Owning a dream home is the biggest achievement of any individual’s life. If you are a “Rich Dad Poor Dad” fan, you will recognize this quote, “your home is the biggest investment you will ever make”. In India, buying a home means investing your hard-earned money for a lifetime.
From the first decision to invest in a property to actually buying a house, there is a lot of work to be done. We often come across a few choices, whether to buy a ‘Ready to Move in Apartment‘ or an ‘Under Construction Property‘ or a property where the ‘Construction has not begun’. In the back of our mind, one constant question keeps triggering, “Is this the right decision?”. Hence, to pull you out of this dilemma, in this article we have discussed in detail how to compare different types of properties, their numerous benefits, and risks involved with respect to the various stages of construction. Read More
If you are reading this article, most likely you are planning to make an investment in a property sometime soon, and therefore want to be a savvy and an informed buyer. Let us help you in this buying process.
Now, in our previous article, “Sanctions and Approvals required for Different Types of Properties”, we had listed down the different types of Sanctions and Approvals required to construct a building. In this article, we will focus on two of the documents from that list, which are (1) Commencement Certificate and (2) Occupancy Certificate, highlighting:
- Their importance
- The process of obtaining each
- The implications of not having one
RealDocs’s Co-Founder & COO Mr. Nair was invited for the Talk Show “Square Feet” on ‘94.3 Radio One’ to share his expert opinion on Property Verification and related documentation. Mr. Nair explained how RealDocs App simplifies real estate legal documentation, it educates the property owner and buyer in identifying the missing gaps, and provide support for their Property to remain compliant to the latest statutory norms. Mr. Nair also answered some of the most frequently asked question (FAQ’s) of the buyer, like What are the “must check” documents before buying? What you should know about khatha document? and many more such questions. Read More
Real estate is widely recognized as a booming sector that helps economic growth. The sector offers good opportunities for investment and possibilities for earning profits. The demand is good both in commercial as well as residential sectors. In order to meet this demand and attract customers, builders often come up with different types of lucrative offers.
Before blindly going by these offers, it is good to be vigilant and evaluate a property based on various aspects. In this article we have covered the sanctions and approvals required for three types of properties, i.e. Apartments, Villas and Independent Houses in their pre construction and post construction phases.
Identifying a property to buy, is indeed an all-consuming endeavour. After crossing this hurdle, the next herculean task is to make sure that your investment goes through in a systematic and diligent manner. This not only safeguards your investment but also secures your future interests arising out of this property.
Always remember, when you pay the advances towards purchase of a property, the first thing you are required to do is to execute an “agreement to sell” with the seller. This agreement to sell document should record the total consideration or price, and advances agreed to be paid for the property. If it is an ‘under construction property’, the builder may ask you to sign two documents i.e. Agreement to Sell and Construction Agreement. By signing these documents, you agree with the terms and conditions set out there. However, most of us don’t read these documents carefully, or rather, we don’t know which are those essential clauses which need to be specifically looked into.
What does it mean when one refers to “evaluation of a property”?
A property needs to qualify against certain parameters to hold a marketable competence in the reality sector. Before we decide to invest in any property, it is important to know what are the essential parameters based on which it could be evaluated. In a more generic sense ‘Evaluate A Property’ means assessment of a property to determine the risk factors involved. This assessment help us to analyse and determine whether to invest in a particular property or not.
Parameters for evaluation are broadly based on location, sale price, payment schedule, delivery of possession, legal sanctions and requisite approvals obtained for the building and the clear marketable title of the property itself. Read More
There is a common maxim in Latin “caveat emptor” or “let the buyer beware”. A descriptive meaning of this as per Wikipedia is “the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made”. This is applicable in real-estate deals also, where the onus is on the buyer to ensure that the property under consideration meets the “quality and suitability” of the buyer. Read More
So you found your dream property, and now deciding whether it is a right investment or not. One of the criteria for your analysis should be the status of the property’s documents, and whether or not they comply with the local authority’s requirements.
To help you with this analysis, we’ve identified 6 documents that we think you should ask for and examine, regardless of the city you are in. Read More