Important legal documents that home buyers should be aware of before buying a property

Owning a home is one of the greatest dreams for an average Indian. A lot of planning and saving go into each home buying process. However, it is not enough that you find a suitable property for a desirable rate at the most convenient location. Before you commit to the deal, it is important to make sure that the property conforms to the real estate rules and regulations prevalent in that region as well as the general property rules of the country. The legal aspect of the home buying process can be quite daunting for an inexperienced buyer. A number of documents and records need to be verified before the actual purchase of the property. While it is safer to get the help of a lawyer or an experienced real estate agent, buyers themselves can perform the inspections and verifications if they have a basic knowledge of the important legal documents in home buying. Here is a list compiled by the experts at Property.Sulekha.com menioning the crucial documents that a homebuyer needs to be aware of before buying a property.

property-buyer

 

  • Title Deed

This document tells you the flow of ownership of the property. Look for the original title document to ensure that the owner has the right to sell the property and transfer ownership. You cannot own the property you buy unless there is the title deed specifying the current owner and the previous owners, if any, in a continuous and unbroken sequence. If the original title deed is not available, get certified copies from authorised institutions. Sometimes, the title deed may be deposited with banks or other financial organisations for obtaining loans. This has to be verified before purchase.

  • Approval plan of the building

The building plan has to be approved by the authority concerned in each region or zone. For example, property buyers in Chennai need to verify if the building plan is approved by the Greater Chennai Corporation and Chennai Metropolitan Development Authority. Without this document, the building will be an illegal structure and lead to complications such as demolition.

  • Commencement certificate

Local authorities issue this certificate after inspecting the site and verifying that the project conforms to the real estate rules and regulations.

  • Power of attorney

If someone else is selling the property on the owner’s behalf, check for the Power of Attorney document that empowers the person to perform the transaction.

  • Tax receipts

All the latest original tax receipts must be verified before purchase. Also check the latest electricity and water bills to ensure that the current owner is up to date on all payments.

Home buyers can also verify documents like completion certificate, occupancy certificate, encumbrance certificate, betterment charges, etc.

Digitize Properties in Noida

When it comes to buying and selling properties in India one obstacle everyone faces is the redtapism in the corporation, village or taluk offices. The menace can be mind-numbing and there has always been a clamour for digitizing the properties so that the reptapism could be wiped out.

And the Noida authority has put the best foot forward in digitizing the properties in Noida. This was much-awaited and the general public has received the development with both hands. Now, there is no need to go before a government official and waste your time, just click and get things done.

What’s the status of the process?

The digitization of Noida properties, including commercial, institutional and industrial, is on and the process will be completed by June and to date 16,300 properties have been digitized.

The soft launch of the digitized properties has been carried out. The allottees can get a username and password, and avail the services and get all the relevant information relating to Noida properties from the site. As the portal could be accessed 24×7, the public could do business any time at their convenience.

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What are the advantages?

The digitization can usher in transparency with minimum interface with the allottees, say experts at property.sulekha.com. With digitization, the allottees will be able to avail a number of services such as mutation, transfer of property, registration of property, completion certificates, payment of building tax, among others, without any hassles. All payments relating to properties could be made through the portal and the allottees can electronically communicate with the authorities concerned. For all the payments made, the allottees will get electronically generated receipts.

The website will also list land available for industrial and other purposes. In future the website would also feature Online Building Map Approval Process System. This system will expedite building plan compliance check in accordance with the prevailing laws in Noida.

Conclusion

This step by the Noida authorities will augur well for the future and should be replicated in others regions of the country. The positive side is that, as noted earlier, there is more transparency in the transactions and there is no need to grease the palm of the authorities concerned to get things done. Digitization of properties is the best way to eradicate corruption in property dealings.

Owning a Property is Security to your Future

Investment comes in various forms including investing in financial instruments, precious metals, land and property. Out of all the investment options real estate investment has been one of the most prized options for majority of investors. The fact that real estate brings a tangible investment, something which you can see in front of you at all times and holds a high liquidity options should you need money in a financial emergency makes it a much preferred choice.

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Real estate trends at popular real estate market places and forums like property.sulekha.com show that many investors look at real estate as a hedge against financial investment. No matter how big their overall investment portfolio may be, every good investor likes to have some part of their overall investment in real estate.

Easy availability of loans: With a property you can always get loan against property should you need it in future. While other investment options like shares and mutual fund investments also offer loans for securities but the scribe needs to be in the approved list of the banks. With a property ownership the chances of getting a loan against property are much higher.

