Dream Home within Your Budget Which is Near to All the Urban Facilities

                   Prospective home buyers are habitually faced with the age-old dilemma of choosing between the peaceful suburbs or the bustling city-centre when they plan to relocate. As they say – to each his own. But do we know for sure what we want? And even if we do, is it necessarily practical? Moving and investing a lot of money in the house is a herculean task and if one is later dissatisfied by it, there’s no point in the process. Hence, it is necessary to act after proper deliberation. 

The following four points should be intricately considered prior to choosing the city or suburbs to dwell in –

1.      Convenient Location – A convenient location is paramount. Usually the heart of the city offers everything from local baniyas to malls, schools, hospitals, gyms, clubs and much more within a short walking distance. However, it is impractical to live in the city if your workplace is four hours away and transit is either troublesome or long. Nowadays even the sprawling suburbs have many amenities that match and sometimes surpass the posher segment of town. Flats in Gomti Nagar Extension Luknow are a perfect example of convenient and posh living, not only are they proximate to basic amenities, most developers offer world-class features and a combination of city and suburban living.

2.      Space Needs – It is important to take a pick depending upon the number of family members and the space required by them. Usually, more room can be found in the suburbs with bigger houses and greener surrounds than in the city where the sky-high prices lead to smaller apartments and clustered living.

3.      Recreational Facilities – Check the proximity to recreational facilities like cinema halls, gardens, amusement parks, bowling alleys and other entertainment outlets. Whether you choose the glamorous city or the quieter suburbs, being close to leisure activities that you enjoy is a boon.

4.      Cost – Buy an apartment that falls within your budget. Apart from the cost of the house, many supplementary charges to make it habitable or refurbishing it and paying government dues can burn a hole in your pocket. Along with that it is important to consider the maintenance and additional fees to be paid while living there. Generally, if you want to save some money, suburban flats are cheaper than city spaces.

                                        If you are confused even after carefully analysing the pros and cons of each locality – urban and suburban your solution lies in planned developments that offer the perfect blend of both. LDA flats in Gomti Nagar extension, Lucknow provides the best of both worlds.