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Essential tips before buying or investing in a property

JULY 24, 2020

NEW DELHI: Be it buying or investing, one must stay careful with their choices when it involves so much money. Currently, the real estate market is more transparent and buyers have many options to consider before they park their money. You buy a property either for self-use or investment but in both cases, you need to take steps to safeguard your interest.

What to check when you buy for self-use?

* Choose only Real Estate Regulatory Authority (RERA) registered projects

* Verify the RERA number online

* Check the possession date

* Check details of approvals on RERA portals

* Keep a track of construction of the under-construction projects

* Choose ready-to-move-in or under-construction project as per your budget

* Choose the cheaper home loan interest rates

* Check GST and other tax benefits/liabilities

* Check monthly maintenance cost

* Check water and electricity charges

* Find out about the social and physical infrastructure

Anuj Puri, chairman – ANAROCK Property Consultants says, “The government has provided several incentives for first-time home buyers, especially in the budget homes category. And, developers are rolling out year-round attractions in their keenness to close transactions. Moreover, the plentiful supply of ready-to-move-in properties also benefits home buyers.”

What to check when you buy for investment?

Making good returns of your investment is not just an art but also requires thorough check on a buyer’s part. Many people buy property for investment. Some sell it when prices appreciate as per their expectations while others rent it out for monthly income. Here is a list of things to check:

* RERA Registration

* Verify approvals

* Study historic price trends of that market

* Check rental trends of that market

* Existing and upcoming infra projects

* Investment Vs returns in the long term

* Brand value of the developer

* Location of the project

* Construction quality of the project

* GST and Tax liabilities

Puri explains further, “RERA requires developers to be completely transparent in their marketing outreach. Nevertheless, many buyers tend to ignore the fine print of a seemingly attractive but inherently booby-trapped payment scheme. Ignorance in the face of information availability is not a legal recourse. If a buyer did not read the fine print and ask the right questions, a developer can technically not be held accountable. He becomes legally liable if there is no fine print available, but not if it exists and the buyer ignored it.”

Today, buyers can easily access all types of information related to any particular project either through RERA or the municipal authorities. It is essential that you perform your due diligence and show caution while getting involved in a buying process.

Source : Times of india