Buying a house is one of the biggest financial decisions you make in your life. Hence a good homework is required for a smoother and successful execution. Purchasing a villa in the real estate hotspot of India, i.e., Bengaluru is a tricky issue as the choices are many and confusing. Bengaluru hosts a range of dwellings from row houses to independent villas to super luxurious houses, 3 BHK to 2 BHK to budget apartments. If you are planning to buy a property in Bengaluru, the below-mentioned house-hunting tips might come in handy.
Choice of the Location: Choose the location that suits you and your family; check how far is schools, hospitals, and marketplace from the property. Check out the approximate distance from your workplace. How much time will it take every day to reach your office? Ideally, the residential property should be located within a radius of 30 minutes distance from your office. Take into account how moving would affect your transportation costs to work. Choose a property which gives you the best advantage and value for money in terms of locality, connectivity, and good neighborhood.
Identify Builder: Check the history and quality standards followed by the builder. A visit to old buildings constructed by the same builder will give an idea of the quality standard. Past history will reveal whether the builder will provide the property on promised possession date or not. Inspect the work done by different builders in the same location. A view of different projects will give you an idea about the quality, facilities, and price.
Weigh your Financial Status: Never invest in a property that is beyond your financial capacity. Find a loan that works for you. Ideally, loan payment should be within 30% of your gross monthly income. The higher the down payment, lower is the debt for you. The lower the debt, the better you will be able to handle your finances and still own your house.
Purchasing a property in urban cities, like Bengaluru may need extra caution due to legal and regulatory issues. Keep in mind, the below-mentioned checklist to avoid falling in an illegal trap.
Check the following documents
Purchasing Residential Flats/Apartments:
- Sale Deed:Ownership of the land can be traced from this document. It shows details of the property and the subsequent series of transactions it has undergone.
- Khata Certificate and Up-to-Date Tax Paid Receipts:Khata should be in the name of the developer/promoter if you are purchasing the property directly from the developer. In case of a joint venture, the Khata should be in the landowner’s name.
- Joint Development Agreement:Examine the agreement to understand the ratio at which the build-up area is divided between the promoter and the landowner.
- Encumbrance Certificate:Encumbrance certificate can be obtained from the sub-registrar office, check it for details of the last 30 years.
- Approved Plan:Check the approval certificates for the building and the apartment.
- Occupancy Certificate:This is issued to the developer by the apartment corporation/BDA/CMC.
Also, see that the developer has obtained approvals from the Municipal Corporation, Electricity Boards, Area Development Authorities, and Water Supply and Sewage Boards. File a joint declaration under Karnataka Apartment Ownership Act, 1972, get duly registered and attain the rights and legal safeguards.
Do a survey of land prices. Find out which area or which property will fetch you a better return on investment in the long run. Keep in mind that the most economical one may not be necessarily the best in terms of quality and facilities. Invest in a property which is likely to appreciate more in the future.
Ankita Aggrawal is a business architect in real estate industry. She has 5 years of experience and she has got knowledge about various real estate projects including Villa Projects in Bangalore,luxury villa for sale in bangalore, commercial properties,Residential properties etc