| FOR PROPERTY BUYERS |
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| A few details to keep in mind: |
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- Kind of property you’re looking for (Residential / Commercial / Industrial)
- Area of the Plot
- Preferred Location (park/road facing, etc)
- Preferred Floor
- Preferred Property Ownership (Lease/free hold)
- Price Range
- Size of Property (entire/rooms, etc)
- Builder's Property / Govt. Property
- Parking
- Servant Quarters
- Distance (from offices/schools/markets/bus and railway stations/airport, etc)
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| Time Factor |
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| If you need to move in immediately, you will not have much time to do a thorough search and might have to settle for second best. On the other hand, if you have enough time, you can book property under construction or at an early stage of construction and get minor additions and alterations done according to your choice. You can also check out a number of proposals in different localities and then choose the one that suits you best. |
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Questions to think about:
Who is the promoter?
Is the title deed clear?
Are there any other complications?
Is the price right? |
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| FOR APARTMENT BUYERS |
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1. If you are taking a home loan, consider the following:
- The banks usually don't approve the full loan for a resale apartment (depends on the age of construction)
- For evaluation of property, banks apply their own terms and conditions (which may vary from case to case). This evaluation may not be the same as the way it is done by the seller (based on the current market value)
- You need to use your judgment to evaluate a property that you want to buy, based on the current market trends in the area where the property is located
- Recommended action: Consult an experienced and trusted advocate in this field (property registration), who can guide you to make a final decision regarding the price
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| 2. Enquire about common areas and status of ownership |
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| 3. Required permission to be obtained from concerned authorities |
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4. Credentials of the promoters (check this out by asking the builder about his
earlier/other projects and speak to the flat owners living there) |
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| 5. Construction specifications |
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6. Signed draft of Agreement to Sell (if you intend to enter into a transaction).
Get all the terms and conditions of the sale and purchase, before handing
over any sum of money to the seller |
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