you decide to buy a property you would have to look for a number of
things, which are, mentioned hereafter. But the first thing is to decide
the need for which the property is to be bought.
Need comprises of several factors :
You intend to buy a residential, commercial or industrial property.
Based on these details you can draw a list of your preference, which
should list the following:
Property type (Residential, commercial, etc.)
Area of the Plot
Location (park/road facing etc.) ·
Preferred Locality Property ownership (lease/free hold)
Other requirements : like distances from Office/School/Markets/Bus/Rly
Here it is essential to mention that it is very rarely possible to get
everything (listed above) to your choice in one property but you can try
to find out the maximum of above while selecting your property. You
would have to compromise on number of counts depending upon constraints
like price and locations. Remember, more the positive points, more would
be the price.
Once done with the above, you should decide the time of your purchase
If you need to shift into the property you are looking for immediately,
you will have limited time to fine tune the search and would have to
settle for properties which are ready to be moved into. But, if you have
sufficient time, you can book a property under construction or at an
early stage of construction and get the minor additions and alterations
done according to your choice. Similarly, you would have time to see a
number of proposals available for sale in different localities and then
choose the best suitable to you.
Best way to find the right kind of property is to check up with real
estate agents, which enlist number of properties. You can short list
details of properties given by real estate agents, and owners posted on
sites and then at a suitable time and day you can visit these
properties. It is advisable to fix up appointments with owners and real
estate agents before you visit them. You can then assign your marks to
these properties as per the list prepared of your choice. Once through
with this process which sometimes takes number of visits and enough
time, you would be able to pinpoint which is the best proposal for you
and your requirement.
After you have decided the suitability of the properties seen, you can
select the best ones in your wish-list.
Then checkup the following important points:
Who is the promoter?
Has the real estate agent who has shown the property to you,
given you the complete information?
Is the property title clear?
Are there any other complications? (you can check these things from
anyone you know in the vicinity of the property in your wishlist)
Whether the price is right? (Again this can be verified from people
in the vicinity)
Applicable to apartments:
are availing a home loan, take into account the following points:
bank usually don't approve full loan for a resale apartment (depends on
the age of construction).
valuation of property, banks apply their own terms and conditions (which
may vary in a case to case basis). This valuation may not be the same as
the way it is done by the seller (based on the current market value).
need to use your judgment to valuate a property that you want to buy,
based on the current market trends in the area where the property is
Recommended action: consult an experienced trusted advocate in this
field (property registration), who can guide you to take an final
decision on price factor.
Who are the other flat owners in the building? (if any)
What are the common areas and what is status of ownership?
Permissions required from Competent Authorities?
Credentials of the Promoters? (You can check this by asking the
builder about his other completed projects and you can speak to the flat
owners living in those projects)
Construction specifications? (you can show the property to some
Ask for a draft of Agreement to Sell to be signed (if you intend to
enter into a transaction) Once you have decided to buy a property after
checking all the above details you should try to get all the terms and
conditions of sale and purchase in advance before you part with any
amount to the seller. You must try to reduce everything to Black and
White so that there are least problems later on.
And above all don't try to save a few thousand rupees on registration
process of your property. Go in for proper Sale-Deed (if possible)
through a reputed qualified Advocate who specializes on real
Information posted above is for reference only.
Real Estate Chennai.