Your Checklist To Buying Property In India
Becoming the proud owner of a property in India is one of the biggest dreams of every Indian family. After all, real estate is the most promising asset in India for aspiring investors. The Indian real estate market is rapidly developing, and the time is right to make secure property investments. But this alluring opportunity comes with its own hassles. However easy it may seem, buying a property in India involves a lot of paperwork and calculations in terms of add-on costs and taxes.
That said, it is very important to be extremely cautious throughout the property buying process, especially in the case of first time home buyers. Here is an essential checklist for buying property in India. Be sure to consider these points when transacting in real estate:
First and foremost, check the nature of property that you are planning to buy. Any given property can be classified as freehold or leasehold. A freehold property is one which belongs to the owner, whereas leasehold property is one which has been taken charge of for a stipulated period.
Next, be sure to check the details of property including the area and ensure that it is exactly as mentioned in the deed. This process may consume time, but it is better to be doubly sure of this before making the transaction. Also cross check on the name of the owner, ensuring that it is the same as mentioned on the deed.
When buying an apartment/house which is yet to be constructed by the developer, make sure that all the layouts and plans have been approved by the concerned authorities.
An important document that you need to acquire while buying property in India is the encumbrance certificate, which shall be issued to the owner of the property by the sub-registrar’s office. This document will clarify that the said property has not been mortgaged against any loans.
While buying property in India, ensure that all pending property taxes and bills have been paid by the owner, as you should only be liable to do so after transferring the property to your name. If the seller does not provide you with a receipt of the same, get this checked at the concerned office.
If you are buying property in India for the first time and want a hassle-free solution to all the points mentioned above, PropTiger.com can offer assistance and real estate advise to seal the deal for you.