People looking to buy property as an investment option have a huge task ahead of them because the real estate sector at the moment is facing an economic crunch, so important points that a buyer should keep in mind before investing his or her hard earned money.
1. Location Location Location
This is the most important point to be considered before buying property.
- Availability of schools , hospitals and other amenities for daily requirements, also the general environment,attractions for kids,open area etc
- One should keep in mind the transportation system in the area and the traffic situation in the future, a prospective buyer should also check the basic infrastructure, whether or not the area would be able to hold the future growth
2. Product knowledge
Knowledge about builders, architects and consultants behind the project and their last projects should be known to the buyer.
- Is the project according to the norms by law i.e. 30:70 ratio between built up and open areas
- Does it have adequate parking and exit points to meet the needs
- check if the project has adequately wide roads ,sewerage, storm ,water drainage, electricity availability and back up
- Ask for the approved building plans of the builder to check the exact dimensions.
- Always click pictures of the sample flat to compare.
- visit the construction site from time to time.
Last but not the least check all the documents thoroughly that the builder has a green signal from all the concerned authorities mentioned below:
Approved building plans by the authority of construction
- Environment clearance
- Pollution clearance
- Clearance from the airport authority of India or ministry of defense for high rise buildings
- Clearance from forest and national highways authority of India if project is adjoining a forest or highway
- Clearance from municipal authorities for availability of fresh water, electricity and sewerage disposal
Buying a home requires patience, diligence and thorough knowledge. Hope this information is useful to all of you for a smooth transition