Good liquidity: Should you choose to liquidate your investments in real estate there is no minimum holding period and you can choose to get your property liquidated by putting it up for sale. Depending on the market conditions and your property it may take some time for the property to get a buyer but with a possible price escalation the wait is worth it financially.

Adequate rental options: With real estate investment you get an adequate rental option which means you can get a handsome monthly income without compromising on the long term investment benefits of the property invested.  Opting for furnished apartments or serviced apartments can mean an even higher rental yields which auger well for individuals seeking a good monthly income from their investment.

Good long term investment: Real estate is a good term investment option and that is one fo the core reasons why investors prefer real estate as their go to investment tool. The wide range of properties in all towns and cities makes it easy to pick a good option unlike stocks where the options are limited. Even in vibrant markets like Bangalore, there are enough properties available in Bangalore for everyone from buyers wanting to buy for self use and investors.

Property Options in Dwarka for Buyers and Investors

Looking for property investment in Dwarka is one of the best decisions you can make as an investor looking at options in Delhi NCR. While Delhi NCR has a striving real estate market with options galore from Noida to Faridabad and Gurgaon to Sonepat, Dwarka wins hands down when it comes to location owing to the central location in the heart of the city. On the downside however Dwarka property prices have already escalated to higher levels so it may not be a good investment options for budgeted investors.

Real estate trends at portals like Sulekha Properties and many others reveal that even with slightly higher prices compared to other regions in Delhi NC, Dwarka remains a top ranked investment destination for both buyers looking at options for self use and investors alike. The large number of new and resale options along with close access to all parts of Delhi NCR make Dwarka a front ranked destination in the real estate landscape in the city.

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Affordable housing projects: As a new trend there are many builders and developers focusing exclusively on affordable housing projects in the area. This is a golden opportunity for people with limited budget to get a flat in Dwarka, something which was not possible earlier owing to increase in average prices of property.

High end luxury housing: If you are looking for high end luxury housing Dwarka has options for you. From high end villas to penthouses and other exotic homes Dwarka has many options for high end luxury buyers. Builders and developers who are reputed in the world of luxury housing have active projects in Dwarka making it easy for buyers to pick and choose the best project as per their needs and budget.

Availability of both Plots and flats: While it may not be possible to get plots or independent houses at cost effective rates in Delhi anymore Dwarka is a slightly different. One can get options for flats, high rise apartments, plots and independent housing making it an all round area offering a real estate solution for all the needs of various buyers and investors alike.

Good Rental upside: Dwarka has good rental upside which makes it a preferred destination for many investors. Dwarka rental prices are increasing but still remain much more economical than most other parts of Delhi NCR which makes it attractive for tenets as well. This high upside in rentals makes the area an apt investment destination when it comes to residential housing projects.

 

Buying an exclusive flat- Know the importance of transportation proximity

Buying a flat exclusively as one’s own home is a dream come true experience for all of us. Owing to the growing demand for new accommodations with rising economy and migration to new places for work and studies, the real estate market is a rage today. More and more new projects are coming up in every town and city, with world-class amenities at best rates, guaranteeing an amazing lifestyle.

1 bhk flat for sale in bangalore

Getting an exclusive flat nowadays is not a difficult task. Owing to numerous projects headed by top class builders, getting an appealing flat within the budget is easy. However, what is more crucial nowadays than the flat and its amenities, is the surroundings of the flat. And when it’s about surroundings, then the most important aspect is the transportation proximity from your dream flat. You can easily ay hands on an exclusive 1BHK flat for sale in Bangalore but make sure you take its vicinity under consideration, primarily the proximity of transportation.

You must be wondering what is so important about transports being close to the flat, isn’t it? Well, the following points from real estate portal shall outline the importance of transportation proximity from the new flat you desire to buy:

  • Save time: Time has become as precious today as the natural resources. And saving time is extremely crucial in today’s fast moving world. Thus, if you have your bus stand or railway station in close proximity to your flat, you can spend less time in travel and reach your workplace and back home faster, as you need not spend much time travelling to the bus stand or station. Also, if your flat is on, or very close to the main road, you can access transportation easily, compared to flat away from the main road of connectivity.
  • Save fuel: If getting proper transportation is a difficult task, you will tend to take your car out on the road to your destination, causing consumption of fuel. Transportation proximity will cut down on your frequent usage of your car or two-wheeler.
  • Save money: Say, you dwell in a flat quite far from the railway station or the bus stand. Once you get off your bus or train, you need to hire another mode of transportation, say a rickshaw or a shuttle taxi to reach home, causing further expenditure. A flat close to the bus stand or station will save this expenditure.
  • Prevent physical labour: Why spend more time travelling from the bus stand or railway station to your flat, exerting more labour and making yourself more tired? Thus, buy your new flat keeping in mind the transport proximity, and cause less physical labour.

