At some point in our lives, we all have dreamt of buying a property in India. A property which we can proudly address as ‘Apna Ghar’. We compromise so much in our life just to make this dream come true. As for many, buying real estate is a one-time decision. At that moment, people are excited, stressed and in a rush. But certainly, one needs to be careful with their choices when it involves huge cost investment. No rush is accepted where massive transactions are expected. So, it is advisable to know these 5 tips for buying a property in India.
Points to keep in mind when thinking about buying a property in India
1. Know your builder
When you buy something for yourself, you tend to check even the smallest details of that particular thing. How will it solve your purpose, reviews, cost, etc.; you try to comprehend every possible detail. So, why not when it comes to investing big in something, right? While choosing a property, you go through small details like amenities, cost, locality, safety, connectivity, etc. some of you may even check the material used in the construction of that property. But many of us tend to forget to perform a background check on the developer. Now you will be in a dilemma about what is needed to perform a background check on the real estate developer. But yes, it is the most important aspect to keep in mind when purchasing a property in India. The reason is simple; the developer is kind of an owner as he is the one who created that property. So, look for reviews, what previous clients have to say, and know your real estate developer. You can search for their history either online or offline. Check for their experience and how they plan on completing the project, and the most important is to check their legal background.
2. RERA Registration
Before cracking the property deal in India, check whether the builder is RERA registered or not. When you invest in RERA approved projects, your rights as a buyer are also protected as it involves complete transparency. If you find some defect or default in the construction work, the developer will address the repair issue completely. If you smell something fishy and your developer fails to present proof of RERA registered projects, avoid making any move and secure yourself from future troubles.
3. Smooth Connectivity
You just can’t buy a property in India without considering a connectivity factor. Good connectivity with schools, markets, hospitals, and offices is important if you wish to reach these places on time. As a matter of fact, a long time of travel from work could cause some serious health problems, not to mention it requires a huge cost in conveyance too. You can also save big on vehicle fuel if your market is in good connectivity from your home. In case of emergencies, ambulances can also reach your property in India faster only if its in good connectivity.
4. Resale potential
When you buy a property in India, you see yourself living there for life, but no one knows when you will be required to pack your bags again and move to different locations for one or the other reason. At that very moment, if you realize that the property was good for you but not for someone else, then it’s going to be a very bad situation. So you also have to keep in mind its resale value and try to understand what future developments are expected to happen in that area. Development can be in the form of roads plan, flyovers, proposed malls and other things expected to arise in the near future.
5. Rental Potential
It is common to see people giving their property for rent in India. Suppose you wish to put your property in India on rent, and what if its not well maintained. In that case, you will regret being lazy. So, it is advisable to keep in mind to visit your property often and check if it is properly maintained or not. If the property is well maintained and has good connectivity to nearby colleges and markets, you will easily find people to rent your property to in India.
Keep these 5 tips in mind when looking to purchase a property in India. With the advancement of technology and awareness in India, people can easily access all information related to any real estate project via RERA. But still, it is important to show caution while getting involved in huge financial transactions.
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