Tagged in: Property India

Buy Residential Property In India – After Knowing The Buying Process

Before you buy residential Property in India, knowing the buying process is necessary to strike the right deal. The property market in India is reportedly back in the saddle after the slump in the recessionary phase of the market. In the new phase, the property market in India, both residential and commercial, is abuzz and agog with deals and talks. In the residential property sector alongside the recession, there evolved a new interest area in the lower and middle-income-level sector. Hence, there is a priority shift among the construction and infrastructure development groups from premium luxury apartments to medium-sized 2 and 3 BHK units. In the renewed interest in the residential property investment, inexperienced investors may suffer due to a variety of reasons. Therefore, I am of the considered view that prospective buyers who are novice in the field need to gather relevant and required information before they venture in to the field.

I apprehend you may be skeptical when I suggest that you should buy residential property in India only after knowing the buying process. This is more relevant in the urban context than in the rural sector where seller identity and property title may be more or less ascertainable. The case is not so easy and cozy when you approach most of the urban properties. And the proverb goes, a great city is a great desert. In urban centres, individual identity may be in most cases shrouded in obscurity. So may be the title of properties. Hence, it is better to avoid offers from parties of obscure identity and those who suffer from low reputation. Also, take steps to ascertain the title of the property. Further, you need do ensure that the property is free from any encumbrances, charges, claims, defective title, any order of acquisition or requisition, etc.

As part of knowing the buying process in order to buy residential Property India, you need to identify the ideal property which can afford better appreciation within a time-frame. For this you need to know the proposed developmental projects due to come up in the region. Then you can select the right property in view of the possible appreciation the proposed projects would fetch. It is always advisable to consult a few real estate consultants, dealers or agents in the locality so that you could be briefed on relevant aspects. Further, while you select property, it is better to consider the infrastructural facilities, landscape, scope for further development of the neighborhood, etc. Further, if it is a flat or apartment unit, you need to know the rules and regulations of the society or management before you strike any deal. It is because there may be some regulations or requirements that might hamper or be detrimental to your free and fair possession and enjoyment of the property.