Few points to consider before investing in real estate
Oct 29, 2013
Source : The Times of India

 

HYDERABAD: Buying property requires knowledge and information, and given the magnitude of investment, one has to be well-aware of the important aspects related with the transaction. Here is a quick list.

Track record of the developer: As to what other projects have been completed by the developer prior to this, if it was delivered on time, if he had delivered what he had promised. If possible, take out time and visit the project and check the quality of construction and also the maintenance facilities in the project. Also, speak to a few home owners residing in the project regarding the support and services from the developer.

Get a copy of the Application Form and Agreement of Sale checked thoroughly by yourselves or a qualified individual to ascertain on important points such as the following:

  • Possession Timeline and the Grace Period mentioned in the Agreement of Sale.
  • Penalty Clause – In case if the builder defaults on timely delivery of the project how and to what extent would he be liable to compensate the customer.
  • Payment Default Penalty – What is the interest the customer would be liable to pay to the developer in case of delay in the payment as per the payment schedule
  • Check the payment schedule thoroughly to check if the payment is distributed and linked to the construction progress.
  • Check the Carpet Area against the Super Built Up Area, the Undivided Share of Land and Open Area in the project to understand if they are as per the market norms.
  • Check on the possibility of Internal Modifications, Power Back Up, Additional Car Park, Source and availability of Water Supply, Forfeiture Clause in case of Cancellation etc.
  • Exit Clause – In case you want to resell your apartment to a third party or exit from the project before the registration is done what is the exit clause and if any transfer fee has to be paid to the developer and what it would amount to.

Last but not the least seek professional help. There are many things which cannot be jotted down in words but can only be ascertained and disclosed by a professional real estate consultant on a case to case basis, who is a specialist in his area of operation. Look for a registered member of a professional realtor association governed by certain code of ethics and bylaws. For example, a consultant in Andhra Pradesh could be a member of Andhra Pradesh Realtors Association (APRA) and similarly other realtors could be a part of other esteemed associations in other states.

Latest Realty News

3-day real estate show gets under way in Hyderabad
Oct 28, 2013
HYDERABAD: Leading property developers, housing finance institutions and banks are taking part in the three-day Property Show 2013, which got underway here on Friday.
Gachibowli – emerging investment destination
Oct 23, 2013
HYDERABAD: Among the specific locations that are fast emerging as investment destinations in the country include Gachibowli in Hyderabad. A survey by Jones Lang LaSalle on the upcoming investment destinations has listed Gachibowli as the next popular IT/ITES destination of the city after Hitec city.
Property tax defaulters get red notices in Hyderabad
Oct 22, 2013
HYDERABAD: Eyeing more revenue collection from property tax this financial year, Greater Hyderabad Municipal Corporation (GHMC) officials have started slapping red notices on property tax defaulters. Over two lakh notices have been served on tax defaulters from October first week.
Real estate in twin cities of Hyderabad & Secunderabad
Oct 22, 2013
HYDERABAD: Real estate in twin cities of Hyderabad and Secunderabad in the last decade has witnessed both vertical and horizontal growth. One can find a property that suites his or her requirements and budget.
22nd Real Estate & Housing Finance Exhibition begins in Mumbai
Oct 18, 2013
MUMBAI: The Maharashtra Chamber of Housing Industry, a member of the Confederation of Real Estate Developers’ Associations of India (MCHI-CREDAI), today opened doors to the 22nd Real Estate and Housing Finance Exhibition in Mumbai from 17th – 20th October, 2013.
Realtors upbeat on Hyderabad market
Oct 11, 2013
HYDERABAD: Andhra Pradesh realtors and developers are upbeat on the future ofreal estate in Hyderabad. They claim that now is the best time to buy properties in Hyderabad as prices are expected to shoot up post the bifurcation of the state.
1.9 lakh owners in Hyderabad never paid property tax in 5 years
Oct 11, 2013
HYDERABAD: Nearly 1.90 lakh owners have not been paying property tax for over five years. These property owners together owe over Rs 461 crore, including arrears and interest on it, to the Greater Hyderabad Municipal Corporation (GHMC). Similarly, over three lakh owners of 13.5 lakh properties assessed have not been remitting taxes for over three years.
Andhra real estate body: Realty sector will recover in state soon
Oct 10, 2013
HYDERABAD: Prices of residential and commercial properties in the city are stable even while the state is heading towards bifurcation as the market here is end-user driven, officials of AP Real Estate Developer’s Association (APREDA) assured.
Realtors upbeat on Hyderabad market
Oct 10, 2013
HYDERABAD: Andhra Pradesh realtors and developers are upbeat on the future of real estate in Hyderabad. They claim that now is the best time to buy properties in Hyderabad as prices are expected to shoot up post the bifurcation of the state.
Green Building Congress to take up issues relating to futuristic cities, habitats
Oct 03, 2013
HYDERABAD: The Indian Green Building Council will host a four–day international conference on ‘Futuristic green habitats and technologies’ at Chennai Trade Centre during October 24-26.

Latest Realty News Of State

Realty Talk's