With a robust economy the real estate market across India remains upbeat. The focus at present is shifted to acquiring residential property. The demand for Apartments has raised manifold in metropolitan cities. This trend has also percolated to towns.
The metropolitan cities like Delhi, Bangalore, Bombay and Chennai are swamped with builders. Apartments have spring up in every nook and corner of cities like mushroom. With the liberalisation of the economy, the real estate market is expected to remain stable atleast for the next few years.
With the real estate on a roller coaster there is hectic construction activity in both cities and towns. Builders are making hay while the sun shines. The concept of independent houses have given way to apartments with emerging nuclear families. Apartments seen to be the choice of the working couples and the builders have lift no stone unturned in on the concept of nuclear families choice. The builders package their apartments with several services to keep in tune with the demand. The amenities offered is a swimming pool and a club house. The builders have started looking beyond these amenities and are competing with each other in offering a host of other amenities like 75 percent of landscape devoted to nature, a health spa, an entertainment centre and even an amphitheatre.
Some of the housing complexes are provided with jogging tracks, squash court, a gymnasium and Jacuzzi. The builders also ensure that retail shops are opened within the complex or situated near by. The Banks have also stepped into the real estate market by offering home loans with reasonable rate of interest. With a rude range of amenities available to the buyer it is of paramount importance that an ideal location and reputed builder is identified by him. In the case of an independent house the right contractor should be identified who has adequate experience in the lien of construction. The contractor may be given full contract or the construction of the house can be on the basis of labour contract.
Before the buyer intends purchasing an apartment / site it is incumbent on his part to give more impetus to the location.
The following guidelines may be considered before the buyer chooses an ideal location.
The property intended to be purchases should not be within the proximity of slums, drainage line, place of worship or entertainment centres like cinema theater. It should be a residential area with cosmopolitan outlook. It should be ensured that the property is not located in a commercial area. The location should not be far from schools, office, markets, educational institutions, hospital, railway station and Banks. It may be arduous to get all these facilities near your location but it should be ensured that most of them are available near the location.
The apartment / site to be purchased should be in a layout approved by the competent authority with well laid roads and drainage system. To the extent possible the property to be purchased should not be situated in a low lying area to avoid during the monsoon. The buyer should also ascertain about regular water supply power and availability of parking space. Last but not the least the concept of Vaastu should be given its due importance.
The statutory authority has notified the following norms for purchase of apartments.
The metropolitan cities like Delhi, Bangalore, Bombay and Chennai are swamped with builders. Apartments have spring up in every nook and corner of cities like mushroom. With the liberalisation of the economy, the real estate market is expected to remain stable atleast for the next few years.
With the real estate on a roller coaster there is hectic construction activity in both cities and towns. Builders are making hay while the sun shines. The concept of independent houses have given way to apartments with emerging nuclear families. Apartments seen to be the choice of the working couples and the builders have lift no stone unturned in on the concept of nuclear families choice. The builders package their apartments with several services to keep in tune with the demand. The amenities offered is a swimming pool and a club house. The builders have started looking beyond these amenities and are competing with each other in offering a host of other amenities like 75 percent of landscape devoted to nature, a health spa, an entertainment centre and even an amphitheatre.
Some of the housing complexes are provided with jogging tracks, squash court, a gymnasium and Jacuzzi. The builders also ensure that retail shops are opened within the complex or situated near by. The Banks have also stepped into the real estate market by offering home loans with reasonable rate of interest. With a rude range of amenities available to the buyer it is of paramount importance that an ideal location and reputed builder is identified by him. In the case of an independent house the right contractor should be identified who has adequate experience in the lien of construction. The contractor may be given full contract or the construction of the house can be on the basis of labour contract.
Before the buyer intends purchasing an apartment / site it is incumbent on his part to give more impetus to the location.
The following guidelines may be considered before the buyer chooses an ideal location.
The property intended to be purchases should not be within the proximity of slums, drainage line, place of worship or entertainment centres like cinema theater. It should be a residential area with cosmopolitan outlook. It should be ensured that the property is not located in a commercial area. The location should not be far from schools, office, markets, educational institutions, hospital, railway station and Banks. It may be arduous to get all these facilities near your location but it should be ensured that most of them are available near the location.
The apartment / site to be purchased should be in a layout approved by the competent authority with well laid roads and drainage system. To the extent possible the property to be purchased should not be situated in a low lying area to avoid during the monsoon. The buyer should also ascertain about regular water supply power and availability of parking space. Last but not the least the concept of Vaastu should be given its due importance.
The statutory authority has notified the following norms for purchase of apartments.
Owners should have documents specifying right over undivided share of land, built up area and proportionate share in common area. Only a registered document indicating the above parameters has legal sanctity and confers full ownership.
Buyer should check whether promoter / developer has registered the scale and other agreements with the sub Registrar Office.
Buyer should check whether promoter / developer has registered the scale and other agreements with the sub Registrar Office.
Occupancy certificate from the local body.
IN the case of G.P.A. holders, whether the Power of Attorney is in vogue and the G.P.A. has the relevant powers.
Whether the building has violated the building plans.
Whether there are any outstanding dues and whether the relevant deposits for electricity and water have been paid.
Whether building has fire service clearance.
NOC from Airport authority if it is near the Airport.
Property has to be registered with the sub Registrar. Transaction will be deemed incomplete if the G.P.A. status is not conferred since it can be cancelled at any point of time.
Apartments built under co-operative societies have to be compulsorily registered. Stamp duty need not be paid through stamp paper above but it can be done through demand draft or pay order as well. Do not buy a residential property in a hurry and repent at leisure.
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