Today, India is among the fastest growing realty markets in the world. And that is why, there has been a spurt in property prices in the country. However, the property market in India is a bit unorganized and many things are lacking in the system of buying and selling property. If you are buying a fresh property in India, you need to take care of few things.
Things to consider when buying a flat in India
Here are the top 10 things to check when buying property in India:
Check Property Documents
First and foremost, you must look for the original property papers (not Xerox) before buying the property. Some of the important property related documents in India are the Registry of the property, map of local municipal corporation, deed of the property stakeholders, No objection certificate(NOC) from banks if the property was bought on loan from the respective banks and a NOC from the local development authority under whose jurisdiction the property falls.
Inspection of actual property
The builders and developers show the layout plan of the property to the buyer. The layout plan shows what your home would look like when it is fully developed as per plan. However, when customers ask for a visit to the actual property site, developers take them to another property site which they call “Sample Project Site”. This property site is a replica of the original property you are going to buy. Therefore, you must insist on a visit to the actual property site.
Demand ownership letter
In India, there are many properties which are under perpetual legal disputes. So, the properties are held under court custody until the dispute gets resolved. Most of the time when banks seize the property for non-payment of loans, the ownership of the property is held by the court. Therefore, when you are buying any such property, always insist on an ownership letter.
Get NOC from society
In India, the owners of all the flats in an apartment come together to form an association called the building society, which take care of all needs of the dwellers. Therefore, before buying a flat in an apartment, do not forget to take the required NOC from the society.
Inspection by contractor
If you are buying an old piece of land or even a fresh house, make sure to get the property inspected by an Independent contractor or Architect. The contractor is an experienced person and by inspecting the property, he can assure the construction quality of the property, if it is a house.
Get knowledge of taxes
In India, every property comes under the purview of various laws and authorities. Though, there are some basic taxes that every property owner is liable to pay, but there also some other taxes that depend on size and area of the property.
Talk to neighbors
There could be many things associated with the property only known to neighbors, which are not disclosed by the selling party. There may be some issues, disputes or anything else that you will get to know only after talking to the neighbors.
Inquire about surroundings
Property is not only important, its surroundings are also important. In India, often disputes arise between the municipal corporation and the property owner on issues like parking or boundary of the property.
Inspect basic things
Before buying a property in India, you must inspect the basic elements of the property like water, electricity and sewer system.
Do a quality check
If you are buying an old house, then you must check the quality of doors, windows, wall paint, drainage system, water tanks, bathroom tiles, floor tiles and rest other things.
While buying a property in India, one should be very careful. In recent times, many property frauds were reported in the country. There are huge discrepancies in the system & some people take advantage of this and make profits by selling the property at either higher rates or selling a fake property.
All the best. If you have questions or comments, do let me know in comments below.