Also you can search here for rental flats in Bangalore.

 

Tips for all Single BHK Rental Property Hunters in Bangalore

1 bhk in bangalore for rent

Being single and hunting for a rental property in Bangalore could take you weeks if not months. There are many hurdles that can befall a single individual looking for an affordable housing option in the best societies in Bangalore and neighborhoods. Most housing societies prefer to accommodate only families and for the same reason, bachelors are finding it difficult to get proper rented properties at good societies. Single woman are also finding it difficult to find safe rented properties in cities. These are becoming a great concern for bachelors and youngsters who are in new cities for work reasons.

Use the undisputable tips to bag a good 1 BHK residential property in Bangalore for rent.

  • Look for unsold units

Builders push their unsold 1 BHK flats to single individuals in Bangalore looking for immediate possession. This is a great option if you enter into a Registered Agreement for rent with the builder directly. You can live as long as the unit remains unsold.

  • Opt for stand-along buildings

Instead of packing your dreams of living in a township, look for single stand-alone buildings in the inner pockets of Bangalore. A little field work on the weekend will be useful. They may not have gated security or a lift, but as single individual, you can at least have a respectable shelterat promisingly lower rates.

  • Get references from friends and family

It is obvious that references work heavily in favor of the tenants looking for a new 1 bhk flat for rent in Bangalore. For someone who knows the city well, use their information to a good effect. From negotiation on the rent and deposit, to agreeing on a particular date of possession, the friends in the cityare a useful resource.

  • Get verified by the police

If you have been living in the city for sometime now, it is imperative to suggest that you get verified as a resident of the city from the police. If you are working professional, avail the bona fide certificate from your employer. You will no longer be considered as a single individual.

These tips are from the property experts at property.sulekha.com, India’s largest online real estate marketplace. Searching online for properties for rent is a great option with several flexible options towards single tenants. You can do your search from anywhere in India, before moving out to a new city.

Pg accommodation are also available for bachelors.

 

Paying Guest accommodation in the IT hotspot of India

Bangalore is the largest IT city in India, not just in terms of revenue but also in terms of number of professionals working in the city. Known as the Silicon Valley of India, Bangalore in the past decade has witnessed a new breed of highly paid young working professionals who had relocated to the city for job purpose. The city also attracts a lot of students who come there to pursue higher education in the city’s reputed education institutes. Most professionals and students coming to Bangalore are looking for temporary residential options from rental and paying Guest segments.

apartments for rent in bangalore

Nagawara is one of the prime locations in Bangalore that attract a lot of young professionals for paying guest options in accommodation. Here are 5 advantages that IT freshers hunting Paying guest in Nagawara and its neighbourhood areas can enjoy, according to real estate portals.

  1. Locality and facilities

As a professional, you may not be contended with your stay in rent sharing apartment in Bangalore. Choose PG accommodations in Bangalore in best localities that are available with modern amenities, close to best infrastructure facilities in the city.

  1. Fully furnished space with housekeeping services

PG in Nagawara and other best localities in Bangalore offer extensive services included in the rent. Fully furnished homes with appliances and furniture managed by regular housekeeping service make living for IT professionals all the more comfortable.

  1. Food availability

Food is the biggest challenge for working professionals. IT professionals in PG house have better time with timely food and refreshments. The cooks and maids find it easier to cater to PG tenants owing to landlord’s presence in the house.

  1. Home security

PG sharing is more secure than living in a dorm or in shared rental accommodations in flats. The fact that you can share the space with your landlord and other tenants makes the area all the more secure.

Moreover, your house is never empty, even on weekends. IT freshers hunting for PG accommodation find this aspect most alluring in their first few months of stay in Bangalore.

  1. Zero conflicts

In PG accommodations, tenants have lesser events of altercations and conflicts. The landlord is available to resolve any issue for a harmonious stay.

Hence, fresher IT professionals prefer to stay as paying guest accommodation in Nagawara, HBR Layout and RT Nagar.