Ensure The Property You Invest In Has No Legal Hassles, Says This Delhi-Based Young Home Buyer

An age when people are busy building their future by solely focusing on their career, S. Shekhar, at the the age of 26, built his future by buying his dream home along with building his career as a Chartered Accountant. He recently bought a builder apartment in Raj Nagar- II, Palam Colony (Near Dwarka Sector-8).

Shekhar is the only son of his parents. While his mother is a homemaker, his father is classical musician. After six months of rigorous research he bought his first dream home in May 2015 and got its possession in November 2015. In an interview with Bhagirathi Nagarajan of PropGuide, Shekhar shares his home buying experience. 

Edited excerpts:

PropGuide: Describe your new home to our readers.

Shekhar: I have bought a 2BHK builder apartment in Raj Nagar-II, Palam Colony, Delhi. The best part about this apartment is its neighbourhood, a criteria which is of utmost importance for me as a home buyer. Although Raj Nagar II falls under semi urban locality, it does not seem so as our house is adjacent to Dwarka Sector-8. We have been living near this locality from past five years and were willing to buy a home nearby. We are very fortunate to have found our dream home in vicinity. 

Our previous home was a rented property, in which we lived for five years.

PropGuide: How well did you research about this project? Why did you choose it?

Shekhar: We did our research for more than six months. We have been living in Delhi for past 26 years, thus, moving to Noida, Ghaziabad or Faridabad was not an option for us. The considerations we had when we were looking for an apartment were -  familiarity with the locality, good looking 2BHK, a good neighbourhood, property located in Delhi, freehold, and loan availability.

Fortunately, this project matched all our expectations.  Also, the property is freehold, so loan was easily available.

PropGuide: How much did the apartment cost you? How did you manage it?

Shekhar: The apartment costed me Rs 25 lakh. I took a home loan for Rs 20 lakhs from Indiabulls Housing Loan Ltd, while the remaining amount was paid in cash.

PropGuide: How was your home-buying experience? 

Shekhar: My home buying experience was good and smooth. Infact, a close friend had bought a flat on the first floor of the same building a year ago. This helped me to make a wise decision based on his feedback. If I had to rate my experience, I would rate it 3.5 out of 5.

PropGuide: What is your advice to the prospective home buyers? Share some tips that you want to suggest them.

Shekhar: It is important to jot down your expectations and stick to them. When finalising the property, do not compromise on your list of expectations. Involve your family in every step as home is a family space. Everybody in the family might have their own expectations. Consider them all. 

Home buying, a long term investment, so make sure it is free from all legal hassles. Do due diligence. Though it may cost you some money but, will give you enough satisfaction for the investment made. Also, consult someone who has bought a property in your circle and even a legal person on every step of your home buying process.