It may be tempting to buy property for a cheaper price than the prevailing market rate,but such deals may have a catch,
In the recently concluded Pravasi Bharatiya Divas (PBD),there was an informal discussion among some NRIs from Canada about how they were duped or nearly duped by some shady dealers while purchasing immovable property.They were of the firm view that unless the government departments concerned do not safeguard their interests,not many among them would think of buying immovable properties in India.While their concerns could be genuine,it is better that prospective buyers of immovable property take some precautions before sealing a deal.
Rohtas Goyal,the CMD of Omaxe,says: I always tell people looking for immovable property to invest in a developing area.The value of property is bound to appreciate there.And if you are looking for a ready-to-occupy flat,try to find it off the main road on a wide street with adequate water supply,away from slums,cinema halls,marriage halls,open drain,factories,places of worship but not very far from schools,colleges,commercial complexes and hospitals.
There is also a view that one must go for a property that has a resale value.In order to ensure that your property has good resale value,it is advisable to ensure that the particular property is not close to some religious place,cremation or burial ground as well as a Metro station.I strongly feel that buyers avoid investing huge sums of money on properties close to a religious
place and burial.
grounds for obvious reasons.There are several properties in the capital and in the NCR close to such places,which do not get any buyer even at knockeddown rates, says Sanjay Khanna,director of Kailashnath Khanna Projects Pvt Ltd.Even top realty players caution people against investing only in projects promoted by renowned developers with solid track record.I have known several innocent people being duped by appealing brochures or attractive advertisements.Dont pay attention to such things.Do not believe the claims of realty firms,which may have the approval of financial institutions, says Sunil Jindal,CEO of SVP group,adding: It is always advisable to check documents with an advocate.Apart from that,see to it that the documents of title of the property are clear.
If you have booked a flat in some project,make it a point to visit the site often.And if you are unhappy with the pace of the project or there are other issues,raise it with your developer.I have observed that many of our customers keep on visiting our sites and interact with our construction team.They even give us very positive suggestions, says Nuzhat Alim,marketing director of ILD group.
Has anybody offered you a flat for a rate lower than the prevailing market price If yes,be careful.Always remember that if somebody offers you property at a cheaper rate there must be some problem with it.Hence,you should be extra-careful while finalizing such a deal.
Sunder Khatri,an advocate and an expert on realty matters,says that there are people who resort to a distress sale,and try to sell their properties for cheaper rates.However,it happens rarely.Given this,it is advisable to be very cautious in finalizing such deals.Sanjay Khanna says that distress sales are an integral part of the realty business and one must grab such opportunities with both hands after taking necessary precautions.
That is not all.There is also the vastu factor which has become a national obsession among property buyers.In such case,ensure that the house,flat or land that you are planning to buy is vastufriendly from a resale point of view.Anil Sharma,CMD of Amrapali group,says,Vastu is a big factor in realty now.More often than not buyers prefer vastu-friendly properties.
K V Abhisekh Iyer,a young Delhi-based architect,says that you have to ensure that the building has been constructed as per the sanctioned plan.Also,one must ensure that it is not in a low-lying area or near an overflowing water body.Remember,all these precautions may seem cumbersome,but they are imperative given the huge sum you would be investing.
