Buying Properties: Look Before you Make a Leap

Property at Makaan.com

You cant' just do it: Choose a property and pay right away!! There are certain legalities that you must pay heed to or you could end up being caught into hoodwinking or paying more that you get in return. In the absence of any concrete regularization of properties and flaws in the law- implementation procedures, buyers often have to face counterfeiting or not receiving what they paid for. The higher authorities too refrain from taking any action against such dealers and the developers. There are certain things you need to check and sort out before you pay even a single penny of your hard earned money.

Check the authenticity of the dealer: Buying a house/plot/land requires generation of identification-documents on your part. The same is expected from the real estate dealers/developers/agents also; before you enter into an agreement with them, ask them to furnish all their identity proofs like PAN/ Aadhar Card/Voter ID etc. These documents must also be signed by them in ink. In fact, have their signatures for all the papers involved in transactions.

Scrutinize all the documents related to house/plot/land: The developers and dealers need to furnish all the documents related to the properties they intend to sell. Being a buyer, ask them to show you papers like water and electricity bills. There have been cases in Delhi/NCR where a developers did not even apply for water connections after submitting the completion of projects. The residents, after the occupation , got to know about this and were to forced get to use ground water for drinking/cooking. To avoid such fraudulence, scrutinize all the papers before taking the deal any further.  Ask them to show completion certificates and the final layout papers. Many times, the developers tend to add more houses to the final layout to reap profits, thus compromising amenities available to a buyer. The most important is the agreement document which should be prepared by a well-read lawyer. Also check if the documents are all authentic and have been issued by the valid authorities.

Inquire from Local Residents: No one can tell you better about a property than the residents that are the current occupants there. Through them, you can get to know about the disputes, if any, linked to the properties there. The real estate in India is prone to laxities and loopholes. So, it is better to do the thorough investigation of the things beforehand.

Take loans from Banks: Purchasing a house by taking loan from a bank is an advisable thing to do. Banks make an inquiry on their part for the authenticity of the properties; this way you are already saved from a number of frauds.

At Makaan.com, India's fastest growing property website, search rooms/houses/plots available for buying and renting from renowned developers and dealers.